More than 35% of all housing in New Jersey are rentals. There are a lot of great opportunities to invest in a rental property and become a landlord in this area.
But becoming a successful landlord doesn't automatically happen when you get the property.
It takes a lot of work to be sure everything is running the way it's supposed to. Many landlords find themselves in too deep and drowning in the responsibilities. They desperately need landlord rescue and may not even know it! Check out these red flags to look for so you can get the help you need!
1. You're Not Getting Paid On Time
There's no way to make it as a landlord if you're not collecting rent efficiently. It's the most important job that also causes a lot of landlord stress.
When you hire a property manager, they'll help you set up rent collection systems to ease that strain. Instead of having to collect it on your own each month, you'll have a more efficient way to get the job done.
They'll also help you create and enforce late payment policies. So when it happens, everyone involved knows exactly what to expect. And there is no figuring out what to do at the moment. Everything to do with rent collection will become more automated and easier for you.
2. You Can't Keep Up With the Tasks
First-time landlords may think that collecting rent is all they have to do. And they are very wrong! Being a successful landlord means you have a constant to-do list for your property.
Things like finding tenants, property maintenance, and bookkeeping have to be kept up with so you don't fall behind. There's always something to do, which can feel like too much. Especially if you're an out-of-town landlord.
When you feel like you can't get it all done, it's time to look into landlord rescue. Experts can reduce your to-do list and keep you feeling more in control.
3. You Have a High Tenant Turnover Rate
Having good tenant relations will make all the difference in your life as a landlord. It's the key to keeping your turnover rate low. And saving yourself a lot of stress and money.
Working with a property management company can help you boost these relationships. First, they'll start with the tenant screening process to make sure you find the best fit to begin with. Then, they'll help you manage communications so everyone is on the same page throughout the lease.
Signs You Need Landlord Rescue Today
Landlord rescue can be the key to finding success in your rental property. Too many landlords spend all of their time overwhelmed and never make a good profit. When all they need is a little help managing their tenants and property.
Finding a great property management company can completely change your life.
Our team at PMI Property Service is dedicated to helping landlords in South New Jersey with all the little details. We pay close attention to everything, so you don't have to! Get a free rental analysis today to see how your property is doing.
