When 55% of landlords use property management companies, outsourcing management is common in the rental world. It offers many benefits that reduce the stress of property owners and help them maximize their investments.
However, that doesn't mean it will be right for you. It's important to consider the pros and cons of in-house and turnkey property management. Keep reading to learn what you need to know.
In-House Property Management
In-house property management is great for property owners who want more control over the management process. They pick the people who work with tenants, screen them, maintain the property, manage books, and everything else.
However, this does take up a lot more time than working with a turnkey service. You'll need to be willing to invest the time to do things right and learn to wear multiple hats as a manager.
Here are a few pros that are worth considering if you want to manage your investment property in-house:
- Understand every detail of the management process
- Ensure you have a quality management team that does things right
- Maintain your own quality standards
Turnkey Property Management
Turnkey property management works well for real estate owners who want a more hands-off approach to management. These property owners may have full-time jobs or other responsibilities restricting the time they can spend on their properties.
Full-service companies can handle as little or as much of the process as you wish. They will help you find great tenants, care for the property, and manage every other part of the process.
You can expect the following pros with turnkey management:
- Large time savings compared to doing things yourself
- Access to a wide range of experts
- Scale your services when you expand your portfolio
Deciding Between In-House and Turnkey Management
Deciding between in-house and turnkey management largely depends on your preferences. Yes, you will have more costs in some areas when you outsource managing a rental property. However, you also gain time to spend on growing your wealth in other ways.
Ask yourself these questions:
- How much time is my time worth, and is it better spent on other work?
- Do I want to spend time and energy learning how to manage a property properly?
- Are my procedures enough to attract quality tenants and minimize vacancy?
For most property owners, it may make more sense to hire a professional company. They can use the expertise they offer to maximize their rental income, which often makes up for or exceeds the money saved by doing everything yourself.
Turnkey Property Management Is Worth It
Even if you can save time working with an in-house property management team, it still requires a lot of oversight on your part to manage the team and ensure things get done. But when you work with a turnkey property management company, you get a partner to take on much of that work on your behalf. Talk to a property management company today to find experts who can help.
Are you ready to start working with property management services? At PMI Atlanta OTP, we offer services like property accounting, maintenance, tenant relations, and much more. Contact us to learn how we can help streamline your property business.
