According to Zip Recruiter, New Hampshire landlords have the potential to make an average of roughly $84,000 per year off of their rental properties. Are you seeing returns this high? If not, it may be time to take a new approach to property management.
In-house property management isn't a bad idea if you can treat your properties like a full-time job. If you find that you can't answer every emergency phone call or tenant complaint that comes your way, you may need turnkey property management.
How do property management companies compare to DIY property management? Read on to learn the differences and which is right for you.
Services Provided by Turnkey Property Management
Property management companies that provide turnkey services will take care of all facets of property management for you. This includes:
- Valuating the property and setting a rental rate
- Marketing the property
- Screening tenants
- Overseeing maintenance
- Managing tenant relations
- Managing accounting reports and funds
- Paying out owner disbursements
In other words, turnkey property management enables rental owners to earn a passive income. The responsibilities mentioned above are ongoing and take not only time but expertise to manage. Without a property manager, you're liable to fall behind or end up managing your own properties full-time.
Benefits of In-House Property Management
According to The Zebra, an estimated 70% of rental properties are owned by individual investors, rather than investment firms. Many individual investors prefer to manage their own properties because it allows them to:
- Avoid property management fees
- Maintain complete control over rental strategies
- Get to know their tenants personally
If you only have one or two properties to manage and live in the area, you may not have trouble managing them on your own. However, even a small, local portfolio can present problems for investors.
When to Choose Turnkey Management Solutions
There are a few simple signs that you would benefit from hiring a turnkey property manager, rather than handling your own property management. The first is that you're not seeing the income you expected. Property managers can often find places to save while maximizing gross profits, turning small disbursements into sizable sources of income.
The second is that you're not experiencing much success with the property overall. For example, maybe you've been facing a high vacancy rate or annual turnover. Maybe you can't seem to get ahead on maintenance and upgrades. Property managers can apply expert strategies to turn a rental of any size and condition into a success.
Call PMI Granite State for New Hampshire Property Services
Do you own at least one rental property in Southern New Hampshire? Are you tired of managing it on your own or struggling to see the results you hoped for? It may be time to hire turnkey property management.
PMI Granite State is a full-service real estate asset management company specializing in property and HOA management. We work hard to earn a steady stream of five-star reviews by providing custom solutions for every client. Contact us today to find out how we can help you.
