Have you heard the term Property Management before and you were curious what it meant. Do you have a vague idea of what a Property Management Company can do for you but you’re not really sure how it works? If those are some of the questions that you have then this video is for you.
As a landlord there are many responsibilities that can take up your time and attention at a moment’s notice. But did you know that there’s a solution to this issue that doesn’t involve selling your properties? That’s right, you can own all the rental properties you want and not have to worry about things like getting phone calls about fixing toilets or people not being able to pay their rent on time.
How might all of this be avoided you ask? By hiring a Property Management Company!
A Property Management Company can handle everything for your rental property portfolio including but not limited to: compliance, advertising, marketing, collecting, inspecting, prepping, walkthrough, screening, reviewing, signing, briefing, enforcing, scheduling, unlocking, accounting, filing, and maintenance.
A Property Management Company also acts as a money manager. For example at Capital Street Management, when we collect security deposits from our tenants we deposit them each into their own interest bearing trust accounts and we hold them there until the tenant moves out.
A good Property Management company also provides their clients with the perspective that as rental property owners they are also indeed, business owners. For example, at Capital Street Management we offer our clients strategies to make sure that they have adequate reserves set aside in case of emergencies. The last thing that we’d want is for our clients to be in a position where they’d have to sacrifice something like a planned family vacation because of a Hot water heater going out at their rental property. By treating your rental properties like a business and having reserves, that is something that could be easily avoided.
Knowing what a Property Management company can do for you, the next question is: Do you need to hire a Property Management company? There’s 1 way to find out. Ask yourself this question: What were your goals when you bought or inherited your rental properties?
Was it to pick up a part-time job that you were on call for 24/7, was it to miss out on family times on the weekends to address issues at the property, or was it to haggle with tenants about why you may need to increase rents?
If those occurrences don’t phase you at all then, then hiring a Property Management Company probably isn’t for you.
But if your goal was to let your money make you a steady return or to have your rental properties eventually replace your income from your job then hiring a Property Management company to be a part of your investment team might be a good idea.
By hiring a good Property Management Company, you’ll get your time and freedom back. You’ll be able to sit back in the bosses chair of your rental portfolio while your hired help handles all of the day to day operations. With Capital Street Management, you’ll even get access to an online portal where you’ll be able to check in on the financials of your rental properties 24/7.
If you’re a landlord in Essex County, Union County, or surrounding areas here in NJ and you’re interested in hiring a Property Management Company, give us a call at (973) 849-1638 or click the link below to schedule a free consultation call. We’ll discuss your needs as a rental property owner and figure out if we’re a good fit to work together.