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Is your Property Manager licensed?

Hello Albany — we have a problem!

This is something that is not new, but it is getting a little ridiculous. I am talking about Property Managers in New York State.

In the past few weeks I have come across a Property Manager that tried to tell my home seller that they have a prospective tenant that wants to rent to own their house that I have listed for sale. That there is no need to pay me — just pay him. So I go look up his license and you got it, no license.

Read Also: Avoiding Investment Mistakes

I don’t think I need to share with you why this is bad, but this isn’t the first time I have come across bad property managers. In the cities of Buffalo and Niagara Falls, I run into this regularly. I am getting tired of the calls from Investor Owners who have been lied to, cheated and are on the brink of disaster.

Things like:

  • Property Managers trying to avoid following the laws
  • Property Managers not paying the owners money due
  • Property Managers charging huge fees for work, then not completing the work
  • Property Managers not filling vacant properties in a timely manner
  • Property Managers not returning calls

A reputable property manager is vital to your success as an Investor. As it currently stands, these individuals are licensed under New York State law. A property manager must be a licensed real estate broker, or be a licensed agent and hang their license with a broker in order to practice. These individuals are regulated by New York Department of State. To file a complaint against a property manager contact:

http://www.dos.state.ny.us/cnsl/complain.html

NYS Department of State
Division of Licensing Services
Complaint Review Office
123 William Street, 19th Floor
New York, NY 10038-3804
Phone: (212) 417-5790

Hiring a Property Manager

There are two major reasons why someone hires a property manager — the are too busy or they live too far away to manage the day to day operations of an investment property.

Read Also: Is this a good investment property?

I wish I could recommend a great property manager to my clients, but I cannot. Instead I tell them that all property managers must either be a Licensed Real Estate Salesperson or Broker and there are some questions to ask prospective Property Managers before they hire them:

  • Are you licensed in New York State; then certify that the real estate agent or broker you are working with is licensed by NYS: http://appsext8.dos.state.ny.us/lcns_public/chk_load
  • How long have you been a Property Manager?
  • How long have you been a Property Manager in Buffalo?
  • Do you do this full time?
  • How do you communicate with us?
  • What work do you outsource?
  • How do you collect the rent?
  • Do you have a cancellation policy?
  • Do you have a move in/out checklist?
  • How many vacancies do you currently have?
  • Do you also list properties for sale?
  • If I select to sell my property, must I list it with you? Read Also: Renting a home that is for sale
  • How many Real Estate Sales did you have last year? How many of those sales were for your Property Management Clients?
  • Do you have people who work for you?
  • How do you handle coverage when you are away?
  • How do you conduct tenant screening?
  • Do you have experience dealing with section 8 properties / tenants?
  • How do you handle late/non payment of rent?
  • What types of marketing do you do? Ask for examples.
  • Do you have a website?
  • Ask for references. Call them, ask lots of questions.
  • How do you handle evictions? How many evictions have you had to do this year? last year? Read Also: So you have a bad tenant…
  • How do you handle accounting? Monthly reports?
  • How do you handle the deposits for my tenants?
  • What are your fees? May I see them in writing?
  • What type of contract do you require?
  • Do you have your own rentals?
  • Can I see a few properties that you currently manage?
  • How many properties do you manage?
  • How are repairs and maintenance handled?
  • Read Also: Are you a Licensed NY State Property Manager? Then we need to talk!

    When you’re interviewing management companies, be very aware of how they handle themselves. Are they professional and courteous? Do they answer your questions fully? When you decide to hire a property manager, make sure you get everything in writing. If it isn’t in writing, it doesn’t exist! Also, make sure you have an “out” written into the contract so you can get out of the relationship if you’re not happy with it after 90 or 120 days.

    Read Also: How to Select Investment Property in Buffalo NY

    For more information call Colleen Kulikowski

    (716) 650-0051

     

    Thinking of selling your Western New York home? Interested in finding out the current market value of your single family home, condo or investment property? Then call www.BestBuffaloHomes.com at (716) 650-0051 to discuss what is happening in today’s Western New York Real Estate Market. We would be happy to give you a personalized Comparative Market Analysis for your home or assist you to purchase a home. View additional WNY Market Area Statistics here.

    Thinking of selling your WNY home? Interested in finding out the current market value of your single family home, condo or investment property? Then call www.BestBuffaloHomes.com at (716) 650-0051 to discuss what is happening in today’s Western New York Real Estate Market. We would be happy to give you a personalized Comparative Market Analysis for your home or assist you to purchase a home. View additional WNY Market Area Statistics here.

    What about one of these homes?

    All Statistics are gathered from the Buffalo Niagara Association of REALTORS®.
    Properties found on this Web site may be listed with a brokerage other than the owner of this site and are displayed here via the Internet Data Exchange (IDX) system of this broker’s MLS. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing nor displaying broker shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless. © 2014 Western New York Real Estate Information Services (WNYREIS), LLC. All rights reserved.
    search-buffalo-homes buffalo-neighborhoodscontact-best-buffalo-homesbuffalo-home-values get-the-latest-listings-via-email
    All Statistics are gathered from the Buffalo Niagara Association of REALTORS®.
    Properties found on this Web site may be listed with a brokerage other than the owner of this site and are displayed here via the Internet Data Exchange (IDX) system of this broker’s MLS. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing nor displaying broker shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless. © 2014 Western New York Real Estate Information Services (WNYREIS), LLC. All rights reserved.


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    About Colleen Kulikowski, Associate Real Estate Broker (716) 650-0051

    Colleen Kulikowski is an Associate Real Estate Broker with the Griffin Team @ Keller Williams Realty Buffalo Northtowns specializing in Western New York residential homes who doesn’t follow trends; she blazes new trails and is able to recognize industry trends and implement them to her client’s best interest. Colleen has created a unique following with one of the top local internet positions in the country generating thousands of leads for her team. Real Estate is a second career for Kulikowski who’s first career was in Information Technology and Data Warehousing working for such companies as Radio City Music Hall, Nabisco Foods and as a consultant in the Financial and Insurance industries. A strong background in technology and management provides her with keen analytical and sharp negotiating skills.

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