If you’re a new landlord and this is your first time investing in New Jersey rental property…Congrats! Now, you may be wondering about the best ways to get started in residential leasing. As a full service property management company in the southern New Jersey market, we have three tips that will help you get your home rented successfully.
Registering as a Landlord
First, you need to check with your local ordinances and find out how to register as a landlord properly. You are a business now, and you need to be legally registered as such. You will have to apply for a CO or a Certificate of Occupancy. To obtain this, a construction official will need to inspect your property before any tenants can move in. Make sure you follow all the requirements and get all the necessary registrations so you are operating within landlord/tenant law.
Once you have registered yourself as a landlord and received your CO, you need to search for tenants. This requires you to generate interest in your property among well qualified renters. You have a few options; A. You can hire a standard real estate broker, who will bring tenants to see your property. B. You can network on your own and look for tenants who are interested in renting. Or, C. You can use the Internet. There are many free websites for listing rentals, and you should test them all out.
Screening Tenants and Signing Leases
Make sure potential renters are qualified. When you’re creating a screening process, you’ll want to check for three specific things; credit, criminal background and work history. Once a tenant is screened and approved, it’s time to sign the lease and collect the first month’s rent and security deposit. If you don’t have access to a good lease, you can find standard leases online for free, or talk to a property manager in New Jersey who can make sure you’re getting a lease that is legal in New Jersey and easy to enforce.
If you have any questions about these tools to get you started, please contact us at Realty Solutions.