6 Best Property Management Companies in New York of 2024

Living in New York City means everyone is looking for the best bang for their buck. A property management company can make a big difference for landlords and tenants alike.

Once a landlord has decided to hire a property management company, they must choose which company is the best for them.

While this may seem easy, there are many options in New York City, and some companies are better suited for specific properties than others.

Even if a landlord purchases properties only for investment reasons, they still have certain obligations as the property owner.

This includes keeping tenants happy enough for them to stay and renew their lease and keeping the co-ops maintained and up to date with specific trends, models, paint colors, etc.

No matter what type of property an owner has, the best property management companies take on the responsibility of co-owner and treat the unit as such.

Best Co-op/Condo Management Company: R.E.M. Residential

Named the "Property Management Company of the Year" by the New York Building Managers Association, R.E.M. Residential has many positives when looking for a property management company to run your co-op.

The primary benefit is that they have a department dedicated to co-op and condo management.

R.E.M Residential is the Most Cost-Effective

Another perk regarding R.EM. Residential is that the company will not add a building to its portfolio unless it is for management and not a brokerage, which is a rare find in NYC.

As a result, R.E.M. will only charge a flat fee, eliminating any hidden fees or guessing games.

Consistent and Hands-on Management Style

Some property management companies may only visit the property a handful of times a year, or in worst-case scenarios, only once a year or not at all.

R.E.M. is constantly interacting with the property, eventually knowing the building from top to bottom and getting to know tenants on a first-name basis.

They take pride in treating the building as if they were the owner to improve effectiveness.

Their employees also have extensive knowledge of mechanicals, such as how a boiler works, HVAC issues, and more, since they constantly receive training and attend seminars and classes to further their education.

Streamlined Tools and Services

A great property management company comes prepared and supplied with plenty of tools and resources to tackle almost anything.

HA's streamlined approach frees up time so the property manager can handle other vital issues and emergencies.

Some professional tools that R.E.M. uses include:

• Yardi will track expenses, pay invoices, view budgets, etc.
• Site Compli for preventing violations, tracking mandatory inspections, and more
• Provides detailed property management statements that can be as detailed or as basic as needed.

Best Technologically Savvy: Building Equity Management

Building Equity Management is a boutique property management company that mainly handles mixed-use and multifamily buildings but works with co-ops and condominiums.

They manage an estimated 50 properties based in Manhattan and Brooklyn, including Lower and Upper East Side, Upper West Side, Harlem, Washington and Crown Heights, Hell's Kitchen, and more.

Strong Maintenance Logistics

Building Equity manages all items from preventative/annual maintenance to major capital projects, elevator inspections, and more.

This helps take the responsibility off of the owner, especially if they are unfamiliar with specific regulations or inspections.

Tenants also benefit from Building Equity's firm stance on maintenance as they can submit repair requests, emergencies, leaks, and more via an online portal.

Requests can be submitted 24/7 and go directly to the property management staff, including the super.

Strict Financial Management of Your Property

With Building Equity, vendors get paid fast, and legal matters, lease expirations, and arrears are constantly being watched.

Detailed financial reports are available each month for the landlord's review, with an option to have Building Equity communicate with your accountant to allow for seamless tax filing, audits, and more.

Using Technology to Streamline

Only the most renowned and trusted software is used, such as Yardi for tracking and paying invoices and Evernote, which electronically files every piece of paper it scans.

They also have the latest fob entry systems with event-triggered video capture to wireless sensor-based heat control systems that provide alerts through a phone app.

Best Cost-Effective: Precision Management Group

Tenants and owners can feel at ease knowing they are adequately cared for by a knowledgeable team of professionals.

With over 35 years of real estate experience, Precision Management Group prides itself on taking care of details that are often overlooked by other management companies, such as:

• Providing tenants with 24/7 access to the property manager
• Has procedures in place to make sure that mechanical equipment is being taken care of
• A team that is trained to take care of most maintenance situations, including emergencies
• Ensuring high-quality service to the tenants

Savings in Maintenance Costs

Prevention and proper management can be the key to mitigating future bills and repairs.

To help cut operating costs down, even more, all of Precision's property managers are taught to utilize and recognize cost-saving strategies, especially when it comes to:

• Heat distribution
• Elevators
• Boiler maintenance
• Employee training on plumbing, heating, and electrical situations

Accurate Financial Reporting

Precision's motto is "We'll save you at least 20% on specific operating costs the first year, or our property management fee is free!"

They ensure their members receive the most updated information regarding cost savings and provide several financial services such as monthly reports, check-signing, collecting arrears and unpaid monies, and creating annual budgets.

Cost-Saving Programs

While getting the lowest prices on supplies, vendor contracts, equipment repairs, etc., will help save money, there are other ways to save.

Building owners may only look for obvious ways to cut back without realizing they are missing a ton of "money traps" that can be quickly and cheaply fixed just by establishing systems.

Precision provides inventory control energy-saving programs and establishes preventative maintenance programs so that the property manager can quickly see where the money is going and where the money is being lost.

Best Tenant-Engaged Property Management: Related

Sometimes, a relationship with a property management company can be one-sided, and tenants can easily spot the difference when a management company is hired exclusively for the owner.

Related works on creating and nurturing their relationships with both owner and tenants to create a community based on trust and communication.

This way, both parties feel their hard-earned money provides them with more than just a business/place to live.

More Access to Special Perks

Residents can access Related's inner circle of well-known brands and companies.

Tenants can participate in these benefits via the Related Connect App, where they can shop and select from a category of one-time and monthly offers and book appointments all in one shot.

Additional perks include:

• Exclusive prices and events such as cooking classes and wine-tasting
• Preferred access and private rides at SoulCycle
• In building group fitness programming exclusive only to residents

Specialized Creative Space for Adults and Children

Always thinking of ways to improve residents' experience, the Sandbox powered by Related helps hone and sharpen competitive skills and is especially helpful in today's ever-changing digital universe.

This amenity space is outfitted with a laser cutter, 3D printer, clay sculpting, and more to inspire the inner scientist in you.

This "smart playroom" allows adults and children to let their creativity loose regarding science, technology, engineering, art, and math.

They also arrange weekly private workshops in ceramics, robot programming, app/game development, and VR.

Offering Elite Pet Services

Related tenants and their pups reap the exclusive benefits of Dog City, a New York City dog care facility that offers special pet services such as pick up and drop off, daily report cards, vet appointments, and more.

Best Commercial Property Management Company: CBRE

CBRE prides itself on being able to collaborate globally with other creative professionals to provide a unique outlook on particular situations.

They offer various services, including property leasing, sales, and appraisal.

Other services include:

• Security: custom security planning, services, and tools
• Lease administration: complete lease and lifecycle management
• Provides web-based management and leasing platforms to manage tenants' expectations
• Providing a communicative relationship with tenants while enforcing rules

CBRE Believes in Hiring the Best Talent

CBRE believes in constant training and continued learning, so its employees are among the industry's most educated.

CBRE employees are constantly pushed to focus on training, education, and knowledge to ensure their clients receive the most up-to-date information.

Using Technology to Provide Great Service

CBRE uses modern technology and state-of-the-art tools to effectively monitor a property's value and ideas for improving it.

Best Property Management Company for Short-term Rentals: Cityami

When hiring a property management company for your vacation rental, you trust this company to take care of your guests and keep your reputation strong.

Cityami is a customer favorite because even though it is a bit more expensive than most property management companies, they take care of all the necessities to continue living without worrying about ruined property.

Cityami makes sure every little detail is taken care of, including but not limited to:

• Checking in guests/cleaning up after guests leave
• Are you answering guests' questions such as: where is the closest public transit?
• Providing 24/7 service in case your tenant has an emergency, misplaces keys, etc.

Concierge Service for Both Property Owners and Guests

A good property management company can help alleviate the stress and constant responsibilities that owning a short-term rental property can bring.

However, what if your property manager didn't just make managing your property a breeze but made your guests and sublessees feel well-taken care of?

That's precisely what you should expect from Cityami.

They don't just provide welcome baskets to your guests but also handle all the logistics, even if they're managing your empty apartment while you're away.

How We Decided

New York City has eclectic tastes, varying incomes, and unlimited possibilities. While we mainly chose residential property management companies, we needed to acknowledge a commercial management company since many of us also deal with one in our workplace and might not even know it.

We also considered many important factors for residents, such as how certain property management companies engage their attention, provide additional modern amenities, and how technologically advanced they are.

Industry Referrals

It was paramount that we also got feedback from residents and real estate industry professionals for property management referrals, cross-referencing our results from online research.

Residents and professionals were also surveyed on what they thought the best benefits of a top property management company should be. This helped us to see what people expected out of a management company.

This information was then used to help us narrow down the pervasive online search results we received.

Client Satisfaction

Once we had our list of the 15 best property management companies, we returned to our online research and personal referrals.

We looked to see which companies matched what our referrals were looking for and double-checked the online reviews to narrow down the companies.

Eventually, we whittled down the list from 15 to six of what we consider to be the best property management companies in NYC.