Help With Cost Of Managing Abandoned Properties
There has been a new ordinance which requires that:
Any owner of an abandoned property must live in the city limits or must hire a property management company within the city limits.
City will come around twice a month for inspections and there will be fines giving with a 7 day grace period to fix. If not fines will continue and be added to tax bill.
You can get fined 2 times in one month for the same violation (Old TV in the yard not removed)
There are many of these properties with owners listed outside of the city which must now get a PM company.
I want to open one up that just deals with abandoned properties. I will provide outside cleanup, board windows, remove graffiti, remove junk cars and possible maint of the grass and snow.
My problem is finding a way to charge for my services. Most charge 3% to 8% of the monthly income but there is no income.
I will add materials and dumping cost to the bill.
I think it is a viable service. Do property managers need to be licensed in New York?
If the city is just sending inspectors around once a month and you do a drive by weekly it should work. How much do you need to make on each to make you happy you started doing this? $200 a month? Thats what to charge.
Need to specify what you are going to do.
good luck!