While real estate investment can generate passive income, landlord responsibilities are often underestimated. Less than 50% of landlords self-manage their properties; many opt for turnkey property management services. Careful consideration is needed to determine if outsourcing property management is the right choice.
In-depth Screening of Tenants
Thorough tenant screening is essential for profitable rental properties. Without screening, you risk unpaid rent, property damage, and evictions. Reputable turnkey property services can help by providing leasing and screening services to qualify potential tenants, reducing the risk of problem renters.
Technology Upgrades
Rental Companies have many tools at their disposal to streamline their ability to effectively manage your property. Technology is just one of those many tools. Some of the examples of these technological tools include:
Online Tenant Portals
Digital Rent Payments
Advanced Reports
Maintenance Request Systems
Emergency Lines to ensure all emergencies are handled promptly
These tools allow all parties involved to be assisted in the best and most efficient way possible. When working with a management company you are able to take advantage of these to cut down on time and increase satisfaction.
Compliance Help
As a Landlord there are many legal requirements that you are responsible for knowing and making sure to abide by. These requirements vary by state, county, zipcode, and sometimes even by neighborhood. However, many of these regulations include how to treat a tenant fairly, legal responsibilities when owning and leasing a home, ensuring not to place any undue burdens on neighbors or tenants.
Unfortunately, these laws can be long, tedious, and time consuming to remember and stay on top of especially if you have multiple properties in different locations. The goal of a turnkey management company is to provide expertise on these topics and to be a partner in helping to ensure you are doing things right to avoid legal trouble.
Conclusion
Real Estate and property management is a great way to make additional income, however it often goes unsaid the true amount of work it takes in order to successfully be a landlord. The amount of work only increases as the number of units/properties you have grows. Invest in Turnkey management to lower your workload on your plate and allow your investment to work for you efficiently and effectively.
Are you looking for experienced property management solutions? Our Turnkey management solutions at Pink Horizon Realty PLLC can help you manage every part of your rental investment. Contact us today to get started and get a FREE rental analysis
