How would you describe property management? Do you feel like a sailor on a ship, steering towards an island rich with treasure? Or are the waves getting higher and higher, threatening to capsize your boat?
A landlord rescue might be around the corner. Here are some signs that you have reached the point in your New Jersey real estate career where professional property management help is required.
Your Property Is Always Vacant
It can be frustrating not to be able to secure a tenant for your rental property, and it's even more frustrating when you don't know why.
That's where a property management company can help. They can support you on the things that improve your tenancy rates, like effective marketing, maintenance work, and property upgrades.
They'll also know about the local market, so they can advise you on how to position and price your rental to make it more attractive to tenants.
Proximity to Your Properties
Many landlords live far away from their investment properties. However, that poses some challenges when you have daily problems to handle.
If a tenant complains about a maintenance issue, it can be harder to coordinate a response when you aren't there in person. Plus, sometimes you'll want a vacation and not have to handle calls from tenants.
Since property management is 24/7, it makes sense to have a team that can handle the day-to-day so you don't need to worry about where you are and how fast you can respond.
The Legal Aspects Seem Complicated
If you don't have a law background, property management can be like navigating a maze while wearing a blindfold.
You have the tricky issues of lease agreements and the small print. And you may face the unfortunate situation of needing to evict a tenant. There are also local building regulations you'll need to understand, like zoning laws.
By hiring a property management team, you'll have support from people who know all aspects of real estate law. They have the right legal contacts to support any issue with your property.
The Maintenance Is Snowballing
If you feel stressed by the volume of tenant calls, it's time to take a different approach. There are several reasons why maintenance issues begin to snowball.
You could have caught problems too late, and they became more complex. Or it could be that you have numerous properties, which has increased the frequency of requests.
Either way, there is only so much a person can do on their own. And it could be time to get some outside support from a property manager.
Your ROI Is Disappointing
If you aren't getting the financial return you expected from real estate, it might be time to seek help from the experts.
A property management team can help you maximize your investments and reduce running costs, resulting in better returns and the chance to reinvest in a bigger property portfolio.
Is a Landlord Rescue the Answer?
If you want to grow as a real estate investor, there comes a time when you need outside help. A landlord rescue from a professional team could be your answer.
That's one of the many fantastic services we offer at PMI Garden State. Our streamlined processes and state-of-the-art technology mean we can handle all your property needs. Learn about our services here.
