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December 17, 2007
Rental Management
My wife and I are moving across the country and are entertaining the idea of renting our two bedroom coop in park slope. I'm nervous about being a long distance landlord. We are hesitant to sell in this market, especially since we've only been in this apartment for six months (I got an unexpected job offer; we hadn't planned to leave for awhile).
Anyone have any experience or advice about this? Specifically on how to manage the property if the tenants need anything.
Thanks for all your help.
Comments
My wife and I used Wright Management while we were living and working in the UK. They were fantastic. They found us excellent tenants, and they treated our home as if it was their own. I feel that their prices were decent for the service we received I highly recommend them 347.789.6550. Happy Holidays
Jan L.
Posted by: guest at December 17, 2007 11:20 AM
STAY AWAY FROM WRIGHT MANAGEMENT. They are a nuch of crooks and troll this website posting these BS recommendations.
Posted by: MrHancock at December 17, 2007 11:46 AM
I moved to SF for a few years and rented out my co-op without a managing firm. Tenants were great. They knew I was not local and were fine doing the little things themselves or, on one or two occasions, paying to get stuff done and deducting.
It all depends on the tenants. Me, I'd list with a broker and and make sure tenants were completely aware and OK with the situation. Cut them a minor break on the rent and enjoy your new gig.
Posted by: Johnny at December 17, 2007 12:19 PM
Does your building have a super? I would make arrangements for the tenants to contact him with any problems. You can pay the super a small retainer to be available to the tenants, as well as for jobs that he performs.
I'm assuming you would find the tenants yourselves before you leave.
Posted by: tinarina at December 17, 2007 12:22 PM
Does your coop use a managing agent or is it self-managed? You'll reduce your headaches if you coordinate with the coop itself. Other owners have an interest in your tenants keeping inline and not destroying your property. Most coops also limit the length of time you're allowed to rent out you place and charge a sublet fee. Check your contract. The board may need to approve any prospective tenants. When you bought in they expected to be living with you, not someone else.
Posted by: guest at December 17, 2007 12:28 PM
Yes, it can be done if you are organized. It will take you a short while to do this.
Here goes:
Leave new tenants a phone number where you can be reached or maybe an email address to touch base.
Line up necessary repair persons in advance.
The large expenses can probably be covered by a credit card.
Request detailed information in writing about the repairs that the tenant is requesting. You do not have to consent to anything you deem as frivolous.
If they pay for the necessary repairs (emergency only)
A detailed receipt gets sent to you before you reimburse them.
You can be on the planet mars and still do this.
Telecommunications is a good thing.
Posted by: Ysabelle at December 17, 2007 12:50 PM
I would be interested in renting/leasing your apartment it all depends on the montly rental. My husband works part-time on home renovations etc. If you are interested in reaching me about this you can do so at denearau@yahoo.com.
Posted by: guest at December 17, 2007 4:16 PM
Get co-op board permission -- or beware the clever tenant! We had a guy in my building who took a job in Dubai and, without seeking co-op board approval, rented to a Wall Streeter. Guy left for Dubai and two months later Wall Streeter asked for -- and got -- $300 a month shaved off his rent by pointing out that the Dubai co-op owner was in no position to get a replacement tenant, given that any broker he'd hire would have to explain why he'd never sought board approval earlier.
On the other hand, this is just one story. Someone with good credit & references off craigs' list should be fine. If you want to hire a managing agent to make sure you have no problems, go ahead, but most people don't.
Posted by: guest at December 17, 2007 7:30 PM
Hello Lister,
I saw your posting and the comment that was left by Mr. Hancock. We have a great community of satisfied customers who I always ask to post. It is good way to generate business. We are a family owned business that works in Brooklyn. We are dedicated to helping familes here in brooklyn, with the efrective management of there homes. WE work very hard on doing an excellent job. Mr. Hancock obviously has never used us, but I take great offense to his posting. I am always availble to discuss our business with any individual that has questions: office 347-789-6550, cell 917-544-6791
Posted by: Kwright at December 18, 2007 1:30 PM
Hello Lister,
I saw your posting and the comment that was left by Mr. Hancock. We have a great community of satisfied customers who I always ask to post. It is good way to generate business. We are a family owned business that works in Brooklyn. We are dedicated to helping familes here in brooklyn, with the efrective management of there homes. WE work very hard on doing an excellent job. Mr. Hancock obviously has never used us, but I take great offense to his posting. I am always availble to discuss our business with any individual that has questions: office 347-789-6550, cell 917-544-6791
Posted by: Kwright at December 18, 2007 1:32 PM
I use www.rentingyourhome.com - satisfies our needs.
Posted by: guest at July 4, 2008 3:48 AM
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