Rental Property Management: Improving Cash Flow & Minimizing Risks
A property management company is an organization that takes care of regular tasks and duties for rental, commercial, retail, and residential properties. Hiring a property management company can provide many benefits to landlords and property owners.
At Cervelli Real Estate & Property Management, we have the resources to care for many rental properties in northeast New Jersey. Here, we discuss how rental property management can be useful for landlords and property owners.
Proactive Inspections and Maintenance
The right property management company is equipped to handle many maintenance and inspection jobs for rental properties. This can include tasks such as:
- Looking for general wear and tear on properties
- Cleaning and maintaining common areas
- Inspecting smoke and carbon monoxide detectors
- Checking systems such as heating, electrical, plumbing, ventilation, and others
- Ensuring locks on doors and windows are working properly
- Fixing broken appliances
- Pest control
At Cervelli Real Estate & Property Management, we can handle regular property inspections and maintenance for your apartment buildings, office buildings, and other properties to ensure tenant satisfaction. We even offer a 24/7 emergency service so tenants can have urgent issues handled promptly.
Tenant Selection and Communication
Rental property management companies also can conduct tenant business so landlords can spend more time with other duties. Property managers are in charge of screening tenants during the application process and go through the following:
- Rental history
- Credit check
- Background check
- Payment history
Property owners can rely on the expertise and experience of our property management company. Because we know the ins and outs of the rental property industry, we can determine who might be a good fit for your rental property. Hiring the right property management company can give landlords access to useful information and resources on tenant selection.
Property management companies also can address tenant issues. If a tenant places a complaint about the property, neighbors, or other issues, property management companies can address it and communicate with tenants. They also can manage timely rent payments, monitor late payments, and deliver eviction notices.
Networking With Vendors
As a property management company, it’s essential to create relationships with vendors to ensure all aspects of a rental property are well-managed. These vendors typically are hired to complete regular tasks around a rental property, including:
- Pool maintenance
- Electrical duties
- Equipment management
Before hiring, we ensure each vendor is reliable and credible to deliver quality services to both tenants and landlords. By working with us, landlords and property owners can access our vendor network. This gives them the chance to create useful relationships with established providers in a variety of maintenance fields.
Legal and Accounting Services
It can be difficult and sometimes confusing to deal with legal and accounting issues that arise when owning a rental property. This is especially true for landlords who own multiple properties throughout many states. Because each state has its laws and regulations for rental properties, this makes it easier for errors to arise. This is when hiring a property management company can be beneficial for landlords, as they receive assistance dealing with legal and accounting problems.
Property management companies in New Jersey are required to know and understand fair housing laws and landlord-tenant laws. They can warn landlords if something may cause legal issues, which saves time and money on possible lawsuits and the lawyer fees associated with them. This is especially helpful when it comes to managing security deposits, evictions, and terminating leases.
At Cervelli Real Estate & Property Management, we provide legal and accounting advice for commercial building management and retail property management, as well as residential or mixed-use buildings.
Efficient, Convenient Rental Property Services
Cervelli Real Estate & Property Management is here for landlords and property owners across the Gold Coast of New Jersey, including Hudson, Bergen, Essex, Union, and Passaic counties. To learn more about our rental property management services, contact us today.