Running a condo management company isn't always glamorous.
On any given day, a variety of tasks must be accomplished—everything from fixing toilets to renegotiating vendor contracts to checking permits. Which is why standard property management companies are a dime a dozen and exceptional ones are few and far between.
The best property management companies see themselves as co-owners, treating the properties they run much like they would their own. They routinely ask themselves questions like:
- How can we remain fiscally conservative while increasing amenities?
- How can we surprise and delight our tenants even more?
- How can we decrease vacancy rates?
As a building owner, you arguably have two primary goals: Retaining rental tenants and making co-ops or condos attractive to would-be buyers. The right property management company will have a well-thought-out plan for achieving both.
Unfortunately, choosing whom to partner with can be a difficult process. This is why we have compiled a list of five of the best condo management companies in NYC. We obtained these results from evaluating consumer reviews, awards granted, and longevity in the marketplace:
The Top 5 Condo Management Companies in NYC
R.E.M. Residential was named NYARM Property of The Year in 2016. The New York Association of Realty Managers chose the company based on its reputation for excellence and results. The company claims to routinely achieve a 200 percent increase in rent roll for clients during the first few years of business.
One thing that appears to set R.E.M. apart from many of its peers is a spirit of collaboration. Not only does the company disclose all aspects of its operations to both clients and tenants, but it also holds joint meetings. By introducing their clients to one another, the company hopes everyone can learn and grow together. The company is owned by Rick Elezi.
I recently vacated an REM Residential building and now live in another location under another management company. I think I got spoiled with the attentive staff at REM so now I wish I had never moved. When I did vacate, they returned my deposit right away and even though I scratched up some walls they appreciated the tenant I was and didn't even deduct anything. - Jedsada Y.
REM Residential is an EXCELLENT property management company! The best I've experienced in my 10+ years living in NYC... I've been in my apartment (and with REM) for 3 years. The building is always well maintained and safe. No major issues. And any minor issues are quickly tended to. I absolutely LOVE where I live.REM Residential is a big company, but with the friendly care and attention to detail of a mom & pop company. - Misty G.
- Serving New York and surrounding area36 W 37th St
New York, NY 10018b/t Avenue Of The Americas & 5th Ave
- Phone number(347) 619-0109
Building Equity Management LLC manages both rental and mixed use buildings throughout Manhattan—from Little Italy to Flatiron, from Midtown West to the Upper East Side, and both Harlem and Washington Heights. A significant portion of the portfolio is comprised of regulated units, where the firm excels at adding value.
The company has truly brought property management to the 21st century, with its digital portals. Both tenants and owners can go online to check a number of valuable data points. Owners can see building cash positions, open vendor invoices and financial reports in real time. Tenants also have the convenience of submitting maintenance requests from their own homes.
Owned by Brian Reilly and Michael Vinocur, the company prides itself on “old school” customer service combined with more modern, streamlined processes. The company reportedly has particular strength in managing and maximizing profits of rent-regulated buildings.
"We rented from Building Equity Management for about eight months, and would have happily rented from them for many years, if we hadn't moved across the country for a job. Michael is incredibly professional and easy to get a hold of. Similarly, maintenance was easy to contact and responsive to requests for repairs. The apartment itself was gorgeous and well-maintained. We would definitely rent from them again and recommend them to anyone." - Emily H.
"I have lived in a Building Equity Management building, have had a wonderful time and am proud to have called called my apartment home for 8 years now. Mike (the landlord) has always been very responsive to any questions/concerns (though rare) and has always been kind and courteous in communication and genuinely cares that his rentals keep improving and that his tenants are satisfied. The super (Castro) is great. He is super friendly and readily available and around the neighborhood and quick to schedule an appointment for a fix, if necessary. I wouldn't hesitate to recommend renting an apartment with Building Equity Management should the opportunity arise." - Eli C.
- Serving New York and surrounding area1261 Broadway
New York, NY 10001b/t 33rd St & 32nd St
Koreatown, Midtown West
- Phone number(212) 489-5060
With more than 35 years of individual experience, Precision is a trusted player on the NYC property management scene. Combining the latest technology with cost-savings programs allows the organization to obtain impressive results on behalf of clients.
Their claim to fame? “If we can't save you at least 20% on specific operating costs during the first year, our property management fee is free!”
Precision believes success is in the details and prides itself on its multiple weekly sight inspections. That includes visually checking for cleanliness from rooftop to boiler room; ensuring maintenance programs are being adhered to by staff and caring for mechanical equipment. One of our favorite aspects of Precision is their periodic "meet the manager" meetings—designed to ensure resident needs are being met.
While Precision doesn't have a presence on review sites like Yelp or Google Business, it does boast an impressive portfolio of case studies on its Website. Click HERE to see.
- Address: 545 Broadway, Massapequa, NY 11758
- Phone:(516) 795-4955
One of the things we love about Dixon Leasing? They are VERY pet-friendly (we've written about the dilemma faced by pet-owning renters before). The company manages luxury, single and multi-family townhomes in a variety of price points across Hudson County (NJ), Manhattan, and Brooklyn.
Another area where Dixon excels is the offering of affordable packages to meet the needs of both large and small property owners, starting as low as $299/month. The company is reportedly the largest owner of premium single-family homes in the New York metropolitan area, boasting a portfolio of approximately 580 properties. If you are looking for experience, you can't go wrong with Dixon.
Dixon is a very well managed leasing company with very caring representatives. Most of my corresponding has been with Ingrid, Dana and Shanniel, all three have been great at tending to my requests (no matter how quirky) and they are very easy to reach. They really do all that they can to make you feel at home in your new place. As for my new apartment, it's awesome! I would definitely recommend Dixon Leasing to anyone looking not just for a place to live in, but a home to grow in. - F S.
Just wanted to talk about Dixon's very strong service levels. Our family has been in a Dixon home for about six months now, and the rapid response to any issues in the home, along with easy scheduling, great contractors etc... really distinguishes Dixon as a landlord (and we have had many over the years). Our property manager Noel is especially good and is always focused on problem solving and making it easy on our schedule to minimize wait time. Hoping the next year and a half or longer is more of the same, but kudos to the Dixon team thus far!! Jeff B.
- Serving New York and surrounding area140 Broadway
New York, NY 10005b/t Cedar St & Liberty St
- Phone number(347) 773-2589
Launched in 2012, XL Real Property Management is one of the youngest residential management companies on our list. The company focuses on serving the needs of absentee owners who hold investment condo and coop apartments in the New York City area.
One of the things we appreciate about XL Real is their commitment to transparency. Their standard service fee of 5% gross rental income is listed on their Website. Owner Dylan Pichulik began his foray into real estate at the age of 18. He said he started XL with a simple goal in mind: Provide an unparalleled level of service and attention in a world dominated by companies that seem to have forgotten the basic principles of property management
And he seems he is doing exactly that. Though new on the scene, the company has quickly built a plethora of happy clients thanks to good press and word of mouth; proving more experience doesn't always equal better service.
Dylan and his team at XL Real Property Management have been a life-saver for me. I own a condominium in west Chelsea, NYC which I currently rent out. As I live mostly abroad and am not easily contactable, it would be virtually impossible for me to properly service the tenant's needs if it were not for XL Real Property Management. XL Real Property Management has exceeded my expectations with their professionalism, knowledge of market, and responsiveness. The company was actively engaged even BEFORE I had a tenant by helping to source the needed repairs to bring the apartment into an appropriate rental condition. - Nick Calabrese
I highly recommend Dylan and his team. As an overseas owner, they've made this investment viable and hassle free. Every member of the team conducts themselves with a high degree of professionalism. They've earned my full trust in their competency to both act on behalf of the owner as well as maintain high degree of satisfaction from the tenant. When I first turned to Dylan, my apartment had been sitting vacant for almost half a year, within a month Dylan and his team rented it out at market price. - Julie Ho
- Serving New York and surrounding area555 Madison Ave
New York, NY 10022b/t 56th St & 55th St
- Phone number(212) 203-8684
Qualities of Top Condo Management Companies
1. Pro-actively Reduce Operating Expenses
Great condo management companies are constantly looking for ways to increase your bottom line. One of the easiest ways to do this—short of raising rent—is to reduce routine expenses. That means renegotiating contracts with vendors, using energy efficient lighting and finding ingenious ways to reduce resident water usage (the latter has been known to reduce bills as much as 30 percent).
Additionally, the ideal management company will work with you to develop a plan for how to profit from onsite renovations and updates in the years ahead.
2. Deliver A+ Customer Service
Managing a property is REALLY about customer service—everyone involved should feel they are both listened to and treated fairly. Think about the last time you had a pleasant customer service experience. Did you tell anyone?
Maybe; maybe not. Now think about the last time you had a terrible customer service experience. You probably told several people. Bad customer service is how buildings get bad reputations. And while it's never too late to salvage a rep gone awry, it's much easier reap the benefits of one maintained.
3. Utilize Systems of Transparency
Finally, the best condo management companies value transparency. You never have to call them up and say, "How are we doing?" You already know. Numbers are made easily available to both yourself and tenants. Systems to determine appropriate spending are put in place. And everyone is on the same page concerning financial goals.
Take Your Time – Find The Right Fit
Though each of these property management companies have something valuable to offer, NOT all of them will be right for you. When evaluating potential partnerships, it's important to take your time. Ask the right questions you may also want to tap into your existing network. Find out who else comes recommended and why.