Have you recently invested in new properties? You aren't the only one! Many investors choose turnkey property management services to help control the dealings of their investments!
If you’ve ever wondered if turnkey property management is right for you, this post is for you. Keep reading!
What Is Turnkey Property Management?
First off, let's distinguish what makes a property a "turnkey" property. It means that an investor has already done the hard work upfront.
This can include a completed remodel, pre-screened tenants, a guaranteed lease, etc.
Now that all of these items are taken care of, turnkey property management is all about taking it from there.
Turnkey property management ranges from simply maintaining the property to handling everything from tenants to taxes. The most common type of turnkey property management is rent collection, and this is what most investors struggle with when managing their own properties.
Advantages of Turnkey Property Management
There's nothing wrong with handling your own property management duties. But as you scale your business, it can be a lot to handle.
Turnkey property management will save you time, money, and energy. It's also a great way to make sure things are being taken care of in your absence.
Property management tasks might not seem like a big deal, but they can add up over time. It can be easy to make mistakes that you only notice when too late.
Common mistakes in property management include items like wrong amounts on checks, not filing taxes, and forgetting to pay bills.
Turnkey property management can help you avoid these mistakes and more.
Selecting a Group for Turnkey Property Management
The first step is to determine what type of property you will be looking for. For example, do you have a single-family home that you want to rent out or a condo building?
Next, decide how much of the management you want to handle yourself and what you want to delegate to the management company.
When you are considering a property management agency, you should look for the following qualities:
Check that the management company has all of the necessary licenses and insurance. Additionally, check references and past work. Talk to current clients and read reviews.
Accessibility is important when communicating with the group. If they cannot easily be reached when you need them, they are not a good fit.
Many investors will use both their own property management team and a management company.
How Turnkey Property Management Works
Turnkey property management will depend on the property you purchased and your needs.
If you’re looking for a management company to handle the property you purchased, it’s best to start with a partner that knows a lot about the areas you are interested in.
A good property management company should be able to take care of the following responsibilities:
- Screening and interviewing tenants
- Repair and maintenance
- Accounting and legal
- Rent collection and evictions
Get Started With Turnkey Property Management
Turnkey property management generally comes with a slightly higher price tag, but this may be your best choice if you are not planning to manage a property yourself. It requires less energy, less time, and less worry for you as an investor.
Check out our services and see if we can help you today!