SOLUTION: Rent Abandoned Condos To Collect Back Arrears

Abandoned condos are left with a large amount of arrears that accumulate month after month. In the meantime, Precision starts the legal process so it can be rented until all the monthly common charges/arrears have been paid in full.

Real Property Law permits a receiver to be appointed for the purpose of leasing a vacant apartment and collect rent to apply to ongoing common charges. This is a huge advantage for condominiums so they do not carry the debt of empty apartments that have been left vacant.

When Precision observes that a condo unit has been abandoned, we immediately go to an attorney, who seeks out a judge for that particular borough. The judge will appoint a receiver. Along with the receiver, the managing agent will make arrangements to rent the apartment to a prospective tenant for short term leasing, whether 6 months or a year at a time.

This is a secret that no other management team knows about – and it was all started with us!
Many years ago, Precision Management, started testing this solution at Parkchester Condominium – the largest condominium in the United States. They were successful in bringing in over $600,000 in uncollected common charges during their tenure at Parkchester. This strategy continues to be very successful here at Precision for the many clients we work with.