South Jersey is packed with some of the best neighborhoods to live, work, and start a family. Its top-rated school districts and proximity to Philadelphia create even more opportunity for the area.
If you own additional property in any cities, neighborhoods, or townships in this area, you're in a great position to start generating rental income.
However, you need more than just a great property (and location) to facilitate a thriving passive income. Property management is necessary for maintaining that cash flow.
Here are a few things to look for as you start your rental property journey.
1. You Can't Be Everywhere At Once
Think about the time, effort, and money it takes to upkeep your own household. First, you need a career that can pay for your mortgage, utility bills, home improvements, groceries, and other necessities.
Think about the following checklist points:
- Routine property maintenance
- Lawn care
- Pool maintenance (if applicable)
- Interior and exterior upgrades
- Fees and taxes
- Electrical wiring
- HVAC installation
- Interior cleaning
- Driveway resurfacing
The above checklist is a lot for one person to handle, especially a homeowner who has a full-time career and family. This growing list of responsibilities is your first sign to hire property management experts.
2. Managing Property Management Expenses and Income
Again, refer back to the typical responsibilities of a homeowner.
You have to worry about mortgage payments, energy bills, and home improvement issues like broken HVAC systems. You may also have school tuition to pay, childcare, car payments, and other concerns. These responsibilities fall under the accounting umbrella.
Now, think about the accounting responsibilities of owning (and renting) a second property.
You must handle the following:
- Rent collection (and pricing strategy)
- Property upgrades to maximize list pricing
- Tenant placement services
- Rental property accounting
- Property taxes and fees
- Property marketing
- New plumbing and HVAC systems
You need steady and reliable rental income to cover the above expenses. This also includes accounting help. You can't have peace of mind without a cost-effective tenant placement strategy that attracts and retains your ideal tenants.
When you do the math, you'll realize the cost-benefit of property management services for accounting. You also receive bookkeeping services that keep track of every transaction, invoice, and rental payment. This discussion also speaks to the importance of having a digital rent payment solution that leaves a digital paper trail, facilitating an easier accounting strategy.
3. Rental Property Solutions For Maintenance
The third telltale sign is maintenance requests.
Think about all the potential hazards possible in a rental property despite investing in the latest upgrades. If the property is hit by a storm, a tree could easily cause exterior damage to the property or driveway.
Property managers forge professional connections with dependable vendors experienced in plumbing, HVAC, and home service emergencies so that tenants receive fast, reliable service.
Enjoy the Best Real Estate Management Help
Not investing in property management will leave you with the costs of irresponsible tenants, poor maintenance, and inaccurate financial reporting.
Talk to one of our experienced property managers about your goals for real estate investing. SoJay Property Management is part of a nationwide franchise with over 20 years in real estate management. We're committed to facilitating tenant experiences that generate lease renewals and optimal profit returns.
Schedule a consultation to learn about your possibilities.
