Are you a rental property owner, Condo or co-op in Brooklyn, Queens, Nassau or Suffolk county? Are you looking for a professional property management company to help you manage it? If so, Essential Property Management can help.
Essential Property Management has been in the business of managing properties for over 25 years. During this time, we have been able to help countless property owners in Long Island and New York City maximize their rental income.
We specialize in managing single-family, multi-family, and commercial properties. Our team is professional, knowledgeable, efficient, detail-oriented, and responsive. Whatever the size of your property, rest assured we have the capacity to manage it to the highest standard.
We are associated with several professional associations including, CAI Long Island (Community Associates Institute of Long Island Chapter), IREM (institute of Real Estate Management) and Baldwin Chamber of Commerce.
If you are ready to take your investment to the next level, contact us today. You can reach us by calling us at (516) 868-5224.
Why Hire Essential Property Management?
We are a full-service property management company. This means that we’ll help take care of all your property management needs. From marketing your property to screening prospective tenants to property maintenance, you won’t have anything to worry about.
The following are the property management services you can expect when you work with Essential Property Management.
1. Property Marketing
If you find filling your vacant rental units a hassle, worry no more. Essential Property Management has effective strategies to ensure we find a desirable tenant for your property in the shortest amount of time possible.
Before we start marketing your property, we’ll ensure that it is already rent-ready By doing this, we take care of any repairs or issues that might be putting off prospective tenants.
Rent-ready apartments will be marketed for top dollar. We work with local real estate agents to determine the best rates for your apartment, and then begin to market for immediate occupancy. Agents in Nassau, Queens and Brooklyn take approximately 2-4 weeks to get your unit occupied for 1 month's rental fee. Federal, State and Local laws, plus your lease, all subject to change, are used to determine who will be responsible for move in fees.
The following are a few things we’ll do to expose it to a large market of potential tenants:
- List it on top rental listing sites, such as Zillow, Realtor.com, Apartments.com, Craigslist, Homes.com, and RentPath.com. These are some of the sites that we have curated for their high volume of traffic and conversion rates.
- Go social. Nowadays, everybody is using social media. We’ll use platforms like Facebook, Instagram, and Twitter to our advantage to find a suitable tenant.
- Use word-of-mouth advertising to create a buzz about our clients’ rental property.
- Incentivize existing tenants. This is a strategy that we often use when looking to fill vacancies in any of the multi-unit properties we manage. An existing tenant may know someone else who is looking for a place to rent.
With these efforts, we are able to fill our clients’ vacant properties in the shortest amount of time possible.
2. Tenant Screening
We only rent to high-quality tenants. These are tenants that will pay their rent on time, care for the property, notify us when they need maintenance, and cause the least amount of issues.
Prospective tenants are given the opportunity to fill out an application which shows their financial history and current financial status, among other necessary data. Management will review the application to determine that the tenant meets the qualifications of the rental unit. All applications are screened in accordance with Federal, State and Local law. We look at the prospective tenant’s:
- Ability to Pay Rent: We require that all prospective tenants make at least 3x the price of rent. For example, if the monthly rent amount is $2,000, we expect the applicant to make at least $6,000 a month. Requiring this helps us minimize rent-related issues.
- Rental History: We’ll run a background check for all prospective tenants to make sure they are the right type. The last thing we want is to rent to a tenant that has a history of not paying rent or breaking their leases early.
- Background Information: Besides checking a tenant’s rental history, we’ll try to learn more about the tenant. We’ll verify their employment status as well as their criminal and eviction histories.
- Credit Rating: This helps us understand details about the prospective tenant’s credit history, dating back 7 to 10 years. What we look for here is whether the tenant has a history of late payments and other issues.
3. Financial Reporting
At Essential Property Management, we believe in keeping our clients regularly informed on the performance of their rental properties.
Monthly reports are prepared using the bank statement and our software’s data. We typically provide the following transaction reports: Cash Flow, current month budget (excel sheet), Monthly activity per resident, Check (expense) register, current month General Ledger, Aged Payables and Aged Receivables. We can accommodate a wide range of reports at your request. We can run up to date reports at any time.
4. Rent Collection
We also help our clients with rent collection. We understand how frustrating missed or late payments are. That’s why besides screening and choosing our tenants wisely, we also:
- Offer tenants convenient rent payment options, including the option to pay rent online. This helps us increase payment compliance.
- Enforce a strict rent collection policy. We’ll go through the lease to ensure it mentions all important rent-related lease terms. This includes the exact rent amount, the due date, where payments are to be made, acceptable payment methods, and penalties for bounced checks or missed payments. Doing this helps ensure that our clients receive regular and timely rent payments.
About Essential Property Management
Essential Property Management is a property management company you can trust. We are professional, knowledgeable, responsive, efficient, and detail-oriented.
With 25 years of experience under our belts, you can rest assured that we know what works and doesn’t work in this industry.
We strive to maintain the highest level of accountability with everyone we interact with. This includes individual owners, limited partnerships, not-for-profit organization directors, condominium and cooperative boards, and rental property residents. Hiring us means consistent cash flow, quality tenants, fewer maintenance problems, and low tenant turnover rates.
If you have any questions regarding Essential Property Management or any services we offer, please contact us. You can reach us by calling us at (516) 868-5224. We’ll be more than happy to assist you in any way that we can.