Hiring a management company is a big step that is eventually taken by most successful landlords. While some tenants may like the personal touch of working directly with their unit’s owner, few landlords can handle that kind of time commitment. This is especially true for those landlords who are managing many units. If you’ve found yourself stressed and short on time, you should consider that the time you spend managing mundane tasks might cost you more than property management company fees.
In most cases, it’s easy to tell when a property management company offers you a better value than handling everything yourself. Here are three signs that you’re ready to take some of the load off…
You’re not meeting your legal obligations
Unfortunately, managing rental properties involves a lot of paperwork that must be submitted on strict deadlines. If you aren’t creating the correct records or sending out notices every time you’re required to, you may be opening yourself up to significant legal risks. Tenants also have the right to timely responses to their complaints, which may include more paperwork or the arrangement of repairs and renovations.
So many responsibilities can get away from you very quickly, but that’s not an option when the law holds you liable for those same responsibilities. If you ever feel like you’re running out of time, you can talk to a New Jersey property management company about having every one of these responsibilities covered.
When family or emotions are involved
Many landlords are charitable and patient people, but that can get them into trouble. Allowing a tenant to take advantage of you because the circumstances make it hard for you to stand up for yourself is an easy trap to fall into. If you are renting to family members or simply have a personality that makes you sympathetic, you may be pressured into property decisions that aren’t in your best interest.
Putting a property management company in between you and your tenants is a good way to protect yourself from being influenced. Your company can handle interactions with your tenants, make sure that they follow the rules, and collect the rent on your behalf.
It takes time away from your best work
It takes a lot of work to become a successful landlord. Making big moves in real estate requires researching and understanding the market, and developing and trusting your own instincts to make your fortune. Unfortunately, you don’t have time for the big moves if you spend all of your time handling small tasks. Spending all your time on property duties can leave your life plan plateaued. Take control of your time to work on what you do best by choosing a property management company.
Talk to our lawyers about New Jersey property management
You can talk to our lawyers about property management in New Jersey. Management is one of the many services that we provide, in addition to a comprehensive list of legal services for landlords. Contact us for a consultation to get started.