Scrooge McDuck isn’t very likable. Honestly, he’s stingy and will do anything to save a dollar. Right? What we’ve seen owners do time and again is horde all the income from their properties and then wonder why they have HPD violations. Or a major boiler problem. Or an elevator malfunction. Or Local Law 10/11 fines. We could go on and on about the kinds of problems that this attitude causes, but the question you really need to ask is “are you treating your property the same way?”
Have you wondered why your residents are unhappy? Have you recently asked yourself, “Why has my rental income disappeared?”
Recently a prospective client contacted us about our services. He owned 7 multi-unit buildings with over 100 units each. It would have made a great addition to our portfolio! When we went to tour his buildings, however, we saw that he had taken a ton of shortcuts. Light bulbs were burnt out. Garbage hadn’t been taken out in a few days. The floor was even a bit sticky.
Enter Scrooge McDuck. It turns out that no one wants to live in a building that hasn’t been properly taken care of. No wonder why his residents are leaving!
As a property management company, what we do is make sure that our properties have regular preventative maintenance and are in 100% compliance with HPD – all while simultaneously growing a healthy cash reserve. There IS a way to become financially stable AND care for your properties.
The little things matter. It might seem a bit simplistic to say this, but the little things in life really do matter to your residents. When lights burn out, replace them. Make sure your laundry facilities have proper, working locks. Post your signs clearly. And last, but certainly not least, take out the trash regularly.
The best part is that you are able to make a big difference to your tenants with very little financial investment. All it takes is your time.
Take a bite out the big things. We know that big things like boilers, elevators or facades can be overwhelming. Hearing from HPD can be scary and violations are costly. You may have been operating under the assumption that you can’t actually afford to fix those major systems or even worse, following in Scrooge McDuck’s webbed duck prints. What if there was a way to avoid fines?
Here’s the good news…There IS a way to keep both your tenants AND New York City housing and regulatory agencies happy. It has to do with planning ahead, creating a budget and then sticking to it. When confronted with several major repairs, the worst possible thing to do is ignore them.
Even though it may feel like you are saving money, what you are actually doing is creating bigger, more expensive problems. The Scrooge McDuck management philosophy is actually COSTING YOU MORE MONEY than fixing your systems would have cost in the first place. And here we come full circle back to the title of this blog “Watch your Income become your Ex-come.”
We can help you break the Scrooge McDuck cycle. All you need to do is call us and we will create a plan to get you back on track. Your property is an investment. Treat it that way!