Real estate investments offer an opportunity to nearly anyone to create wealth and secure passive income for their retirement. And, as housing rates increase, more and more younger people are renting for more extended periods, more than a third of the country rents their homes, and of those, most are under 45 and have attended college. However, juggling a landlord’s duties can become overwhelming; you’ll be responsible for organizing your documents and creating systems for every responsibility, from bookkeeping to taxes and tenants. In addition, you’ll need the ability to remain neutral in stressful situations; a landlord’s duties require the ability to put yourself in your tenants’ shoes when responding to their needs.
In addition, the business of real estate investment and property management requires your dedicated attention, swift response times and that you remain on top of all laws that may affect your day-to-day activities and interactions with tenants, which can become overwhelming. Read on as we explore the three signs you need to hire a property management company for your New Jersey investment property.
Maintenance
You should make yourself aware of the laws that govern your response regarding necessary repairs, and it’s always recommended you work with a pro to handle electrical, plumbing or structural issues. You’ll be fielding midnight calls from your tenants when something is wrong, and if you don’t respond immediately, you put your investment at risk, they may neglect to call, believing you’ll do nothing, and something minor may become extreme such as a roof leak. If you’d prefer to sleep soundly at night knowing your property is in good hands, this is another sign you need to hire a property management company for your New Jersey investment property.
Marketing
If you’re looking to market your rental property, there are a few things you should keep in mind. First, you’ll need to understand your target audience and what it takes to compete. There are a number of apps and websites that can help you with this, but it’s important to make sure you’re following all local, state, and federal advertisement guidelines. Additionally, it’s crucial to make sure your rental property is visible online. This can be accomplished by creating a listing on a rental website or using social media platforms to spread the word. Finally, don’t forget to post a “For Rent” sign on your property! By following these simple tips, you’ll be well on your way to attracting new tenants in no time.
Tenant Placement
While the location of investment in New Jersey real estate will determine the property’s long-term value, property management quality and tenant placement will determine your investment outcome. When reviewing the financial records during your due diligence process, remember that the return on investment shows their skill, which you’ll need to match for an equal return. While there are costs involved in completing a thorough and systematic tenant screening process, you’ll avoid needless stress and financial losses. You also protect your tenants and property with fewer complaints.
The bottom line? The returns you earn on your investments reflect your success or failure as a property manager.
Why not talk to one of the professionals at MAO Properties LLC today with no obligation about your investment property? Find out how MAO Properties LLC can help improve your numbers when all signs point towards hiring a property management company for your New Jersey investment property. The team at MAO Properties LLC can handle everything from single-family homes to large complexes. We’ve spent years at MAO Properties LLC assembling an in-house full-service team of the most sought-after local property management professionals. Call MAO Properties LLC at (732) 844-8200.