The New Jersey office market's vacancy rate has increased for the third consecutive quarter. It's now at 21.2%. If your Morristown, New Jersey commercial real estate is sitting vacant, consult a professional.
Working with a property manager can help improve your occupancy rate and ROI. Not convinced you need property management solutions? Read on to discover the benefits of working with a rental property management company!
Improved Tenant Screening
You won't generate rental income if your commercial property is sitting vacant. An experienced property manager can help you find tenants. They can use a mix of traditional and digital marketing strategies.
Creating marketing campaigns yourself will steal time from your already busy schedules. Campaigns require ongoing monitoring. Otherwise, you could lose money on ineffective tactics.
Once they generate applications, your property manager can screen potential tenants. Do-it-yourself platforms only provide vague recommendations.
Your property manager will get a full picture of each applicant. They'll review:
- Criminal background checks
- Credit scores
- References
This will help you avoid problematic tenants and a high turnover rate. Instead, you can start retaining tenants.
Increasing your retention rate will boost your ROI. You can avoid the cost of future marketing and tenant screening. Instead, you can keep great tenants you already know and trust.
Compliance With Housing Laws
Experienced property managers remain informed of new housing laws and regulations. They'll ensure you comply with:
- Safety requirements
- Fair housing regulations
- Security requirements
Compliance can help you avoid legal trouble. This includes lawsuits and fines.
Maintain Your Commercial Real Estate
Neglecting maintenance and repairs will cause your beautiful commercial real estate property to crumble. You may need to pay for more expensive repairs later.
The best property managers schedule routine inspections. They'll spot signs of problems before they develop further. This preventative maintenance will extend the lifespan of your property.
Maximize Rental Income
Experienced property managers know how to minimize expenses and increase revenue. For example, they can complete a rental valuation. They'll ensure you set competitive, optimal rental rates.
Their strategies can increase your occupancy rate. You can generate more revenue instead of losing money over vacancies.
Your property manager will collect rent payments. They can streamline this process using an online portal. They'll even pursue delinquencies on your behalf.
Peace of Mind
Managing a rental property can become time-consuming and stressful. Relying on a property manager will give you peace of mind.
They'll handle the stress of daily tasks and emergencies. They'll remain available for urgent tenant requests.
Their services can save you valuable time. About 80% of property managers handle maintenance, rent collection, leasing, and more. Outsourcing these tasks will allow you to focus on bigger endeavors.
Trust Professional Property Management Solutions
You no longer need to manage your commercial real estate properties alone. Instead, rely on property management solutions. Hiring an experienced property manager will save you time and increase your revenue.
Our team at PMI Prime Property is dedicated to providing exceptional customer service. We can maximize your earning potential.
Trust our 20 years of industry experience and proven strategies. Contact us today for help with your commercial properties.
