Things Your Property Manager Should Worry About So You Don’t Have To
Owning an apartment or office building can be profitable and rewarding. However, owning these types of properties comes with more and different responsibilities than owning a home, especially when it comes to legal implications. That’s why you should consider property management services. Property managers stay on top of what you need – and need to know – so you can have peace of mind. At Cervelli Real Estate & Property Management, our team features experienced property managers who make life easier for owners. Let’s look at some benefits of using a property manager.
What Is a Property Manager?
Property managers are people or teams of people hired by a property owner to handle day-to-day tasks. These properties can be residential buildings, such as apartment buildings or townhouses, or commercial buildings, like restaurants or retail spaces. There are even mixed-use properties that feature both living units and commercial spaces.
Property managers take on a wide range of duties so owners can focus on profitability. Most property owners will need some type of assistance, as property management involves a range of skills and is time-consuming. Property management services can be especially important for owners who don’t live near their properties and might be unaware of recent legal developments that affect them.
Why Hire a Property Manager?
It takes a lot of time, know-how, and attention to detail to keep a property up and running, and when something goes wrong at a property you own, you may be held responsible. That’s why so many owners are turning to property managers. Here are some of the duties a property manager will handle for you:
Following Laws and Regulations
The last thing you want is for a legal issue to come up. Property managers will make sure your buildings are up to code and that landlord-tenant laws are followed. They will help you follow local, state, and federal regulations and keep up to date with new policies and rules that owners might not know about. For instance, New Jersey’s new Flood Disclosure responds to growing concerns about flood risks in the state. It requires property owners to make certain disclosures about known and potential flood risks.
Another important compliance concern for New Jersey property owners regards lead-based paint on properties. Tenants reserve the right to notify landlords about chipping or peeling paint on walls, as this can pose a potential health hazard for children and pregnant women. Landlords must respond within thirty days. So, it’s guidelines like these landlords might need help keeping track of to ensure they stay compliant.
Handling Maintenance Issues
Every apartment or commercial building will face its share of problems, and when these arise, you want to have a team behind you to take care of them. Property managers are experienced with the many maintenance issues you might encounter. Between pest control, fixing broken appliances, and other tenant complaints, the sooner you find a solution, the better. Property managers are prepared to answer a wide range of potential maintenance issues, with services like property inspections and emergency maintenance.
Setting and Collecting Rent
Rent is how rental property owners make their money. If you want to keep your units full, you’ll need competitive prices. Property managers know the area and spend time calculating the best rent prices to help you make a profit. They’ll also help collect late rent and handle evictions.
Fill Empty Units
When units become empty, owners stand to lose money, so filling them quickly is vital. Property managers can help show off newly opened units or advertise empty retail spaces to keep rent coming in. They meet with prospective renters and walk them through the property, answering questions and addressing concerns.
Acts as a Local Representative
Many owners don’t live near their properties. When questions about the area arise, they may be ill-equipped to answer. Property managers are local so they can not only answer these questions but can meet with tenants in person if necessary.
Choose Cervelli Real Estate & Property Management
Don’t let the stresses of managing a property stop you from ownership. Look to the experienced team at Cervelli Real Estate & Property Management. We are a family-owned and operated business that has helped serve those in Hudson, Bergen, Essex, Union, and Passaic counties. Our certified personnel can help ensure your ownership experience goes smoothly, offering frequent communication with both tenants and owners.
Our services include in-depth property inspections that help us identify potential problems and fix them before they become bigger issues, as well as 24-hour emergency maintenance services, allowing tenants to rest easy knowing we’re there to lend a helping hand. Property owners can rely on our services, as we’re a Certified Property Manager (CPM) through the Institute of Real Estate Management (IREM), plus hold other certifications and accreditations through various organizations. We even have ownership experience, so we know what you care about most. Contact us today if you have any questions or are interested in our property management services.
