PROPERTY MANAGEMENT 101
With all the fast-paced demands of managing a property, many Hamptons homeowners are struggling to stay on top of each task. Between juggling vendors, tackling the never-ending cycle of maintenance and handling tenant issues, it can be overwhelming. Thankfully, there’s a solution to that problem — hire a property manager.
What Does a Property Manager Do?
A professional property management company saves you money and time, giving you peace of mind by taking the burden of day-to-day tasks off your shoulders.
Those tasks typically include:
Monitoring your home and grounds
Hiring and managing vendors
Maintaining seasonal demands
Marketing your home if you choose to rent
Interacting and negotiating with tenants
A property manager who specializes in Hamptons real estate can present you with high-quality, yet affordable vendors in the area. At Pure Property Group, we understand how difficult it is to find good help at the best price in the Hamptons. Our curated trade network, and in-depth knowledge of the community enable us to hire trusted builders, landscapers, cleaners, handymen and more for your home.
Great property managers will also fight for your best interest. Have you ever hired a vendor who took much longer to finish your project than expected? Or worse, they never finished it? We thoroughly vet our vendors, ensure they arrive promptly, and complete their tasks so that your home gets top-quality care — on time.
Do I Really Need a Property Manager?
You may be wondering, "Do the benefits of self-managing your Hamptons home outweigh the benefits of property management?" That's a fair question, so let's consider both options:
Running Your Hamptons Home Without a Property Manager
You may only stay in your Hamptons home for part of the year, but keeping up with maintenance is a year-round job. If you opt to self-manage, you should be aware of what it will cost you in terms of money and time. In our experience, owners of second homes spend at least four hours per month on management alone. And if you're renting out your home, it takes up to four months of dedicated effort to find a tenant.
Most of the time you spend on management will go to dealing with vendors for your property. This includes gardeners, landscapers, pool cleaners, handymen, house cleaners, painters, electricians, and more. You’ll need to devote time and attention to each of these service providers, often on a weekly basis. And remember, it takes time to research and find the most efficient vendors. They aren't always on the first page of Google.
The tasks mentioned above don't include the time it takes to interact with your tenants if you choose to periodically rent out your home. You’ll need to respond to guest inquiries promptly, fix problems they encounter during their stay, and ensure they pay on time. Renting out your home also means devoting hours to marketing between tenants.
Running Your Hamptons Home With a Property Manager
That’s why many people choose to hire a property manager for their homes in the Hamptons. Working with a property manager will unshackle you, and restore the time you need to focus on what matters most — your family, your job, and your own interests.
It also gives you peace of mind to know your property manager is dealing with issues in a timely manner and at the most affordable price. Some homeowners are concerned that hiring a property management company will cost too much money. However, a property manager can actually save you money because they work efficiently, and within your stipulated budget.
Take maintenance as an example. The general rule of thumb is that you should save 2% of your home’s value each year for maintenance costs. So the average Hamptons homeowner could pay over $30,000 per year for maintenance (or more if the home is older). Property managers who specialize in the Hamptons can leverage this budget, find great vendor deals, and save you the time it would take to manage this budget yourself.
Partnering with Pure Property Group
Before you hire the first property management company you find on Google, you should do some research. After all, not all property managers can offer the same benefits.
At Pure Property Group, we see ourselves standing in your shoes. We put your needs first. Our customized service proposition caters to each homeowner's unique situation. Combining cutting-edge technology, responsive service, and impeccable task coordination, we provide:
Property protection and monitoring
Monthly interior and exterior inspections
Repairs, maintenance, and cleaning inside/outside
Animal and pest control
Vendor management and invoicing
Comprehensive financial reports
Smart home services
Concierge services, and much, much more
Reach out to us to discuss your situation. We’d love to help!