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Tips for Property Management in Westchester and Bronx NY

Tuesday, January 28, 2014   /   by Rummy Dhanoa

Tips for Property Management in Westchester and Bronx NY

"Poor cash-flow management is causing more business failures today than ever before," declares Philip Campbell at Inc.com. These failures are often attributed to a lack of cash flow, but Inc.com claims it is the mismanagement of the cash flow that poses the real threat. This is an especially salient issue for property managers who, in spite of a full building, may be facing empty bank accounts in the middle of each month.


 


 


Target the Cause of the Leak


 


Before you can fix your cash flow problems, you need to figure out where the leaks is. Are tenants refusing to pay the rents or are the rents too low? Look at other rentals in your area and make sure that your prices are comparable. Keep in mind, however, that a responsible tenant can be worth more than a couple of hundred dollars each month, and try not to drive away any stable tenants with aggressive rent increases.


Are your buildings only half full? Vacancies are your worst enemy, and if your building is harboring a lot of empty space, it may be time to mix up your advertising strategy.


Perhaps maintenance issues are causing the issues. Can you save costs by doing some of the work yourself? Do you need to spend more on routine maintenance so you can spend less on repairs?


 


Tighten Your Application Process


 


 


Search investment Property at 

New York Real Estate Experts
Team Of eXp Realty
2150 Central Park ave, Suite#209
Yonkers, NY 10710
914-920-2299
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©2020 Hudson Gateway Multiple Listing Service, Inc. All rights reserved.

The data relating to real estate for sale or lease on this web site comes in part from MHMLS. Real estate listings held by brokerage firms other than eXp Realty - New York Real Estate Experts are marked with the MHMLS logo or an abbreviated logo and detailed information about them includes the name of the listing broker. The information appearing herein has not been verified by the Mid-Hudson Multiple Listing Service, Inc. or by any individual(s) who may be affiliated with said entity, all of whom hereby collectively and severally disclaim any and all responsibility for the accuracy of the information appearing at this web site, at any time or from time to time. All such information should be independently verified by the recipient of such data. This data is not warranted for any purpose. ©2020 Mid-Hudson Multiple Listing Service, Inc. All rights reserved.