Landlords and investors who are looking for the right New Jersey property management company have to spend some time researching the company’s reputation and experience. An online search will tell you how long the company has been in business, where they work, and what types of properties they manage. Spend some time on a property management company’s website and visit their social media pages. This can tell you a lot about what you need to know.
It’s not enough to go poking around online. Schedule an interview with any potential management company. This will show you how responsive they are to prospective clients, and it will also give you the opportunity to ask some important questions.
How Long Will It Take to Rent My Home?
A good property management company will be able to share data and information that’s objective and accurate. Ask about vacancy rates and eviction rates. Find out how long it will take them to rent out your home. This can open up a discussion about their marketing and advertising process. You want to know that avoiding vacancy is a priority. Your property manager should be able to tell you the average number of days their homes are on the market.
What is My New Jersey Property Worth?
Understanding how much rental income you’ll be able to earn is important, but what’s even better about this question is that it will give you an idea of the depth of your property manager’s local market knowledge. To provide you with an accurate and precise rental value, a management company will need to conduct a market analysis. But, knowing where your property is located, what its size and layout is like, and whether it’s in good condition or needs some work will be a good starting point. See if you can get a range. You need a property manager who understands the local rental market and can help you maximize what you earn.
What Does the Screening Process Look Like?
Many of the landlords and investors who interview us at KeyVest are concerned about evictions and tenants who don’t pay rent. They worry about residents damaging their home and being held accountable to the lease agreement. Be sure to ask for specifics when it comes to screening. Ask if there’s a minimum threshold for income, find out what they look for in the credit report, and ask if they talk to former landlords. You want the peace of mind that your residents will be qualified and well-screened.
How Do You Handle Maintenance?
A good property management company will be responsive to routine maintenance and emergency repairs. You’ll want to ask about their process; do tenants call with repair requests, or is there a system for making the request in writing? Is someone available to answer the phone 24 hours a day and seven days a week if there’s an unexpected emergency?
Find out how a management company screens and selects vendors. You want to be sure they work with licensed and insured individuals only, otherwise your property and your residents could be at risk.
How Do You Share Accounting and Financial Information?
The availability of innovative and industry-specific technology has really grown over the last decade in the property management industry, and you want to work with a company that is using up-to-date software that leads to efficiency and transparency. Ask about an online portal where you can see accounting statements and run financial reports. You want to know what is being earned and spent on your property or properties.
We’d be happy to answer these questions and anything else you might want to ask about our New Jersey property management services. Contact us at KeyVest LLC.
