Are you currently working with a New Jersey property management company?
We advise many owners and landlords who are looking for help with legal situations that could have been avoided if they were working with professional managers. It’s easy to make an expensive legal mistake when you’re leasing a rental property. The best way to avoid that is by seeking professional help.
If you’re wondering when to hire a management company, the answer is probably right now. Don’t wait until you’re over your head with tenant disputes or trying to find a plumber in the middle of the night. Be proactive and strategic, and get your investment the protection and the support that it needs.
Timing When to Hire a New Jersey Property Management Company
Most investors and landlords come to professional management eventually. The amount of help you need and when you need it depends on how you’ve built your real estate investing business. It also depends on what your plans are for the future. If you’re okay with devoting a lot of time and resources to your rental properties, you probably don’t need a property manager right now. But, if you’re not interested in having a part-time job as a landlord, you should consider working with a manager.
When people ask us if they need management help, we usually instruct them to consider these questions:
- How many properties do I have now?
- How many more properties do I want to acquire?
- Why am I in this business?
As the number of properties in your investment portfolios grows, the amount of work doesn’t double; it tends to compound. When you were renting out one property, you might have spent a few hours every month responding to tenants, completing your accounting, and scheduling maintenance. When you own two properties and then five and then ten – you begin to run out of time. Then, it’s time to hire a property manager.
Proximity: Are You Close to Your New Jersey Rental Properties?
You should also think about where you are and how quickly you can get to your rental property.
If you’re building your portfolio in one area of New Jersey and then you move to another area, or your business and professional life moves you out of town or out of state, you’ll need to hire a local property management company. It’s important to have local supervision, and you need someone who can stay up to date with the laws, requirements, and market trends.
Smart Investors Hire Property Managers Early
Why did you decide to invest in real estate?
If you wanted to earn money and begin growing a portfolio, you have a lot at stake. In this case, we’d recommend you consult with a property manager even before you buy. Your goal is to maximize the amount of rent you earn and the long term returns you can achieve on that investment. A property manager can help.
Those are some key factors to consider. We provide a free report that goes into detail on this topic, so feel free to contact us at Robert A. Gleaner, P.C.