Looking to find a great property manager in the South Jersey (Collingswood area). Any great recommendations?
Go to www.narpm.org and search their directory.
If you make a mistake and hire a bad Property Manager, it can ruin you for life. Learn the difference between a good PM and a bad one, try to interview at least three, and then make an educated decision. Remember: the PM with the highest fees may be the one that makes you the most money.
Things to do:
1. Review their management agreement. Ensure there are no hidden fees!
2. Calculate the total cost for a year. Some will charge a percentage of rent and nothing else. Some will charge a percentage each month but also a start-up fee, a leasing fee or lease renewal fee each year, administrative fees, maintenance fees, etc. Every fee should be fully disclosed!
3. Review their lease agreement and addendums.
4. Interview them about how they handle maintenance, late rent, unpaid rent, lease violations, evictions, etc.
5. Ask to speak to some of their current owners and tenants.
6. Google them and see what kind of reviews they have.
Thanks for the great advice @Nathan G.
Hi @Haney Mallemat,
Welcome to BP!
I own in Collingswood, NJ and if you need a intro to my PM let me know.
I am in the Southern NJ area (Cinnaminson) and looking to use a property manager for my rental property. Any recommendations would be greatly appreciated.
@Tasha Profit - do you live nearby? What issues have you had with PMing your property yourself? I’ve found self PMing to be easy and allow for more profit and writeoffs.
@Natalie Schanne Yes I will live fairly close by. Less than an hour away. But I've not even tried to manage it myself to be honest. I work a full time job in healthcare and I don't know if I will have the time or even if I want to be bothered with screening tenants, background checks, 3 am phone calls, bookkeeping..... Especially as its my first property I also want to make sure I am doing it right. If I had a tenant lined up already or someone I knew I that would walk me through things, maybe I'd be more incline to try it on my own but I've heard too many horror stories about "bad tenants". I just I'm just scared to do it on my own.
@Tasha Profit - you don’t give yourself enough credit. I have self managed several properties and almost all of the horror stories are like once in a blue moon events. Almost all repairs can wait until morning and/or for even a few days. Once I had a major flood (shower handle broke and water just pouring out nonstop) and had to turn off water to the whole house. Plumber came for $300 and handled it. Same as your PM would charge you for (maybe more).
Nobody will care for your property like you do. And you learn more, and faster, when you diy it. I’m not saying you have to swing the hammer yourself, but you are going to screen and pick tenants, coordinate repairs (usually just paying for the repair after they coordinate to meet your tenant), and do just fine. Bookkeeping is very easy if you keep a separate bank account and/or credit card for your rental income and property expenses. The app called Stessa is great and I also like MileIQ for logging miles. There are very few things I can’t do myself better, cheaper and faster than a professional PM. They have hundreds of units to fill. Whether they fill yours or not is trivial to their bottom line in comparison to what YOUR bottom line looks like if you have no tenants for 1-2 months. You lose $3000 and they lose maybe $300 (IF their income is tied to collected rents vs gross rental rate).
@Natalie Schanne Everything your saying makes sense. And I am finding it harder and harder to even find a good property management company, let alone have them call me back so I can interview them.
I guess my biggest fear is finding the tenant. I have no idea how to appropriately "screen" or do background checks and things like that. I read Brandon Turners book "The Book on Rental Property investing" and the chapter on self management of properties just seemed daunting. Like I said I have a very demanding day job that can not be interrupted during the week. And spending weekends to do all this stuff also seems annoying. But once I get a tenant in and things are working I can see how the work could not be too bad. Its just the initial investment part.
I have a "handy man" that I can use for repairs. I have a real estate lawyer who can help me with the lease. And I already have the bank account already set up that I will use for the property. Just need the tenant lol
I will check out both of those softwares you recommended though. Thanks, this information is very helpful.