If you are a landlord in New Jersey with a rental property, chances are you thought about getting someone or a tool to handle all the nitty-gritty stuff. That is where property management companies come in.
They can be real lifesavers, and most of them even have cool software that tracks everything—rent payments, tenant information, the whole kit, and kaboodle.
However, the question is, is it worth hiring one of these companies, and how do you find the best fit for your needs in New Jersey? To help you, we’ll explain what property management is, how it can benefit you, what kind of services these companies offer, and what to consider before picking one.
But first, we’ll review services that can connect you with different property management companies, like Thumbtack, and explore top property management software.
Best Property Management Companies in New Jersey 2024
| 🥇 Best overall | Thumbtack |
| 🤑 Best for ease-of-use | DoorLoop |
| 💰 Ideal for mixed portfolios | Buildium |
| 💎 Easy access to distressed properties | Foreclosure.com |
| 🔝 Suitable for busy property managers | Innago |
We analyze the best property management companies in New Jersey based on their experience, reputation, services, fees, and customer satisfaction. Whether you own a single-family home, a condo, an apartment, or a commercial property, you can find a company that suits your needs and budget.
1. Thumbtack – Best Overall
Pros
- Free to use
- Personalized guidance
- Large community of pros
- Verified reviews available
Cons
- Unsuitable for those who prefer a more hands-on approach
Why We Chose It
We picked Thumbtack as the top choice for scouting out property management companies, and here’s why: it stands out as a free service that gives personalized recommendations. With a whopping network of over 300,000 local service providers, it guarantees plenty of options to explore.
The platform’s app is a breeze to use, letting you flip through profiles and reviews effortlessly. Plus, it offers the convenience of chatting directly with the experts, making the whole hiring process a piece of cake.
Pricing
Thumbtack is on your side when it comes to finding property management companies. And the best part is it’s completely free to use. You can browse profiles, compare prices, and message different companies without spending a dime.
Summary
Thumbtack steals the #1 spot for its no-cost, comprehensive service in connecting users with a broad network of property management companies. Plus, it is backed by many verified reviews to help you make informed decisions.
2. DoorLoop – Best for Ease-Of-Use
Pros
- Simplifies property management
- Automates rent collection
- Robust accounting features
- Offers virtual training sessions and tutorial videos
Cons
- Limited document storage
Why We Chose It
We zeroed in on DoorLoop as a standout choice because it makes managing properties a breeze, not just locally but all around the globe. Its software is a real-time-saver, automating the nitty-gritty of property management. This means you get to spend less time tangled in daily duties and more on expanding your business.
DoorLoop’s strength lies in its robust reporting features and an interface that’s easy to navigate, smoothing out financial management and interactions with your tenants. Plus, its efficiency in quickly filling empty spaces and managing leasing online adds a cherry on top.
Pricing
DoorLoop’s pricing is competitive, starting at $29.50 per month for up to 20 units, which makes it accessible for small to medium-sized portfolios. The no-credit-card-required trial also lowers the entry barrier for new users.
Summary
DoorLoop excels in making property management effortless and efficient, backed by a cost-effective pricing structure. Its suite of tools caters to both novice and seasoned property managers.
3. Buildium – Ideal for Mixed Portfolios
Pros
- Makes mixed portfolio management easy
- Supports lease approvals to financial updates
- Nationwide property management capability
- ePay automates collections and payments
Cons
- Can get expensive for large portfolios
Why We Chose It
Buildium caught our attention because it’s great at managing diverse property portfolios, whether big or small. Its flexible software lets you handle things like lease approvals and financial management from anywhere. This adaptability is key for managing your properties on a national level, supporting growth and expansion.
What’s more, Buildium’s ePay feature is a game-changer, automating transactions and streamlining operations. With this feature, you are sure to experience less hassle and more efficiency.
Pricing
Pricing begins at $55 per month for essential services, with advanced features and support available in higher tiers. The cost scales with the level of functionality and the size of the portfolio.
Summary
Buildium is a comprehensive property management solution ideal for managing diverse portfolios efficiently. Its scalable pricing and robust features make it suitable for various growth stages.
4. Foreclosure.com – Easy Access to Distressed Properties
Pros
- Affordable subscription cost
- Access to distressed properties
- Comprehensive market insights
- Connections with industry players
Cons
- Not a property management company
Why We Chose It
Foreclosure.com isn’t a property management company, but it earned our pick because it opens doors for managers to expand their portfolios by snagging distressed properties at a bargain. It’s like having a bird’s-eye view of the market, helping managers make savvy investment choices and pick the right types of properties.
The platform is a treasure trove for finding properties that are either undermanaged or need a makeover, creating fresh business avenues. Plus, it eases the process of connecting directly with lenders and sellers, paving the way for business growth.
Pricing
Foreclosure.com offers a free 7-day preview, letting you explore its offerings without spending a dime. After the trial, it costs $39.80 per month.
Summary
Foreclosure.com is a cost-effective tool for property managers looking to expand their portfolios with distressed properties. It offers comprehensive market insights and valuable industry connections.
5. Innago – Suitable for Busy Property Managers
Pros
- Free to use
- Streamlines workload
- Intuitive tenant management
- No setup fee
Cons
- Limited advanced features
Why We Chose It
Innago made the cut because it’s ideal for property managers who want simplicity in their hectic schedules. The best part? It’s completely free!
The software comes with user-friendly tenant management tools, which are a breeze if you have small to midsize portfolios to adopt and gain value from. It’s this combination of cost-effectiveness and ease of use that makes Innago a go-to solution for busy property managers aiming to streamline their operations.
Pricing
Innago is completely free, with no hidden costs, such as monthly fees, setup fees, or contracts. This makes it very accessible for property managers.
Summary
Innago offers a free solution for property managers looking to streamline their operations without financial burden. Its user-friendly design makes managing properties a breeze.
What Is Property Management?
Property management is basically like hiring a professional to babysit your investment property. The property manager, a third-party contractor, takes care of all the day-to-day stuff, from finding tenants to fixing leaky faucets.
With its user-friendly software, it can help you streamline various tasks related to renting and maintaining properties. Most property management software includes features for listing vacancies, screening tenants, collecting rent, managing leases, scheduling maintenance, and tracking finances.
Benefits of Hiring Property Management Companies in New Jersey
Property management companies in New Jersey offer a range of services to help landlords manage their rental properties effectively. These services often include:
- Marketing the property
- Screening and managing tenants
- Collecting rent
- Handling maintenance and repairs
- Ensuring compliance with local laws and regulations
They also deal with financial tasks like managing budgets and keeping detailed records of expenses and income. Some companies might provide additional services like legal assistance, property inspections, and investment advice. The goal is to take the burden off property owners and ensure the smooth operation of their properties.
How to Choose the Right Property Management Company in New Jersey
So, you’ve decided to enlist the help of a property management company in New Jersey – wise move. But with so many options, how do you find the right fit? Here’s a cheat sheet to help you choose your champion:
Licensing Lowdown
First things first, check their credentials! Make sure your property management company of choice has that all-important real estate broker’s license required in New Jersey.
Track Record and Reviews
Next, you need to look for companies with a history of success. Positive reviews from past clients are like gold—they tell you how the company operates in the real world.
Experience Matters
Do they have experience managing properties similar to yours? Whether it’s a single-family home or a high-rise apartment building, picking a company with relevant experience is key.
Fee Fairness
You need to understand that property management companies have varying fee structures. So, gathering quotes and grasping their pricing models is crucial before you commit.
Service Savvy
Ensure the company’s offerings align with your needs. Do you need tenant screening, rent collection, or just maintenance assistance?
Meeting of the Minds
Finally, we suggest setting up a meeting to talk about your specific needs and expectations. Having clear and open communication is key to forging a successful partnership.
Cost of New Jersey Property Management Services
Hiring a property management company in New Jersey can vary in cost. And it really depends on what kind of property you have, the kind of services you’re looking for, and the current market conditions.
That said, we have put together some general guidelines to help you estimate the cost:
- Generally, property management fees are between 8% and 12% of your monthly rental income. However, this can change based on various factors, such as the type of property you own—be it a single-family home or an apartment complex—and the range of services the company provides.
- You’ll also find that some companies might charge a flat rate rather than a percentage of the rent.
- Plus, keep an eye out for extra charges that could pop up for things like finding tenants, handling repairs, or dealing with legal matters.
Frequently Asked Questions
Here are our answers to the most common questions online about the best property management companies in New Jersey.
How Much Does Property Management Cost in NJ?
Property management fees vary in New Jersey, typically from 8% to 12% of the monthly rental income. Some companies might charge a flat fee instead, depending on the services provided.
Do Property Managers in NJ Need a License?
Yes, in New Jersey, property managers must have a real estate broker’s license if they are involved in leasing or renting properties. This ensures they meet the state’s legal and educational requirements.
What Does a Property Manager Do in New Jersey?
They’re in charge of collecting rent, sorting out tenant issues, keeping the property in good shape, and ensuring everything is in line with housing laws and regulations. Basically, they bridge the gap between property owners and tenants, handling the day-to-day concerns.
Who Regulates Property Management Companies in NJ?
That would be the New Jersey Real Estate Commission. The agency is responsible for handing out licenses, establishing industry standards, and ensuring that the property management companies abide by the state’s real estate rules.
Final Thoughts
Managing a property requires a lot of experience and commitment. For those who own rental properties in New Jersey, finding the right property management company through services like Thumbtack could be a game-changer.
These companies are pros at finding good tenants, collecting rent, keeping your property in top shape, sticking to legal requirements, and boosting your income. The best ones we looked into offer smart software to tackle the daily grind of property management.
But here’s the thing: not all property management services or their software tools are on the same level. That means you’ve got to do some digging and weigh your options carefully to land the one that fits your property management needs like a glove.
