After our overseas investor client buys an investment condo in New York, the next step is to market to potential tenant renters. Here are the steps we perform:
1. Market to potential renters using various marketing channels
2. Screen potential renters / tenants (credit score, references, salary, work history)
3. Arrange for tenant move in
4. Set up automatic transactions for tenant to automatically deposit monthly rent checks into owner's account.
The system above removes the need for owner to pay monthly property management fees. Property management fees are anywhere from 3% to 10% of gross rent. Since Manhattan tenants are usually high income and good credit quality individuals, there is usually very little management necessary.
As the need arises where the tenant requires attention, we will be the point of contact to help resolve the issue at hand.
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Wei Min Tan is a real estate broker and investor focused on investment property in Manhattan, New York. He can be reached at tan@castle-avenue.com
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