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How get help managing 3 condo apartments?

Started by sohoman
over 8 years ago
Posts: 76
Member since: Mar 2013
Discussion about
Hello. What time of person or organisation helps manage 3 high end condos, so the owner can do less work and pays fee for that service. Owner spends too long working with attorneys when the odd tenant doesn't pay a bill or sorting renovations after tenants move out, when owner should be running a non real estate business! 3 condo apartments not 3 condo buildings.
Response by 300_mercer
over 8 years ago
Posts: 10570
Member since: Feb 2007

Find a rental broker who will manage this for you in return for listing fee. Too small for managing agents unless you pay 6-8% of the annual rent. Super should be able to take care of painting and any repairs for $1000 plus cost for work.

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Response by 300_mercer
over 8 years ago
Posts: 10570
Member since: Feb 2007

What is the annual rent roll for all three combined? I may have someone depending on how large the rent roll is.

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Response by sohoman
over 8 years ago
Posts: 76
Member since: Mar 2013

Thanks for your response 300 Mercer. $65,000 is monthly rent roll

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Response by sohoman
over 8 years ago
Posts: 76
Member since: Mar 2013

and mortgage payments to match :-)

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Response by 30yrs_RE_20_in_REO
over 8 years ago
Posts: 9878
Member since: Mar 2009

Is trhis the type of thing you are looking for?
http://www.tophathomeservices.com/

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Response by 300_mercer
over 8 years ago
Posts: 10570
Member since: Feb 2007

I think you should be able to find some one easily at $700 K per year rent roll. Probably at 4-5% of the rent. I will check with some one I know and ask him to post here.

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Response by Bemnyc
over 8 years ago
Posts: 3
Member since: Jul 2010

Our firm is Building Equity Management LLC. Though most of our management is on the building level, we also manage some individual condos throughout Manhattan. For one-off units we generally charge around 8%, but based on three units in the same building with a $65K rent roll, we could likely do something within the % range you mentioned. Look us up on Yelp. You'll find we are very highly regarded. You can email me at mvinocur@bemnyc.com if you'd like to set up a time to chat.

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Response by front_porch
over 8 years ago
Posts: 5317
Member since: Mar 2008

I've had someone helping me out for the past few months who is smart (his background is in talent management) and takes to new situations ... where should I have him contact you? Or if you prefer, you can write me at upstairsrealty [at} gmail .

ali r.
{downtown broker}

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Response by LuxuryBroker
over 8 years ago
Posts: 66
Member since: Jul 2017

sohoman what's the best number to reach you? Quite a few brokers here including myself who would be willing to work with you. We'd obviously be able to help you with the rentals as well in the 4-5% range mentioned.

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