According to Steadily's data, 71% of New Jersey residents live in rented accommodation, so there are plenty of opportunities for investors.
Researching the latest turnkey property management tips and tricks gives you an edge over competitors and guarantees a passive income. But if you're new to the industry or have little experience, you could make expensive mistakes.
Luckily, you can avoid taking risks by listening to experts. Read on to hear five tips to guarantee investor success.
1. Understand the Housing Market
Investors should look to real estate insights to understand the current market. In Ewing, NJ, for example, investors can expect to charge $1,600 monthly for a two-bedroom unit. Having a ballpark figure gives you a starting point, so you can decide whether to increase rent, depending on the unit's features and location.
2. Learn About Local and State Laws
One of the top property investment tips is to learn the local and state laws. Research tenant rights, laws, and any zoning regulations, if applicable, to prevent landing in hot water. While you don't need to have a law degree, it's wise to stay updated with any new laws in Ewing.
3. Maintain the Property
Successful property strategies have one thing in common: prioritizing property maintenance. Not only does regular maintenance protect your investment, but tenants are more likely to renew their lease when the unit is in good condition.
Get into the habit of promptly dealing with repairs, running safety checks, and repainting the property if necessary.
4. Screen Tenants Carefully
Tenant screening is an integral part of real estate management. Spend time sifting through applications to see their credit report, proof of employment, and rental history. Make sure you contact past references to learn more about what the candidate was like as a tenant and if the landlord would recommend them.
Once you've accepted a tenant, keep an open line of communication and act on feedback. Regularly checking in with the occupant shows you care, which increases the chances of a lease renewal. Plus, happy tenants are more likely to take care of your property.
5. Hire a Property Management Company
Struggling with efficient property management? Then, outsource your needs and hire a property management company.
Property managers will save you a huge amount of time and money. Screening tenants, for instance, is time-consuming and requires experience so you can spot red flags. Many landlords struggle with this and, in a worst-case scenario, accept an untrustworthy tenant who doesn't pay the bills or could damage the property.
Additionally, property managers oversee rent collection and maintenance, which frees up time so you can focus on other areas of your business.
Embrace Turnkey Property Management
Hopefully, you'll take these turnkey property management tips on board for your new business venture. Learning the basics will help you retain tenants and grow your portfolio, whether in Ewing, NJ, or elsewhere.
At PMI Essential, we know that landlords thrive best when working with experts in the area. Thanks to our experience, we know how to keep tenants happy while ensuring that your property is cared for.
If you're interested in our services, we'd love to hear from you. Contact us here to chat with a member of our team.
