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Owner FAQ

1. Why should I use a professional to manage my property?

While the reasons our clients choose professional management vary, here are some of the key reasons many people elect professional management over self-management:

We handle maintenance and emergency repairs, allowing you to sleep at night.
We enforce collection of rents and serve the proper notices upon failure to pay.
We understand and apply the correct federal, state, and local laws, keeping you and your investment out of trouble.
We know and understand the local market, have an extensive network of contacts, and have advertising resources available to us at discounted rates. This allows us to effectively market your vacant home to prospective residents to get it filled as quickly as the market allows to a qualified applicant.
After you add up the increased rent we can often command, the discounts you'll receive on advertising, and the rates we get on repairs, you'll often make more money than if you managed the property yourself.

2. What is All Borough Properties philosophy?

Our goal is to maximize the return on investment for our clients while maintaining quality housing for our residents. Our mission is to offer personalized and professional services to both our clients and customers by building strong relationships, utilizing the latest technology, implementing effective marketing strategies, and following consistent systems all with honesty and integrity throughout every facet of our business. We strive to stay on top of market changes and industry trends and adapt accordingly.

3. What is the advantage of renting through All Borough Properties?

Our staff is professional, courteous, informed and experienced. Many of our team members hold a NYS Real Estate License. By capitalizing on the concept of economies of scale, we can offer multiple services that would be cost prohibitive for individual owners and smaller companies. We have one of the strongest marketing programs in the industry, utilizing the most up to date marketing techniques available in the industry. We stay on top of changing trends and legal issues to protect our client's interests. We also have emergency maintenance providers on call 24 hours a day to stabilize emergency issues that could lead to much larger problems or increased liability for the owner.

4. What is All Borough Properties role as a property manager?

Our role is to achieve our clients’ objectives while preserving or increasing the value of an investment property and generating income for our clients. We advertise our properties, screen tenants, negotiate leases, collect rent, schedule maintenance for your property, keep accurate records, and provide regular reports and communication with our clients.

5. What types of properties does All Borough Properties manage?

We manage all types of residential properties including multifamily apartment buildings, multi-family homes.

6. What expectations does All Borough Properties have for leasable properties?

We operate in strict compliance with the New York Landlord-Tenant Law and the Fair Housing and Equal Opportunity (FHEO) laws. Before we offer a property for lease, we thoroughly inspect the property to ensure that all governmental ordinances are complied with. We also advise our clients with recommendations that will maximize their return on investment. We have found that by offering a quality product, maintenance requests and complaints are minimized and resident retention and satisfaction are increased.

7. How does All Borough Properties market our vacant properties?

Please view our Leasing Services page (included with management services)

8. What are the fees for All Borough Properties to manage my property?

All Borough Properties management fees are structured are shown below:

For 2-3 family properties our fees are 7% of the gross rental income or $100.00 a month per unit, whichever is greater.
For 4-5 family properties our fees are 6% of the gross rental income or $80.00 a month per unit, whichever is greater.
For properties with more than 5 units please REQUEST FREE MANAGEMENT QUOTE.

Should you have specific needs, please contact us so we can develop a program to meet your needs.

9. Does All Borough Properties require an expense reserve?

Depending on the size of the property, ABP requires each client to maintain a balance of at least $250.00 – $500.00 in the property's trust account for expenses associated with the management of the property. Larger properties may be required to have a Capital Expense Budget and Capital Replacement Reserve. All client funds are held in a Trust Account in strict compliance with the NYS Trust Account Guidelines

10. What is our collection process?

All rents are due on, or before, the first of each month and are considered late after the fifth of each month. We send out a first letter of delinquency on the sixth, followed by a second letter of delinquency on the thirteenth. For those residents that have not paid in full by the seventeenth of the month, we initiate Eviction Filing.

11. What are the fees involved with a tenant eviction?

We work with several law firms which provide us highly competitive flat rate eviction fees to better control the costs of litigation.

12. When are equity distributions made?

Equity distributions are made on the 25th day of each month. Net proceeds, less reserve, are directly deposited into our client's accounts through the Federal Reserve's electronic ACH transfer system. Monthly statements are e-mailed on the 25th day of the month, as well. Should there have been any maintenance items, or other expenses, the original invoices are sent via postal mail at the end of the month.
Download our ACH authorization form.

13. How is maintenance handled?

All Borough Properties strives to ensure a minimal amount of inconvenience to all of our residents by providing 24 hour emergency services as well as a quick response to routine repair and maintenance requests. In compliance with New York State General Statutes, maintenance requests must be submitted in writing. Maintenance requests are handled by All Borough Maintenance with skilled, licensed, and insured subcontractors. We strive to exceed the minimum standards and have found that by providing a quality home we can attract a higher quality resident and command higher lease rates.
View our Maintenance & Janitorial Services section.

14. What insurance is required?

Our insurance carrier requires that all client properties carry a commercial general liability insurance policy for the protection of any claims arising out of the operation, leasing, and maintenance of the property. We do require a valid certificate of insurance, listing All Borough Properties as an additional insured party to be on file at all times (there is usually no additional cost associated with this).

15. What is done when a resident gives notice that they will be moving out?

We visit the property to update any marketing materials and do an assessment as to the anticipated turnover time.
We send a letter to the resident notifying them of their duties upon vacating.
We modify the reserve in the client's account, if necessary, to ensure that funds are available to perform all turnover items necessary to get the property ready for the next resident.
Should the property be ready to market, we implement our marketing plan.
The appropriate arrangements are made for the transfer of utilities.

16. What is done after a resident moves out?

We have the locks changed immediately after a resident moves out for safety and security reasons
We perform a move–out inspection of the property. During the inspection, we identify items that should be charged to the former resident.
We make recommendations to preserve the value of the property and decrease the vacancy time. We document the condition of all our properties with digital pictures.
We supply a summary of the inspection to you as quickly as possible.
Once the property is ready for marketing, we allow prospective residents to view the property.

17. How does All Borough Properties screen prospective residents?

We perform a credit check, criminal background check, employment verification, and rental/mortgage payment history on every adult prospective resident
We evaluate the lease rate/income ratio
Upon approval, the prospect is given 72 hours to sign the lease and pay the security deposit

18. What does All Borough Properties do before a new resident moves in?

A move–in inspection is performed in which we document, both with pictures and in writing the condition of the property
As required by law, all smoke and carbon monoxide detectors must be tested and the batteries replaced regardless of how new they are.
The property will be re–keyed to ensure the safety and security of both the property and new resident.

19. Do property owners have to accept pets?

Pets are accepted on a case by case basis, as determined by our clients. There are additional security deposits for pets fee paid by the resident, which may vary depending on the number and size of pets. For more complete information about accepting pets please contact us.

20. How do we communicate with our clients?

We believe in prompt and thorough communication with our clients. Every staff member has their own telephone extension, voice mail and e-mail. We send out monthly statements and quarterly newsletters in an effort to keep our clients informed. Below are some of the instances that we will initiate additional communication:

Eviction filings
Acceptable applications
Notice to vacate from tenant
Lease renewals
Extraordinary maintenance items

21. How much can my investment property lease for?

Your lease rate is going to be determined by several factors including the condition of the property, location, and the rental rates for competing homes/apartments in the immediate area. The markets that dictate lease rates vary vastly from the markets that influence the value of properties. Please contact our office or fill out the “REQUEST MARKET RENTAL RATE FORM” and we can discuss this with you as it relates to your specific property.

22. Can All Borough Properties help me buy or sell investment property?

Through our affiliation with reputable, experienced and established local real estate professionals we can assist you in the acquisition and disposition of any investment property. Should you have an established relationship with a broker, we can assist you by working with them to help with evaluating and acquiering the property.

23. How are Security Deposits handled?

All Borough Properties requires security deposits from all residents, usually the amount is equal to one month's rent. These funds are held in a separate Trust Account at an FDIC insured bank. Security deposits cannot be disbursed until the resident vacates, and can only be disbursed to the resident or owner.

24. Can I enter my property after it is rented?

All leases in New York are governed by the New York Landlord Tenant Laws and provide for the covenant of quiet enjoyment. As a result, we do not enter the property and recommend the owner not enter the property, except in emergency situations or when repairs have been requested by the resident. History has shown that repeated disturbances prompt residents to become unhappy and not be as willing to renew their leases.

25. How much notice does a resident have to give before they can properly vacate a property?

Our lease provides that the resident give a minimum 30 day written notice that the lease will be terminated, with termination not permitted on any day other than the end of the month.

26. What does All Borough Properties need to start managing my property?

To begin management of your property we will need the following:

Executed property management agreement
Completed Property Information Sheet
Certificate of insurance, with All Borough Properties named as an additional insured
Current leases associated with the property
ACH Authorization (If client desires to be paid electronically)
Lead Based Paint Disclosure Addenda, if the property was built prior to 1978
Completed and signed 1099 form
All keys to the property, including mail box keys, etc.

27. How do I pay management fees?

Management fees are deducted from your monthly equity distributions.

28. Will All Borough Properties pay my monthly bills for the property?

Yes, through our accounting system we can easily pay all of your monthly bills, including dues and mortgages. We pay bills on the 25th of each month. We do require that your account has a minimum balance in excess of the estimated monthly payments in order to take advantage of this service.

29. Can I view my account online?

Yes, our clients have full access to their accounts. You will see the same data that we have in the office and be able to prepare your own customized reports, 24 hours a day, 365 days a year.

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