To make rentals a breeze and allow for the most successful conditions possible, here are our top 5 tips:
Properly screen all potential renters: Given the amount of rights that tenants have in the NYC rental market, it is imperative to properly screen incoming tenants. Allow ensure to request standard rental paperwork- past 2 years tax returns, letter of employment stating salary, recent bank statements, copy of ID and landlord reference letter. Additionally, always independently run credit (even if will also be run by condo or coop board)! A credit report is your official report card on whether or not bills are paid on-time. Even if the apartment is in a condo/coop building, it is critical that you pre-screen tenants prior to going to the board. Especially in the case of condos, boards have incredibly limited authority over the acceptance of tenants.
Allow adequate time: When leasing apartments, always ensure you are leaving enough time in between leases for apartment turn-over work. Depending on the work involved in turn-over, we typically like to allow 3-5 business days for turn-over work. However, if the work is fairly involved or for large properties, I would consider increasing this based on scope to be performed. Also, be very careful about promising tenants a quick approval on condo/coop apartments. While sometimes these buildings are quick with board approval, most condos/coops state they have 20-30 days for review of applications. If condo/coop lease is approved only after the lease start date, the lease should begin the next business day after approval is received and the 2nd month of rent should be pro-rated accordingly.
Be on same page about move in condition: Always ensure that both owner and tenant agree on what work will be performed as part of turn-over work. Be sure to include all items the owner actually anticipates performing for the tenant, so that expectations can be properly managed and there is no disappointment when the tenant arrives on moving day. The updated REBNY lease provides an exhibit for outlining what work will be done for tenant move-in! The last thing an owner wants is a dispute over the condition of an apartment and having all action items documented helps prevent this from happening.
Ensure all mechanicals properly checked: Take advantage of the down-time between tenants to ensure that all HVAC systems and household appliances are in working order and have had preventative maintenance performed. This is a good time to ensure that filters are replaced, condensate lines have been cleared, etc so that everything is functioning properly when the tenant moves in. Due to the pandemic, there is currently extended lead times on replacements and parts for HVAC units and appliances, so always best to check their functionality ahead of time.
Have a plan in place to deal with maintenance issues:Especially in the case of absentee owners, its important to have a plan to deal with maintenance and repairs issues that come up over the course of the lease. We always recommend having a property manager in place to deal with issues as they arise. A property manager is a vital component that aside from taking the stress away from the ownership process, can also help save a tremendous amount of money when issues do occur.
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378 Adelphi Street was built in 1858 by Jeptha A. Jones a compositor and hardware store owner. During the Civil War he was a Captain in the Union army. He was wounded at Bull Run, re-enlisted and fought until 1863. He was called “The Walker” because in battle he led his men with a slow, steady pace. Jones survived the war and is buried in Greenwood Cemetery.
The style of 378 is Italianate and relatively austere compared to later brownstones. The iron work is original and restored. An effort has been made to keep as much early flavor as is reasonable and compatible with modern comfort. more “Beautiful Fort Greene Townhouse with a great story.”