In the print edition of its January issue, Habitat Magazine publishes the results of its survey of 49 NYC property management firms (representing 44% of New York’s
co-op/condo stock) on issues ranging from average maintenances increases, to average fees for sublet applications, to most common forms of communication with residents.
BrickUnderground eyeballed the results. Here are the highlights:
Entry level property managers generally get paid between $36-$75k, senior level managers from $56-$150k.
Minimum annual management fees per
building range from $12,000-$45,000.
Email is the most common form of
communication with clients, followed by phone, and facetime. Texting was dead last,
with about half the firms reporting 0 text communications, the rest reporting
5-10% of their client communication occurred via text.
About two-thirds reported average
maintenance increases in the 3-6% range; most of the rest reported higher
average increases.
No surprise that the most common
reason cited for maintenance increases was property taxes, followed by
higher operating costs. What was
surprising, given the kvetching over union labor contracts renewed last spring,
was that only one firm cited increased union labor costs as a factor in this
year’s maintenance increases.
Only one property manager reported
that residents are allowed to charge their maintenance payments on a credit
card. [Correction 1/6/11: Five of the 49 accept credit cards.] Three-quarters accept online
payments.
Average application fees for
buyers fell into the $250-$450, with a few in the $600-$750 range.
Average sublet application fees
clustered in the $250-$450 range.
Fees to review proposed
renovations clustered in the $250-$500 range.
Founder and publisher Teri Karush Rogers launched Brick Underground in 2009. As a freelance journalist, she had previously covered New York City real estate for The New York Times. Teri has been featured as an expert on New York City residential real estate by The New York Times, New York Daily News, amNew York, NBC Nightly News, The Real Deal, Business Insider, the Huffington Post, and NY1 News, among others. Teri earned a BA in journalism and a law degree from New York University.
Brick Underground articles occasionally include the expertise of, or information about, advertising partners when relevant to the story. We will never promote an advertiser's product without making the relationship clear to our readers.
.jpg)
