If you own an investment property in Teaneck, NJ, you probably feel the odds are in your favor. After all, Bergen County is contending with record-low inventory and record-high prices, as more and more people look for the small-town feel within touching distance of the city.
However, this does not necessarily mean you are guaranteed a high return on your investment. The rental market is anything but certain in Bergen County, and it takes skill and savvy to get it right in a competitive and ever-changing market.
Optimizing your assets, staying compliant, and finding the right tenants for your property are all better achieved with professional help. Here's how a property management service can help you protect your investment in Teaneck, NJ.
Staying Compliant
If you're renting out a property in Bergen County, compliance is key. The authorities have an extensive list of legal requirements that landlords must follow, covering tenant screening, rent collection, communication, and more.
You also need to follow both the Federal and the State of New Jersey's extensive zoning and tax requirements for landlords and investor landlords. If this compliance burden sounds too stressful for you to handle on your own, reach out to the professionals.
A full-service property manager will take care of all of your compliance on your behalf and ensure your property is operated in a way that is fully above board.
Tenant Screening & Placement
Tenant screening and tenant retention are delicate processes. You need to screen your tenants in a way that is fully compliant with all applicable laws and regulations, but you also need to be strategic.
You want to find a tenant who will pay the rent on time and in full and who will maintain a positive relationship with the landlord and the property. How can you find this out? With expert tenant screening.
This is something a property manager can do for you, without you having to lift a finger. They will even draw up detailed leasing terms designed to attract the right tenant for your property.
Maintenance & Repairs
How many contractors do you know in Teaneck, NJ? If the answer is zero, you'd better start networking. After all, routine maintenance and repairs are an everyday job for landlords, especially those with multiple property portfolios.
In order to maintain good tenant relations and ensure you get value for money, you need local contractors who offer expertise and reasonable prices. This is often only possible through connections and very strong professional relationships.
This is what a property manager can offer you. They can leverage their own network of local contractors to make sure your property always gets the maintenance and repair work it needs, for the best possible price.
Get More Out of Your Investment Property With Us
Your investment property is not just a spare asset. It's your nest egg. It's your vital source of passive income. In order to get the highest possible ROI, you need professional support. That's where we come in.
At PMI North Jersey, we help you protect your assets. We can also help you grow its value by reacting to market trends and implementing competitive rental property pricing. To find out how much you could be making with us, try out our Free Rental Analysis tool.
