Running rental properties is often touted as a great way to make passive income. You buy a property, fix it up, find tenants, and collect rent checks. Unfortunately, there's sometimes much more work than many property owners expect.
That's why it's no surprise that only 45% of landlords manage their own properties. Many choose to work with a turnkey property management service for help.
The question is, will this choice be right for you? Let's look at what to expect when outsourcing property management.
Thorough Screen Tenants
An in-depth tenant screening process is vital for profitable rental properties. Without great tenants, you risk not getting paid, experiencing property damage, and costly evictions.
Reputable turnkey property services can help you with leasing and screening services. These services will help you qualify potential tenants before making your final choice and reduce the chance of signing a lease with a problem renter.
Technology Upgrades
Rental management companies have many tools at their disposal to make property management easier. Some of these tools include:
- Online tenant portals
- Digital rent payment
- Advanced reports
- Maintenance request system
These tools streamline the management process and reduce the time required to complete tasks. When working with a management company, you can take advantage of these upgrades and save a lot of time.
Vacancy Reduction
Tenant screening isn't the only part of keeping your rental units filled. It also involves properly marketing your property to attract quality tenants and having quality service to keep them around to renew a lease.
One of the best property management benefits you'll see is a reduced vacancy rate. Because of this, you can maximize your profit since you'll reduce the time your rental property is vacant.
Financial Services
Landlords need accurate books to ensure their rentals are profitable. Unfortunately, there is much more to this than tracking income and expenses and then calling it a day.
Many turnkey rental services offer financial services to help with this. You can receive many different reports that give insights into the various parts of your rental business. You can then use these reports to make more informed business decisions that help grow your real estate company.
Compliance Help
You have many legal requirements as a landlord. These requirements change by location. However, many of them involve the requirement to treat tenants fairly and not impose unfair burdens on them.
Some landlords may not understand these rules and accidentally break the law. Working with a turnkey management company means you get a partner who will work with you to do things right and avoid legal trouble.
Invest in Turnkey Property Management
You probably invested in real estate and rentals because you heard it's a great way to make extra income. However, some people fail to mention the amount of work that goes into maintaining properties, especially as the number of rentals you own grows. Invest in turnkey property management to get help managing everything efficiently.
Are you looking for experienced property management solutions? Our turnkey rental solutions at Blue Ribbon Property Management can help you manage every part of your rental business. Contact us to learn more and get a rental analysis.
