Services

At SOMAX NY Real Property Management, we take stress out of owning investment properties in New York City. Our services are designed so your role as the owner is only to sit back and relax. We’ll take care of the rest:

Rent Invoices

Your Tenant Will Always Know When, Where and How Much To Pay

At least one week prior to the end of the month, tenants receive their monthly rental invoice via email or mail. The monthly rent invoice will include a detailed breakdown of any rent and applicable lease or utility charges. Tenants can also log-in to our website at any time to check rent balances or to confirm that previous payments have been processed.

Rent Collection

With Online Rent Payment, Collection is Prompt and Easy

Long gone are the days of dropping checks in the mail. With a rent payment tool directly on our website, we can ensure that rent is paid seamlessly and efficiently. There is no additional fee for online payment via bank account and tenants even have the option of using a credit card. We recognize the importance of timely rental payments so that expense payments can be made. Tenants who have not paid rent by the 5th of the month will receive reminders via email and phone. We follow up consistently until the rent is paid.

Expense Payment

Reviewing all Expenses for Accuracy; Tracking and Recording Expenses

Every invoice we receive is carefully reviewed and analyzed prior to payment. Each invoice is thoroughly checked for accuracy to confirm there have been no errors in accounting, billing or overage charges.

Insurance Procurement

Have the Protection You Need, When the Need Arises

Given the complexity of insurance, having proper coverage makes all the difference when your asset experiences a loss. In order to ensure the insurance company will pay a claim, it is critical that you have adequate coverage with a credible carrier. Allow the SOMAX team to help find you the right insurance policy at a competitive rate. Our team will obtain quotes and help guide you through every step of the process.

Tenant Requests

We Field all Tenant Requests, Alleviating You of any Hassle

With vast experience in handling tenant requests, we know exactly what residents expect. Through our custom request tracking system, our clients save time and money while we maintain satisfied tenants. Same-day response is provided to confirm all requests are received and our team can be conveniently contacted 24 hours a day, 7 days a week, via phone, email or through our website.

Repair and Maintenance Issues

When Maintenance or Repair is Required, We Ensure the Job is Done Quickly, Correctly and Cost Efficiently

By providing quick responses to all issues, we help keep small problems from getting bigger. Assistance is provided with maintenance of items like HVAC systems, sprinkler systems, irrigation systems, and more. We can help you find the best price possible and make sure each job is of the highest quality and performed by insured, reliable companies.

Lease and Lease Renewal Preparation

Never Use an Inadequate or Incorrect Lease Again

We provide proper lease documentation to ensure you have the paperwork protection you need by tailoring each document to the specific requirements of the apartment or townhome. We prepare lease renewals to properly document tenant extensions and assist on both rent stabilized and free market leases. We are kept well informed of any changes in laws to guarantee you are up-to-date on current regulations.

Board Application Assistance for New Tenants/Renewals

Avoid Costly Delays in Approvals – We Stay on Top of Board Applications

We carefully track board packages to ensure timely preparation and processing. We offer assistance to apartment/townhome owners with completion of the board package, and the preparation of any checks/deposits needed. If you require renewal lease approval, we will work with you to ensure completion while assisting building management with any questions or clarifications required.

Apartment Turnover Services

We Pre-Inspect the Apartment, Obtain the Lowest Possible Pricing and Oversee all Turnover Work

Pre move-out inspections are conducted at least 2 weeks in advance of the expiration of the lease. Once the tenant has vacated the premises, our team checks again for any damages or missing items. We obtain estimates for repairs and replacements, while facilitating any necessary deduction from the tenants’ security deposit. We also oversee the completion of apartment turnover work such as: Painting, floor refinishing, basic maintenance, and other repairs or sprucing up that is required. We work hard to save money wherever possible and to keep expenses as low as possible.

Emergency Repair Assistance

Around the Clock, We are Here to Protect Your Interests When Emergency Strikes

Our team of experts is available 24 hours a day, 7 days a week to handle any apartment or townhome emergency. Each tenant is given our direct emergency phone number, so immediate contact can be made should the need arise. Our emergency response prevents a small issue from becoming a catastrophic repair. Our crisis management team has expertise in knowing who to call in emergencies and our on-site presence ensures you do not get taken advantage of in difficult times.

Renovation Oversight

Is it Time for an Update? We’ll Oversee any Size Renovation to Bolster Rental Income

In a tight real estate market like NYC, delivering the appropriate product to tenants is key to maximizing the return of your real estate investment. We oversee any project, no matter how big or small, to bring the apartment up to market expectation. By maintaining strong relationships with contractors, we can save you a tremendous amount of money. We only use quality vendors who we closely supervise to ensure the job is done right and on budget. Since it is nearly impossible to manage a construction project from outside the local area, our project management team meticulously oversees the renovation process to make sure your money is being used efficiently.

Unit Owner Meeting Attendance

Know What’s Going on in Your Building, Even When You’re Away

To keep you informed of the operating affairs of your condominium or co-op building, a SOMAX team member can attend your annual unit owner’s meeting. We take detailed notes of the information distributed at the meeting and provide you with all the latest updates on your building’s operations. We are here to help decode any issues that occurred during the meeting and will stay on top of all conversations.

Monthly and Annual Accounting Statement Preparation

Detailed Income and Expenses Statements Provided to You On-Time, Every Month; Tax Preparation is Easy With Our Year-End Statement

Tracking the financial activity of your asset is made easy with our monthly and annual accounting statements. By the 15th of every month, you will receive our monthly owner’s statement which details the income and expense activity of your asset. All receipts are attached for ultimate transparency and tracking purposes. Easily track your monthly statements on our website and access financial reports that can be shared with investors. This makes annual required tax filings simpler and less expensive as the financial reporting is done for you.

State and Federal Tax Filing Preparation

With Taxes Due Annually, Our CPAs can Work at Discounted Prices

Due to the large volume of work we do with our specialist vendors, we are able to offer assistance with filing all US taxes at discounted prices. If you prefer to use your own accountant, we are happy to work with them as well. We are here to help make any clarifications or reclassifications to operating statements as needed. Our knowledgeable CPAs can help you to save money on tax payments and avoid unnecessary late fees and penalties.

Furnishing Procurement and Inventory Services

Renting Your Apartment Furnished? Your Inventory is Recorded and Tracked

We track all inventory and keep detailed records on furnishings in your apartment. Tenants sign an inventory statement upon moving in so there are no disputes upon the tenant vacating the apartment. We will also replace any broken or missing items so they are present for the next tenant. If you would like to rent your apartment furnished, our staff decorators can provide expertise on furnishings based on the specific needs of your apartment.

Legal Services

If a Legal Issue Arises, Our Experts Will Ensure its Handled Properly

Our team stays up to date on all changes in NYC housing laws so we can help you stay compliant with all regulations. “In house” legal counsel is available to assist you on any legal advice needed at a discounted price. In the event that a representative from the landlord is needed in court, we can attend on your behalf and provide updates of all events.

Routine Property Inspections

Keeping Tabs on Your Property, so You Don’t Have to Worry About the Unknown

When your apartment or townhome is not occupied by a tenant, our team makes routine inspections to ensure everything in the apartment is in good condition. We help maintain the safety and security of your asset and will check for any maintenance issues. In the event that a deficiency is found, we take photographs and report it to you, so you can keep track of the condition of your apartment.

Mortgage Escrow Reviews

Are Your Escrows Being Properly Calculated? Avoid Bank Overcharges

If you have mortgage escrows with a bank, we can review them to confirm completeness and accuracy. On occasion, banks miscalculate funds needed for insurance or property tax escrows, so we are here to ensure the bank refunds any excess funds not required.

Boiler, Elevator and Life Safety Equipment Inspection and Monitoring

Ensure Your Building’s Equipment Meets City Safety Requirements

To keep your building safe and secure, avoid unnecessary fines and violations, and pro-long the lifespan of your building’s equipment, SOMAX will coordinate and facilitate equipment inspections as recommended or required by law.

Regulatory Filings and Compliance

We’ll Take Care of the Paperwork  

From DHCR filings to HPD registrations, we will assist with all paperwork required by the city of New York for the operation of your property. Although property filings can be daunting, we have streamlined the process so you can easily stay in compliance with NYC guidelines. Simple mistakes can result in costly fixes, so allow us to take care of this paperwork for you.