October 16, 2022
The New York eviction process requires landlords to follow legal notice periods, court filings, and hearing procedures before a tenant can be removed. There are numerous reasons why landlords may choose to evict tenants.
However, landlords must follow the right procedures in order to evict a tenant, or it won’t go through. As required by state and local law, the process begins with providing the tenant with a written notice. If the tenant doesn’t leave or return the property by the termination date, the landlord may proceed to file a summary proceeding in the county where the property is situated.
After the written notice has been issued, the eviction procedure can start. Before starting the eviction process, the landlord must give some time to the tenant.
The procedure for eviction is as follows:
• Head to the city’s justice court nearest to the rental property.
• Submit copies of the following with your petition and notice of petition: Notice to Quit, the rental or lease agreement, and any evidence or paperwork in support of the petition
• Pay fees to the court
The type of eviction proceeding, the location of the rental property, and the justice court where the petition and notice of petition were filed will all affect the fees.
Depending on the basis for eviction and the terms of the lease, it might take anywhere between 14 and 90 days from the time the Notice to Vacate is issued.
Depending on the sort of eviction being started, different procedures and notices are needed. It’s also important to keep in mind that in NYC, the procedures and regulations that apply to an eviction vary depending on whether the property is an interim multiple dwelling, a free-market, a rent-stabilized unit, or a rent-controlled unit.
Landlords must give the renter a notice to comply before going to court to request an eviction. You can either use a PDF or Word template to construct your New York eviction notice.
A copy of the Notice of Petition is then given to the tenant. It has to be served within 10-17 days before the hearing.
The tenant is then given both the Notice of Petition and the Petition. Ten to seven days prior to the hearing, it must be served.
There are various ways to do this, including:
Landlords are not allowed to serve the notice to the tenants. They must ask a person who is uninvolved in the case to do so for them.
10–17 days are given to the tenant to prepare for the hearing.
Three to eight days after the court receives the tenant’s response, a hearing is arranged.
The landlord may win the case if the tenant doesn’t react on time. However, the eviction procedure is halted if the renter pays their rent in full before to the hearing.
A compelling case against the tenant must be made by the landlord and supported by substantial evidence. The entire lawsuit is dismissed if the landlord does not appear at the hearing.
If the tenant fails to appear at the hearing, the landlord automatically wins. If the landlord wins in court, they may apply for a Writ of Execution as soon as the verdict is delivered.
Leaving The Property
After the hearing, a Writ of Execution may be issued within a few hours to a few days. The Writ of Execution provides the tenant with a maximum of 14 days to evacuate the property, assuming there are no requests for reconsideration.
A stay of execution, which extends the time until tenants must leave the property, may be granted by the court to tenants.
A stay of execution may be issued in the following situations, granting a lengthened stay of no longer than one year:
• One of the tenants suffers from a severe, incapacitating medical condition
• A tenant has a major, incapacitating medical condition
• a child will be uprooted from their school district
If you are interested to learn more, visit : New York Eviction Process (2022): Grounds, Steps & Timeline (ipropertymanagement.com)
September 23, 2022
A property management company in NYC helps owners protect building value, solve maintenance issues quickly, and improve long-term returns on condominium and rental investments. As Owners, we know what it means to
need responses quickly to problems. It might be a source of income if properly managed. And if we don’t,
we could face legal action and disgruntled customers pounding on our doors. Most people don’t know
how to manage the property to optimize its worth. Requiring a company that has expertise in
condominium Property Management is the Landlord Management difference. In addition, many of our
properties are far from where we live, making them challenging to manage. These concerns are rectified
for your investment to yield optimal returns.
Property management companies are indeed our defensive measure. These organizations manage our property to maximize revenue generation on our behalf. Thus, we should identify the ideal property management firm for our requirements. If we research wisely before hiring a property manager, we can save time, money, and hassles.
There are numerous businesses on the market. Each offers big returns at little cost, but not all are honest. Consider three tips below to find the most reliable company for your needs:
Popularity & Experience
Good reputation and real-estate experience are self-evident. Visit the locals, gather customer feedback, analyze their experiences and services, and speak with the corporate team to learn more. If locals recommend the company, you should hire it.
Performance
Once you contact a Property Management Company in NYC
review their contracts to determine if they scrutinize your property, accept accountability for key stages, and seek tenants. Result-based agreements are detailed and clear, which is great for investment.
Management Pricing
The management fee is another essential factor. Usually, companies charge flat fees for condominiums and a percentage of the property’s monthly rent for rentals. However, prices can be misleading. So, do not rely exclusively on the pricing. If the management organization has a flexible solution, a solid reputation, and the clients’ trust, the charge does not matter.
With the above suggestions, property management will be easy. The trusted Property Management Company in NYC can help avoid difficult legal issues. As we have our jobs and families, hence, it’s recommended to engage Landlord Property Management NY to get the best support for your NYC condominium & rental property!
June 8, 2022
The process to apply for a rental unit looks much different than in years past. Rather than meeting with a landlord in person, applicants can send an application online without ever meeting face-to-face. While this convenience can provide landlords with a larger pool of applicants, it can come with a few drawbacks—most notably, fraud.
Fraud has been commonplace in the rental housing industry for years, but today’s digital landscape has accelerated housing scams, and the industry is finding it hard to keep up. As a landlord or property management company, reducing cases of rental fraud should be a top priority, not only to protect your property but to protect yourself and your small rental business.
To mitigate risk, it’s important that landlords understand what these risks are in the first place. TransUnion commissioned Forrester Consulting titled: Misunderstand And Inconsistency: The State Of Fraud In The Rental Housing Industry. It explores fraud in the rental housing industry to help landlords stay protected. It’s important for landlords to use robust technology solutions that identify and prevent fraud to maintain a successful rental business. You can view the full report here.
TransUnion also conducted its own in-depth industry study in 2020 titled Fraud in the Multi family Industry. Together these two studies highlight some of the big challenges landlords face when it comes to addressing fraud in the rental housing industry.
Throughout this post, you’ll find eye-opening rental industry fraud statistics, types of fraud that landlords face, recommendations for the future, and more. Our infographic sheds light on some of the weaknesses landlords face when fighting fraud and how landlords can protect themselves. Read through for an in-depth look at fraud in the rental housing industry, or use the links below to navigate the post.
The Rise of Fraud in the Rental Industry
Digital interactions are becoming increasingly popular between landlords and tenants, especially in urban centers where virtual communication is often preferred. While the digital age offers many benefits, such as larger applicant pools and easier communication, it has opened the door to more fraudulent applications.
Today, many landlords and property management companies in urban corridors have transitioned from in-person interactions with rental applicants to digital interactions to cater to customer preferences. However, this has made it more difficult to verify application validity and find tenants with good qualities.
In fact, between 2016 and 2018, 97% of property management companies have experienced fraud in some capacity, with 80% experiencing it up to 20 times, according to the Forrester study. Overall, about 59% of rental applications are submitted online versus in-person, and this digitization of the rental application process has opened new avenues for fraud.
In addition to the switch from in-person applications to digital applications, the COVID-19 pandemic was another contributing factor to the rise of fraud in the rental housing industry. TransUnion’s 2020 study explored how multifamily property managers were managing fraud in the changing environment.
They found that
41% of respondents discovered fraud after move-in
67% are concerned about the future of fraud growth
Over the course of the coronavirus pandemic, fraud has steadily increased, and 22% of applicants failed authentication or were identified as high risk. During the pandemic, fraud reached a high of 15% compared to 10.3% over the same period in 2019.
It’s important for landlords to understand the risk factors of fraud, as it can result in several negative consequences. Some lasting impacts of fraud, as identified by Forrester, include:
Increased repetitional damage: 59%
Increased evictions: 51%
Internal time spent comparing applications to find discrepancies: 46%
Increased financial loss: 35%
Lighter vacancies: 32%
Increased bad debt: 22%
These are just some of the lasting impacts of fraud that landlords can experience, which is why having the right systems and practices in place are essential to mitigating risk.
Types of Fraud Landlords Face
With increased digitization comes more types of fraud. Data breaches are becoming more commonplace, and Forrester estimates that one recent breach alone caused an increase of 5% to 10% in identity theft-related fraud in the U.S. With fraudsters becoming smarter, companies are having difficulties staying ahead of their advanced tactics. Some types of fraud landlords should be aware of include:
Rental application fraud: This the practice of lying on a rental application, whether it be providing false income or uploading an altered photo.
Synthetic fraud: This is one of the fastest-growing types of fraud. It’s where an applicant creates a fake identity using real and false information. For example, a fraudster may create a fake Social Security number and pair it with a real address to create a fake identity to gain access to a rental property.
First-party fraud: This type of fraud is performed by the individual, which is typically the tenant, where they use fake or altered information, such as pay stubs and previous addresses, to qualify for a rental property.
Third-party fraud: This is when an individual uses another person’s identity or information to qualify for a rental property, such as misrepresenting who they are with someone else’s Social Security number, name, and date of birth.
These are some of the most common types of fraud that landlords can face. It’s important to be aware of them and take steps prevent them from occurring in the first place.
Weaknesses Property Management Companies Face When Fighting Fraud
The rapid increase of fraud in the rental housing industry is proving to be a challenge for many landlords and property management companies. One of the most significant weaknesses is that most landlords are confusing applicant screening with fraud mitigation. While tenant screening is an important step that all landlords should take when vetting applicants, it isn’t a fool-proof measure to prevent fraud. Adopting fraud mitigation measures will help landlords be more effective in getting quality renters and become more cost-efficient by reducing involuntary turnover costs.
