There are many things that you have to keep in mind when choosing a company to handle your property management. It’s not just about the money and the service, but also how they will treat your tenants and how good they will be in the long run. That’s why you need to know some reviews to get an idea of what you can expect.
The settlement imposes no penalty.
ICON Realty Investments (ICON) recently agreed to settle several tenant claims related to the company’s management of more than 100 buildings in the New York City area. In a statement, ICON emphasized that they never targeted or harassed any tenants. Instead, they took steps to prevent reoccurrence.
The settlement includes apologizing to the tenants affected by the company’s actions. As a result, the company will pay over $500K in penalties to the State and city agencies. ICON must also implement “safe construction practices.” A monitor will ensure that the company’s actions comply with the terms of the settlement. Additionally, ICON must provide rent reductions during periods of disruption of essential services. These include elevators and hot water.
Not the company for you
If you are considering hiring a company to manage your rental property, don’t consider ICON Property Management. Their customer service is poor, their management is unresponsive, and they lack any responsibility for the security of your building.
If you own a condo or a homeowner association, you are responsible for protecting the building and its members. You will have to deal with the property’s maintenance, repairs, tenants, complaints, and evictions. It can be a full-time job. In addition, you will have to pay for your insurance. The insurance will not cover your personal belongings but the building structure itself. You will have to make sure you dispose of trash and drains correctly, and you will have to unclog drains if they become clogged.
