Property Management

Our purpose as property managers is to maximize the owner's income and shoulder the owner's stress. Our niche is 1-4 unit residential properties and within that paradigm we understand that if we put the investor's needs first, the rest will follow. Everything at Mel & Jay Management is single mindedly pointed at that goal.

A Balanced Approach

Mel & Jay Management, LLC (MJM) began in the spring of 2005 and is a family business engaged in full-service income property management responsible to dozens of owner-investors and managing nearly 100 living units. To achieve our purpose we are philosophically committed to creating balance between investors, tenants and neighborhoods in a mutually beneficial synergy. We stand at the nexus of an ongoing business process in which success is achieved when everyone gains. This requires quality tenants who appreciate the places they are renting, investors as interested in long-term ROI as they are in short term cash flow, and a community that is willing to work with out of state investors.

What does Mel & Jay Management do?

Investors in multi-family residential properties, particularly those who do not live in the vacinity of their properties, face increasingly complex needs and a growing number of legal requirements. As a result they must entrust the operation of their properties to management professionals who perform the full gamut of necessary functions to ensure that their experience is profitable.

Rapidly changing asset values demand that managegement be knowledgeable of about business requirements, neighborhoods, state laws and requirements, sources for tenants and various governmental payment methods - when used. All that being said, the most important parts of a property managers function is to use common sense, communicate and be honest.

Basically, MJM does what any astute owner would do. We assess what is reasonable and practical to make a property rentable and discuss our findings with the owner. We evaluate the amount of rent to be charged with the owners. We advertise for, screen and acquire new tenants. We collect rents, handle emergencies, take care of repairs and maintenance, meet with city inspectors, handle rental registry requirements and if necessary we initiate and carry out evictions. We automatically provide monthly financial reports to every owner. We do everything in our power to ensure maximized returns and that the owner's stress is minimized, In some cases we handle mortgage payments, insurance and pay water and utility bills. Trustworthiness and professional conduct and clear record keeping are essential.

Acquiring good tenants is a key activity for managers and owners. We have not placed a newspaper ad or used a "for rent" sign in several years because experience has taught us that these two sources do not necessarily provide quality applicants. Instead we exclusively utilize on-line advertising. We ask all applicants to fill out a rental application form which can be completed on line or printed out and filled in by pen. We check references, sources of income, former landlords and gather other information useful in finding tenants who will respect an owner's property, enjoy living in the property, who desire to remain more then one year if possible and who can afford to pay their rent. We use our own lease which is based on the official New York State Residential Lease Form modified to meet the need of the Syracuse market.

In a nutshell

Our overiding purpose is to maximize an owners ROI. To accomplish this the manager needs to deal with:

Communicating effectively with owners

 

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