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Westchester County’s Rental Referral Program for Real Estate Agents

You can’t build a business in the real estate industry without building up relationships. Between maintenance service providers and stagers, cleaning services and mortgage lenders. It’s all connected. For example, property managers need real estate agents to give their clients the best possible services, and the reverse is also true for real estate agents who own or manage second homes for their clients.

In the real estate industry, these interconnected relationships are necessary and advantageous in order for each of us to expand our business to its fullest potential. At Sterling Property Solutions, we’re experts in Westchester property management. Here are a few ways you -an expert in real estate sales- and Sterling can work better together.

 

 

The Upsides Of A Business Relationship With Sterling Property Solutions

By working with us, you can be assured that your clients are in good hands until we return the listing to you thanks to our experience in managing homes and condos.

Your clients will also benefit with our services that will maximize their financial returns without using up their own time. The experience you have in selling homes combined with our skills is a boon for you and your clients no matter how you slice it.

If your client is an investor who wants to purchase multiple homes or pay in cash, we can help streamline that process and cut down on potentially costly mistakes while helping them earn more money out of their deals.

Westchester’s housing market is our playing field, and we’re always up to date on rental market trends and pricing. Assisting your client in establishing an appropriate rental rate for the area is crucial to gaining returns on their investments.

property-management-westchester-nyRemember, the benefits of a potential partnership don’t just extend to your clients. If your client decides to rent out their home, we can manage it while you work on the sale.

We strongly believe you should keep in touch with the owner while we market the property with your name so you can make the sale when the owner is ready.

For every client you refer to Sterling that signs on with us, we’ll pay you a referral commission fee! It’s extra cash in your pocket for a service that will keep on giving!

Plus, if you’re already managing properties as well but want to get back to focusing on real estate sales we can help you with juggling multiple homes. You can still sell the homes when the owners are ready to move on, and you can do it with no stress as you focus on your sales expertise!

 

The Benefits Your Investor and Owner Clients Can Expect From Us

Sterling is a firmly established linchpin for property management in Westchester. For years we’ve been maximizing property efficiencies and helping homeowners dodge catastrophic mistakes. While we manage, you can do the sales, and your clients will have a fully realized real estate service. So what exactly can your clients expect out of this burgeoning relationship?

For starters, we fill vacancies quickly. Every day a property is vacant is money lost, and we work around the clock advertising properties and checking our radar to dramatically lower vacancy time.

We make sure to inspect the properties routinely to root out any overlooked issues or mistakes that could become money sinks in the future.

Our tenant vetting process is thorough, as we don’t want homeowners to end up with a tenant who will become a difficult to remove problem down the line.

We value all of our business relationships, and that includes our relationships with maintenance vendors. With our stellar reputation, we hold onto our most valued vendors and in turn we can offer discounted and timely maintenance services done professionally.

Homeowners will be able to keep tabs on their property online and through reports compiled by us in-house.

We also perform full service leasing, which includes property showings, move-in assessments, rent guidance, and walking tenants through the ins and outs of the property upon signing a lease.

When it comes to collecting rent, we are professional yet stern, and diligent about making sure your clients get paid on time every month. We also understand that even with the best vetting processes, sometimes a problematic tenant slips through the cracks. In those unfortunate cases, we’re knowledgeable about Westchester’s landlord and tenant laws, and we can begin the legal steps for a smooth eviction in order to get the property rented out again as quickly as possible.

With all these benefits, it’s a no brainer that working with Sterling Property Solutions as a real estate agent is a win-win situation for everyone involved. Don’t wait to get a referral commission for referring your clients to us, and don’t wait to get started on building a better business relationship today!

 


PROFIT FROM OUR EXPERIENCE.

 

Contact Sterling Property Solutions today for all your Westchester County real estate and property management needs!

 

Sterling Property Solutions logo

77 Tarrytown Road Suite 1E
White Plains, NY 10607

T: (914) 355-3277

F: (914) 831-7444

E: sterlingpropertysolutions@gmail.com

 

8 Signs You Need New Property Management in Westchester County

If you own property, chances are you’ve found that managing it by yourself can be a real hassle.

Perhaps your primary residence is in a different area, or you find that maintaining and retaining tenants is a pain. Maybe you own too many rental units to manage on your own, or you don’t quite know your way around all the real estate rules and regulations.

Regardless of the reason, hiring a property manager is a fantastic way to dodge all of these issues. Even if you just want the property to run practically by itself, getting help to make it is happen is the best solution.

But sometimes, you’ll find yourself asking whether or not the property manager you hired is right for you. How can you tell?

 

YOUR WESTCHESTER PROPERTY MANAGER CALLS TOO MUCH, OR NOT AT ALL

Good communication with your property manager should relieve your stress. They should be the buffer between you and your tenants, and keep you informed of potential issues arising in your property.

This is the information you want to receive through regular contact so you can be up to date on your own property, especially if you’re not normally on-site.

If you aren’t given regular updates or your attempts to maintain contact go ignored, you’ve found a red flag that could mean several serious things. This type of behavior can point to poor relationships between the management and the tenants, negligence with the upkeep, a lack of adequate staffing, or even the mishandling of money. Any of the issues can cost you greatly, and failing to switch to a more qualified property manager can eventually come at a steep price.

Too much communication can also point to inadequacy, and take up too much of your time. If your property manager is constantly asking for permission or approval to move forward with even tiny things, it defeats the purposes of having them manage the property for you and could indicate inexperience or incompetence.

If you think your property manager talks too much or not at all, it’s time to find one that has the experience and transparency to actually manage your property.

 

EXCESSIVE RENTAL PROPERTY MAINTENANCE COSTS

A quality property management company has a network of maintenance and service vendors that they can trust and vice versa, which should result in them getting your maintenance done well at the lowest cost possible.

A company that hasn’t established themselves as trustworthy or credible with their vendors will often find themselves paying premium prices for even regular maintenance, which will put a hole right through your wallet.

Elevated maintenance costs can mean that the management company has inaccurate invoices or accounting practices, that there’s a lack of regular maintenance or inspections of the property, or that the maintenance requests of the tenants are being mishandled.

The inability to trust the pricing of your property manager’s maintenance costs is just one more sign that you should find someone new, someone with years of local experience with longtime vendors.

 

INCREASING CONFLICTS BETWEEN PROPERTY MANAGEMENT AND TENANTS

Dealing with high-maintenance or “problem” tenants is part of a property manager’s job. They should be trained to deescalate conflicts and come up with effective solutions that pacify the tenant’s concerns.

If you’re noticing a stream of disgruntled online reviews or complaints against you from former or current tenants, your property management company may be lacking at conflict resolution.

Angry tenants can lead to bad PR, damaged property, lawsuits or withheld rents. Failure to establish a working relationship with your tenants will leave your property manager without authority or the ability to enforce regulations.

Conflict is a given in the real estate industry. Conflict that leads negative activity that can cost you dearly means your property manager is doing a poor job, and it is time for a change.

YOUR PROPERTY MANAGER IS FINDING “BAD” TENANTS

  Property managers should do whatever they can to find trustworthy, reliable and unassuming tenants. This keeps vacancies, evictions, and turnover rates of tenants to a minimum.

A solid property management company accomplishes this task through very thorough screening procedures to filter out any potentially problematic tenants.

Another sign that it’s time to switch property managers is if you notice a progressive decline in the quality of the tenants that have moved in.

You have the right to a management company that has a good track record with retaining and signing leases with high quality tenants, unreliable or unruly ones.

 

UNRELIABLE FOLLOW THROUGH

Your tenants should not be the only reliable thing to come from your property management company. Since you hired them with your hard earned money, their ability to follow through should be unconditional. In any working relationship, there’s an unsaid expectation that both parties involved will keep their word and do so on time.

Property management companies that are cavalier about deadlines demonstrate a disrespect for your time, and a disrespect for your investment in them. And if they are showing you that side of themselves, it’s quite possible they’re just as lacking in respect for your tenants. This attitude could lead to a lack of accountability and reliability that your money should not go towards. Without a foundation of trust, how can they run your property smoothly?

 

CASH FLOW INCONSISTENCY

Your properties should be marketed effectively if your property management company is any good. Companies that aren’t up to date with the current marketplace or that don’t keep their properties in top condition are likely to experience more vacancies than others.

Fluctuations in tenant count are to be expected, and the regular ones that come from factors like lower performing months and shifts in the local/national economy are expected, predicted and accounted for. But the key word here is ‘regular’, and inconsistent problems occur when your management company isn’t diligent in their marketing or maintenance.

It shouldn’t be up to you, the owner, to find solutions to low rental rates. If your cash flow is inconsistent or out of wack, consider switching companies.

 

LACKING OR LATE MONTHLY REPORTS

The reports you receive from your property management company about your property should be consistent at the same time on a month to month basis. The reports should be on time and well organized.

Sloppy or late reports are a huge red flag that your property manager may have serious issues with disorganization or laziness, and either way it puts your investment at risk.

Consistent, well organized reports are a benchmark to judge a property management company on as a whole, so pay attention to them as they’re received to figure out if your company is doing their job correctly.

 

APATHETIC MANAGEMENT

It’s inevitable that there won’t be anyone who cares about the well-being of your property as much as you do. Which is why the best thing is finding a property manager who shows you they do care as much, because you are their client and their reputation says it all.

Enthusiasm is a hallmark of a passionate property manager, and you won’t do right b yourself if you select someone who just does enough to reach base expectations.

A good property manager is invested in your shared success, so they will do what they can to find new channels of income and seek the highest rents from the best tenants they can find. They have an urge to grow and expand your investment. A property manager who meets the bare minimum will sustain you, but it’s a waste of your time that won’t lead you anywhere.

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As a whole, a good property manager will grow your investment, alleviate the stress you would’ve had doing it yourself, and essentially run your property smoothly without you having to do much work.

When you choose Sterling Property Solutions, you’re not just settling. You’re choosing the best property management service in Westchester County with a notable history of success and enthusiasm in an ever changing market. So don’t wait until it’s too late, switch to the right company today.


PROFIT FROM OUR EXPERIENCE.

 

Contact Sterling Property Solutions today for all your Westchester County real estate and property management needs!

 

Sterling Property Solutions logo

Sterling Property Solutions

77 Tarrytown Road Suite 1E
White Plains, NY 10607

T: (914) 355-3277

F: (914) 831-7444

E: sterlingpropertysolutions@gmail.com

 

Find Out How Much Your Westchester Home Would Rent For

Whether the competitive Westchester housing market has low sales volume or is going strong, it’s always a solid financial choice to look into becoming a landlord by renting out your home.

The tax benefits and long term wealth accumulation from owning a rental property can not only gain you a profit, but it can be even more financially viable than selling your home. Without the right expertise it isn’t easy to figure out if this is the right call for you, but fortunately we at Sterling Property Solutions are here to help you discover what your Westchester home can rent for.

 

The Benefits of Renting Out Your Home vs. Selling It

 

sell-house-fall-westchester-nySelling your home is a one-time deal, but renting it out is long term investment that can produce steady cash flow for as long as you want it to.

By the same token, that long term profit is preferable to selling in a weak market. Selling can sometimes feel like cutting your losses, especially if you’re having trouble finding a buyer interested in your preferred price.

On the other hand, the rent you charge can be adjusted in response to broad economic or local conditions. This flexibility renting a great option to shield you against recessions and inflation.

If you work with an experienced property management firm like Sterling, you’ll have a full grasp of local market conditions. We analyze market rents and those of the competition, changes in area demographics, and anticipated absorption levels in order to provide you with a rental assessment at the best possible price.

There are other benefits from renting out your home that you cannot get from selling. Owning a rental property can help reduce your personal taxes, and some potential deductions include management fees and maintenance expenses for reasonable repairs – there are many more. Rental property can be a great way to lessen your personal tax liability.

The demand and profits for renting residential homes has also been increasing over the past few years, especially in Westchester County. Since you can rent for as long as you’d like you may see even more benefits as those numbers continue to climb. You can even use your rental property as means to invest in other properties down the line!

 

Is Renting My Home Right For Me?

 

There are many cases where your equity may be worth more than you originally believed, and that can be worth just as much as cold hard cash. On top of that, rental prices for Westchester residential housing go up all the time. The scarcity of quality rentals is a big driver of higher rental prices, especially for single family homes.

The value you can accrue by renting is always beneficial, even more-so if you want a secure retirement plan by constantly churning out a cash flow.

 

 

How Much Would Your Westchester Home Rent For?

 

It’s important to know how much your home will rent for if you are interested in taking the leap. At Sterling, your rental assessment is a FREE service that will also give you valuable information on marketing your property or dealing with tenant acquisition and turnover, making it a risk free first step in your future investment.

We specialize in property management for Westchester County – our experience and reputation say it all.

Whether you’re thinking of relocating to a new home or downsizing to a smaller one, it’s always a smart idea to consider renting your current home out with the help of a well regarded property management company.

With a free assessment and the prospect of continuous future financial gains, you have nothing to lose by talking with Sterling Property Solutions anytime.


Contact Sterling Property Solutions today for all your Westchester County real estate and property management needs!

Sterling Property Solutions logo

Sterling Property Solutions

77 Tarrytown Road Suite 1E
White Plains, NY 10607

T: (914) 355-3277

F: (914) 831-7444

E: sterlingpropertysolutions@gmail.com

5 Tips For Buying A Home In Westchester’s Hot Real Estate Market

 

 

Depending where you are, it can be a challenge for buyers in the housing market these days. When homes nationwide are selling on average within 3 weeks (sometimes within a day in places like Westchester!), buyers have to hustle to find a home they want and then possibly win the bidding war that comes after.

Distances to desirable establishments like school districts or employment centers are driving up prices as well. And all of this is doubly true for the super hot housing market of Westchester County, one of the most highly sought after areas in the country.

It’s no secret that higher rent and mortgage rates are convincing many to jump into home ownership now. In this fast paced market, it’s important to think flexibly and keep yourself centered. Here’s 5 tips to help you successfully push through the Westchester Housing Market!

 

 ew-homeowners-westchester

1) Act Quickly And Decisively When You Like a Home

 

When the home you want can be sold away overnight, there’s little time for window shopping. If you’re serious about jumping on a property, make sure to have your finger on the pulse.

  • Get prequalified – the first step.
  • Keep yourself updated by setting up online alerts with sites like Zillow or Redfin.
  • Check out the homes you want ASAP, and find a realtor who is willing to be as nimble as you are.

A perfect resource is the Westchester based Sterling Property Solutions, a real estate and property management company that knows the local market comprehensively.

Remember, being the first to make an offer leaves a solid impression. If there’s a higher offer made later, you often get a chance to make a new one yourself if you make it clear how much you love that home.

 

2) Avoid Contingency Contracts If Possible

 

Adding contingencies to your offer, such as having to sell your home before you can close on a new one, can make your offer less appealing and can move to you the bottom of the list. These nuances scare off sellers, especially if there are other offers being made without any.

An offer made with no caveats is cleaner, stronger, and informs the seller that you’re serious about making moves and making them on time.

 

3) Make A Strong Net-Price Offer

 

Sale prices have wiggle room but be realistic with your offer, especially in the competitive Westchester market where bidding wars run rampant. In this current low-inventory environment, an offer more than 10% below the asking price is a quick way to get rejected. Many realtors are advising buyers to offer asking price, or more, in desirable areas.

Keep your offer reasonable, and keep in mind that the net price takes closing costs and other monetary details into account in addition to the sale price.

Experienced local real estate agents will help you create a strong offer because they know Westchester. Agencies like Sterling Property Solutions, with its mastery of the Westchester market, will work with you to make a competitive and level headed offer.

 

4) Gather Up Your Best Down Payment

 

When you present your offer, make it the highest one you can reasonably muster. Research from ATTOM Data Solutions showed that average down payments were on the rise in 2017, and sellers are more likely to accept an offer from a buyer with a higher down payment.

 

This can happen for many reasons, including the conception that a buyer with a larger down payment will more easily qualify for a mortgage. In other words there is less perceived risk the deal will fall through.

It’s difficult and anxiety-causing for many buyers to gather down payment funds, but you don’t have to do it alone! There’s a myriad of programs available that can help add to the funds a buyer has saved on their own, and they aren’t all limited to low income or first time buyers.

 

5) Turn Coal Into Diamonds

 

Not every house leaves the best first impression, but no book should be judged by their cover alone. Buyers dead set on purchasing their dream homes will skip over homes that aren’t state of the art, even if they have good “bones”.

If you’re willing to play the long game and live through some updating, then making a purchase that will need an upgrade down the line could be worth it if the all-in cost is doable.

In a place like Westchester, it’s still all about “location, location, location”. Some towns are more expensive or desirable than others, and there are only so many houses in each price bracket. With that it mind, keep your buying options open in order to get into the school system or town you want, especially with the record-low inventory levels for homes under $1.5 million.


Contact Sterling Property Solutions today for all your Westchester County real estate and property management needs!

Sterling Property Solutions logo

Sterling Property Solutions

77 Tarrytown Road Suite 1E
White Plains, NY 10607

T: (914) 355-3277

F: (914) 831-7444

E: sterlingpropertysolutions@gmail.com

 

Top 5 Qualities of the Best Property Managers in Westchester, NY

When it comes to property management, there are plenty of firms to choose from. But your rental property – and the important financial decisions that come with it – are a serious matter. You’ll want to make sure that you’re choosing an experienced, reliable property management firm that can efficiently take care of all of your needs, and any surprises that might pop up along the way.

 

How to Find the Best Property Management in Westchester?

Many owners are interested in knowing bottom-line financial results and expected outcomes when considering which property management firm to hire. While these are important pieces of information, there are even more telling qualities to look for. Below are the top five qualities of the best property managers in Westchester County, New York.

 

1. Low Employee Turnover

Employee engagement and a positive working culture are vital traits of any thriving business, and property management is no exception.

Studies have shown that businesses with higher levels of employee engagement operate more efficiently and achieve better quality results than businesses where employees feel disengaged or underappreciated.

Perhaps the most telling indicator of employee engagement within a business is the rate of employee turnover. A low employee turnover rate tells you that employees are happy with the way their company operates, and who better understands the inner workings of a business than its employees?

Property management firms like Sterling Property Solutions, with low employee turnover, have employees who are experienced and have been with the firm longer. That means they know what they’re doing and they know how to do it well.

 

2. Training and Mentorship

 Equally important as the employee turnover rate is whether or not the property management firm invests in training and mentorship for its employees. This isn’t something that most property owners consider when looking for a firm to work with, but it is a big picture quality that one would be wise not to overlook.

Training and mentorship programs go a long way toward improving employee aptitude, engagement, empowerment and, ultimately, productivity. Employees also learn to be better problem-solvers which, in the world of property management, is a huge asset, as there are many moving parts and potential for creative solutions.

The Sterling staff is made up of bookkeepers, accountants, property managers and assistants who are also licensed real estate agents. Our team encourages mentorship within the company and in the community.

We support and encourage licensing and continued education for our employees. We make a conscious effort to use the latest software for both sides of their business, and provide constant training on how best to use the technology. Our team also uses the latest digital marketing resources for our clients’ properties, which requires team training and coordination.

 

3. Utilizing Big Data

Making good use of data is an important quality for an efficient and competitive businesses. There is a huge amount of data to be gathered when running a property management firm. Keeping a handle on this data and analyzing it for important trends is one way that firms stay strong.

Many firms do not properly utilize the information at their disposal. This can cause key trends to be missed, which can result in loss of revenue for clients. When a property management firm does pay attention to big data, they can identify areas of potential growth and help maximize profits for property owners.

One way Sterling Property Solutions uses data is to create market analyses and marketing plans for your property. We are able to lower tenant turnover by utilizing big data and recognizing trends in successful–and less successful–rental properties.

 

4. Vendor and Supplier Relationships

Property management firms must build relationships with various vendors and suppliers, such as cleaning services, landscapers, and general home maintenance contractors. A hallmark of a good property management firm is that they have built long lasting and positive relationships with these outside services.

As a property owner, you are paying for your property management firm’s expertise when it comes to dealing with vendors and suppliers. Firms with established relationships with outside businesses can leverage their connections to ensure the greatest benefit for property owners.

It is always better to work with a property management firm that maintains strong ties to trusted service providers than to rely on a firm whose relationships may be tenuous. Often times the stronger a relationship is with a vendor or supplier, the better the pricing will be.

Sterling has excellent longstanding relationships with both service providers and suppliers. Because we’ve worked with many of them for so long, we have earned substantial loyalty and volume discounts. These savings are passed on to our clients.

 

5. Integrated Resources

In all businesses, not just property management, having staff who are knowledgeable about the entire system, rather than just their area of expertise, creates a business that is exponentially stronger and more capable.

Each employee of a property management firm is a valuable resource, and when those employees are able to apply their knowledge to all aspects of property management, the firm is able to fully integrate their human resources to produce the best results.

Property management is a complicated business, and it often requires many different types of expertise. Sterling Property Solutions is well versed in the intricacies and all of the financial implications for owners.

We are able to offer expert services in a wide range of property management areas, such as rent collection, tenant support, inspections, contracts, and even 24/7 emergency contact.

Our team has specific roles, yet at the same time are all knowledgable–and, more importantly, licensed–in other aspects of the business, so you are in good hands no matter who you’re working with.

At Sterling Property Solutions, we operate as a team with the shared dual goal of helping clients increase their revenue streams, and taking the stress away from owning a rental property.

We strive to have the best-run buildings in Westchester. Contact Sterling any time to set up an appointment and find out how our expertise can work for you.


Contact Sterling Property Solutions today for all your Westchester County property management needs!

Sterling Property Solutions logo

Sterling Property Solutions

77 Tarrytown Road Suite 1E
White Plains, NY 10607

T: (914) 355-3277

F: (914) 831-7444

E: sterlingpropertysolutions@gmail.com

The Top 5 Reasons to Rent and Not Sell Your Westchester Home

As a homeowner, when you decide to move you must also decide what to do with your home, whether that means selling or renting it out. Choosing whether to rent or sell your home is a big decision. Many people choose to sell, but there are plenty of good reasons to rent your property instead. Becoming a landlord may not seem worth the trouble, but the benefits could really make it  profitable.

Below are some reasons you should rent instead of sell your home in Westchester. If you do choose to rent, remember that you don’t have to go it alone. Professional property firms exist to help you every step of the way so you can make the most out of your property.

1. Easy Way to Generate Cash Flow

One of the most obvious reasons to rent your home is because you already own it–it’s an asset that is just waiting to be capitalized on. Renting your home can create an additional, stable source of income. If you have another job, the best option is to hire a local, expert property manager to take care of any issues and to find you tenants. Owning a rental property requires very little time after you’ve had a chance to sit down and lay out a plan with your property manager.

A property management firm can make marketing your rental property a breeze, so you can sit back and enjoy your new monthly source of cash flow.

 

 

2. High Demand for Rentals in Westchester

All over the country, and particularly in counties like Westchester, the demand for rentals is increasing. People simply aren’t buying homes like they used to, and now is the perfect time to get into the rental market.
Rental demand is especially high for houses in Westchester. Many homeowners are hesitant to put their house on the market right now due to uncertainty with taxes and interest rates.  In fact, when homeowners decide to rent their property they often experience bidding wars with offers substantially above the asking rental price.

The inventory for both rental and for sale homes is remarkably low right now. This is all the more reason to take advantage of the high demand market for your potential product–the home you’re already moving out of.

 

 

3. No More Mortgage Payment Stress!

If you are moving out of the home you own, chances are you are moving into another one, which means paying yet another mortgage. Monthly expenses add up quickly, and a mortgage is something that can really add financial strain.

One of the perks of renting your home is that you can now use the rental income you make to help pay your mortgage. This is a huge financial boon and stress reliever for many landlords.

And if all this isn’t incentive enough, it’s also important to note that a rental home’s monthly rent in Westchester is substantially higher than a comparable home’s mortgage payment. This means that the rent you collect alone can pay for your mortgage–and then some.

Maybe you can use that extra revenue to invest in a second, or third rental property!

 

 

4. Long Term Tax Deductions

When you begin to rent your property out, you gain access to many long term tax advantages. You can now count your rental property as a business, which comes with a variety of deductible business expenses.

For example, you are now allowed to write off  mortgage interest, and a solid amount of your property’s real estate taxes. Even things like maintenance, utilities, and insurance become business expenses, which can also give you a great deduction.

Another great advantage that people who rent their homes have access to is the ability to deduct your property structure’s depreciation. This means that you can deduct the value that your home has lost over a period of 27.5 years.

If your home was worth $600,000 when it was built, then you can divide that number by 27.5 years and deduct that amount ($21,818.18) from your taxes each year.

These are just some of the tax benefits that you can receive as a landlord, and a proven property management firm can point you toward even more.

 

 

5. Security Blanket

Lastly, converting your home into a rental property gives you the comfort of financial security. Many of us could use an extra bit of income each month, and renting your home is a simple and lucrative way to achieve just that.

Not only can renting out your home give you the financial safety discussed above, like helping with your mortgage payments and giving you tax deductions, but it also lets you keep your options open.

Because you still own your home, you can try out moving to a new place, or taking a new job, or even transitioning to becoming a landlord full time, while knowing that you can always move back to your previous home.

Not many people can say that they have this security blanket to fall back on when they make a huge change in their life like switching locations or careers.

Plus, the extra income you make from renting your home can be saved for whatever the future may hold.

Maybe this means a vacation fund or an education fund, or an emergency or retirement fund–whatever you envision, you can save for it with the income from renting your home. And if you decide that renting isn’t for you, you can move back in without missing a beat.

With all of the incredible benefits of renting your home rather than selling it, you have little to lose in giving it a shot. Let a trusted property management firm like Sterling Property Solutions guide you through the process and make sure that renting your home works for you.

 


Contact Sterling Property Solutions today for all your Westchester County property management needs!

Sterling Property Solutions logo

Sterling Property Solutions

77 Tarrytown Road Suite 1E
White Plains, NY 10607

T: (914) 355-3277

F: (914) 831-7444

E: sterlingpropertysolutions@gmail.com

The Top 6 Features of a Profitable Investment Property in Westchester County, NY

Breaking into the world of investment properties can be daunting, especially for first time investors. Any landlord-to-be is faced with the challenge of selecting a property out of a wide and potentially risky pool.

Searching for a property on your own gives you the ability to take your time and make an informed choice, but it can also be difficult to keep track of all the moving pieces that make up your investment.

An experienced a real estate agent will help you find the right home or building, and a property management firm can help you with all of your property management needs, so you don’t have to go it alone!

A company that is licensed and experienced in both real estate and property management, like Sterling Property Solutions, can be a real money and time saver. From the initial property search, to marketing the property and finding tenants, to rent collection and owner financial reports, a firm offering both services is a prudent choice.

There are many factors to keep in mind when evaluating a potential rental property. Below is a guide to some of the most important features to keep in mind when looking for a profitable investment property.

 

1. Which Westchester Neighborhood and Towns are Best for Investment Property? 

 The neighborhood in which you buy is perhaps the most obvious indicator of how successful your rental investment will be.

The types of tenants you attract are heavily dependent on the quality of the neighborhood and amenities available. For example, buying a property in a neighborhood with a coveted school district and access to parks will attract single families who are looking for a steady, long-term rental.

If you buy in a neighborhood closer to a college or university, your tenants may be students and you may face higher levels of vacancy and tenant turnover on a regular basis.

 

2. Investors – Consider Westchester Property Taxes 

As an investor, when making your initial calculations, it is vital that you factor property taxes into your math. Property taxes are not uniform across an area, so knowing how much you can expect to pay in taxes will help you crunch the numbers.

Something else you’ll need to keep in mind is the possibility of property tax hikes in coming years. There is always the chance that a town may raise property taxes beyond the realm of what a landlord can charge in rent and still make a profit.

 

3. Is the Local Job Market Healthy and Growing? 

The strength of the local job market and the rate of new renters typically goes hand in hand.

If employment opportunities are growing in a certain location, you can more or less assume that renters will be flocking to that area, and looking for housing.

If you know that a new business or corporation is moving to a certain area, you may want to invest in preparation for the influx of employees.

 

4. Potential Future Development Can Affect Westchester Property Values

Keeping track of future developments in the area is a sound idea, as these can affect the value of your property either positively or negatively over the years.

Some important things to find out are if there are any new developments that are coming or have been zoned into the area such as parking structures, malls, or new apartment buildings.

If there seems to be a lot of upcoming growth, this is probably a good area to invest in.

The flip side of this, however, is that other new housing developments could create competition with your rental property.

Depending on the quality of growth and the other factors in the area, that may be a risk worth taking!

 

5. Insurance and Expenses

Aside from taxes, one of the main expenses you’ll have to subtract from your rental income is insurance.

Every property requires different insurance, so it is good to know just how much you will need to pay. If an area is prone to natural disasters such as flooding, your insurance fees could be higher and may take too large of a dent from your rental income.

On the same note some properties, like condos, have additional expenses beyond normal maintenance, such as HOA fees or building improvements. If these extra expenses take too much out of the margin it might not be worth the investment.

 

6. Rents and Market Conditions

This last factor is fairly obvious, but the average rent and market conditions in the area are a must-know when choosing a rental property.

Rental income is the beating heart of your investment, so you must be certain that charging the average rent in the area will be enough to cover your expenses.

Meanwhile, it is best to work with a realtor and/or property manager who is hyper-local, and understands the real estate market conditions.

 

There is certainly a lot of information to contend with when investing in a rental property. It is important to be able to read the signs and spot the difference between a sound investment and a bad investment.

Keeping track of all the facts can be tricky, but renting and investing can be worry free when you employ the help of an experienced property manager.

Don’t get overwhelmed–get the support you need to make a decision and help you get the most out of your investment.


Contact Sterling Property Solutions today for all your Westchester County property management needs!

Sterling Property Solutions logo

Sterling Property Solutions

77 Tarrytown Road Suite 1E
White Plains, NY 10607

T: (914) 355-3277

F: (914) 831-7444

E: sterlingpropertysolutions@gmail.com

Top 5 Reasons to Get a Rental Assessment for Your Westchester Property

Relocating or thinking about moving into a new home? Or maybe you’re empty nesters looking to downsize. In that case, a great way to get the most out of your current property is to rent it out using a well-regarded property management company. You’ll earn monthly income, and any issues that arise are dealt with by your property manager. 

Or maybe you’re renting out a single or multi-family home and doing the property management on your own?

Either way, having a free rental assessment done by Sterling Property Solutions is a great way to jump in and find out what your property is worth from a rental perspective.

 

Why Getting a Rental Assessment for Your Westchester Property is a Smart Idea:

1

    A Sterling Property Solutions Rental Assessment Is Absolutely Free

 

Unlike a home evaluation, a rental assessment is a FREE service provided by your local property manager, which makes it a risk-free venture even if you’re only trying to get a ballpark idea of the property’s rental worth.

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Free rental assessment

You’ll also learn valuable information, for example, about marketing your property or dealing with tenant acquisition and turnover. Getting the information and knowledge is the first step, and we can help you get there.

2

      Your Westchester Rental Property Is An Investment That is Growing

In many cases, your equity has developed more than you might think. Why not take the next step and find out what the property is worth, and what it takes to optimize its return on investment as a rental.

3

      Planning and Investing in Your Next Step Forward

The equity in your rental property can be as beneficial as cash in your pocket. Where could you be if you took advantage of the current rental market? With vacancy rates at all-time lows and rents rising all the time in Westchester County, investing in a rental property can be an smart financial choice.

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If you already own investment properties, a rental assessment can ensure that you’re generating the maximum rate of return for your market. Why not ask us to complete a rental assessment whenever it’s convenient for you? We know Westchester.

4

      Finance Future Renovations

If you’re thinking about purchasing your next investment property, the equity in your current rental property could provide funds needed for renovations. Ask your local property management executive to advise you on the potential future value of your rental property.

5

      To Attain You Dream – Now

Whether you’re considering a sea change, investing in education or planning a new lifestyle acquisition such as a car or boat, what you’re renting out now could help fulfill your future dreams. Just ask the experts. And it’s worry free when you use a highly experienced, local property manager

 

Contact Sterling Property Solutions today for all your Westchester County property management needs!

Sterling Property Solutions logo

Sterling Property Solutions

77 Tarrytown Road Suite 1E
White Plains, NY 10607

T: (914) 355-3277

F: (914) 831-7444

E: sterlingpropertysolutions@gmail.com

Your Investment Property in Westchester, NY: Do You Need a Property Manager?

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Depending on the type of property and the situation of the owner/landlord, property management can save a ton of time and energy. It also has a sizable return on investment, especially when you consider all of the time consuming – and dollar consuming – responsibilities associated with managing the property.

Here are some questions to consider that offer insight into whether hiring a property management company is the right decision for your property:

 

How Close to Your Home Is Your Rental Property?

The more miles between you and your investment property, the harder it is to manage. If your primary residence is a substantial distance from your rental property it will be more difficult to market to new tenants, respond effectively to tenant issues, and to respond quickly to emergency repair situations. In addition, routine maintenance can be more problematic if you are doing it yourself.

When the distance between your home and investment property is a commute, it is a solid indication that you could benefit from a property management company.

 

How Many Units Do You Own?

The more units or properties you own and invest in, the less time there is to handle everyday responsibilities. With more tenants, an owner is required to handle more maintenance, tenant issues, and turnover you will have to tackle.

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In addition, if your units are spread across multiple properties, you will spend even more time managing the cash flow of each individual property, as well as physically commuting from property to property to handle issues.

 

 

Do You Have A Lot of Experience Managing Property?

If you don’t have experience as a landlord, managing property can be pretty overwhelming. It is a good idea to discuss the situation with a locally focused property management team, in order to get a grasp of all the responsibilities and details. Understanding what managing a rental property entails is the first step.

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When you are just starting out as a property investor, choosing the wrong maintenance contractor or having lag time between tenants could cut into your potential income. The job of an experienced property management company is to maximize your revenue.

 

GET IT RIGHT 

Some issues are more important than others when it comes to property management. But it is vital to choose a company with full knowledge of federal and local housing laws. The regulations regarding discriminatory housing practices, for instance, can change yearly. Not only that, but each county and even municipality can have their own laws and codes. Working with an experienced, local Westchester property manager is the best way to avoid issues.

Hiring a property manager without enough experience, or who doesn’t have your property’s best interest at heart, can eventually lower the value of your investment.

This is why it is so important to do your research and thoroughly screen a property manager if and when you decide hiring one is right for you.

 

Do You Have the Time to Manage Your Property?

If you have a full-time job while you are investing and don’t have enough time to dedicate to the upkeep and marketing of your property, the success of your investment could be highly influenced by the quality of your property management company.

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Everyone knows – time is money. If you decide that the day-by-day responsibilities of managing your property take too much time from your other career or investment pursuits, hiring an outside manager is likely the best choice for you.

 

Do You Have a Vacancy Issues or Cash Flow Problems?

The top property managers, like Sterling Property Solutions are skilled at marketing all types of properties, including residential, commercial and condos. Look for a firm with local market knowledge that will allow their marketing plans and network to find new, high quality tenants for your property.

A good property management team will also have a large, local network of affordable sub-contractors and repairmen to resolve emergency issues.

Lower your possible risk of costly lawsuits by working with a property management team that has comprehensive knowledge of local tenant/landlord law.

 

What is Your Tolerance for Dealing With Tenants?

Many property owners and investors find dealing with tenant issues is one of the most difficult aspects of property management, including rent collection, disputes, and maintenance issues. Good property manager are highly experienced and successful at resolving conflicts. They have a comprehensive knowledge of landlord-tenant law, and can act as a shield, or cushion, between you and tenant problems. Additionally, if the tenant understands they are working with a highly professional third party, they may behave more professionally.

 

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Whether to hire a property manager isn’t always a straightforward decision. A lot of factors come into play. But if you are new to property investing, or your time would be better served following other pursuits, then picking the right property manager is a great choice.


Contact Sterling Property Solutions today for all your Westchester County property management needs!

Sterling Property Solutions

77 Tarrytown Road Suite 1E
White Plains, NY 10607

T: (914) 355-3277

F: (914) 831-7444

E: sterlingpropertysolutions@gmail.com

 

 

Top 4 Real Estate Tips for Fall Homebuyers in Westchester, NY

The spring and summer housing market in Westchester can be heated, filled with cash offers and bidding wars. There isn’t the same level of urgency in the fall, yet a good house is still going to get offers relatively quickly depending on the price level. Here are  the top reasons the fall market can be the right time for you to buy a house in Westchester, NY.

 

 

1. Not as much competition in the fall market

The intense competition for houses under $1.5 million dies down in the fall in Westchester. It is generally thought of as off-season but homes are still out there, even in October. The inventory that remains from the spring and summer markets may have been priced incorrectly, or need minor fixes.

While there is new inventory in the fall, it isn’t at the rapid pace of spring and summer. Still there are less buyers in general. Another advantage is that families who were on a mission to move into a new home before school started are out of the picture.

Less competition and less offers create leverage in negotiations. Homebuyers can think about offering less than they normally would, in the end getting a positive discount on the sale. Another great tip is to mention in the offer that you can close before the holidays, in order to further incentivize the seller to close the deal.

 

 2. It’s all about you

Real estate agents are generally busier in the spring and summer. The competition for houses is hot, and agents are often doubling up showings and stretched thin. That could result in you not getting as much individualized help as you wanted. This also goes for the other services involved in buying a home, like inspections, title companies and mortgage lenders. These professionals have gotten past the piles of paperwork and appointments from all the sales and have time to breathe.

 

 

Movers are also far busier in the spring and summer. In the fall they could offer discounted pricing to obtain business because the demand for their services isn’t as high.

 

3. Sellers are motivated and ready

While many homes still on the market in autumn are leftovers from summer, some are on the market because the situation is right for the seller. One scenario is the sellers were building a home and now it’s done, so they are motivated to sell and move in. Or maybe the homeowner got a new job and needs to relocate soon.

Sellers are more earnestly, and often urgently, trying to sell their home in fall. During spring and summer they are often content to wait it out until they get the offer they are looking for.

 

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4. Sellers feel home selling fatigue

There are sellers out there whose homes didn’t receive any accepted offers in the spring and summer. These home sellers may have been unrealistic in pricing their homes when they were listed. Now that time has gone by and they haven’t gotten their asking price, they might be ready to make a deal.

Since there is comparably less competition, the sellers are more motivated to accept offers that were rejected in the summer. The other, less appealing alternative for sellers is waiting another six months for the hot real estate season to come around.


Sterling Property Solutions can help you navigate the fall and winter real estate markets

Contact us now for a consultation, or check out our MLS listings and call us when you see a home that we can show you!

Sterling Property Solutions

F: (914) 831-7444

77 Tarrytown Road Suite 1E
White Plains, NY 10607

 

 

 

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