You've found the right real estate financing plan and you're ready to start building your rental portfolio. Now, it's time to decide how you want to manage that portfolio in the future.
How will you build good relationships with your tenants? What will you do to address maintenance issues? One option is to handle everything in-house, meaning that you take full responsibility for all aspects of rental property ownership.
Another option is hiring turnkey property management and outsourcing everything from marketing to rent collection. Which one is right for you? Read on to find out.
What Services Come With Turnkey Real Estate Management?
What services can you outsource for your Kansas City rentals? At PMI, our turnkey property management services include:
- Marketing
- Tenant screening
- Rent collection
- Maintenance
- Accounting and reporting
- Eviction protection
We prioritize tenant satisfaction while maximizing profits in every decision we make. By opting for our full suite of services, investors can be exactly that-investors, not landlords.
Benefits of In-House Property Management
You may have a clear vision for your rental property. Maybe you've managed rentals before or you're looking to transition your career and work in real estate full-time.
In-house property management does guarantee that you'll have direct control over all decisions. It also means you'll know your tenants personally, which some investors feel more comfortable with.
Cons of In-House Property Management
Being a landlord isn't a part-time job or something you can do in your spare time. Expect to make yourself available at all times, including when plumbing emergencies occur in the middle of the night. Apartment Guide may list affordability as renters' number one concern, but we find that responsiveness is high on the list.
Benefits of Turnkey Property Management
Earning a passive income is only the start of the benefits you'll enjoy with turnkey property management. If you partner with a reliable firm, you may also enjoy benefits like:
- Rental pricing that balances profit with competitiveness
- Improved tenant relations that yield lower turnover
- Thorough maintenance planning that reduces reinvestment costs
Plus, you won't have to worry about keeping up with the latest Kansas City renter laws, like Ordinance No. 231019, which impacts tenant screening. Your property managers will reduce liabilities by ensuring legal compliance.
Cons of Turnkey Property Management
One of the only cons of outsourcing property management solutions is the cost. However, property management fees grant you access to unbeatable perks, like tenant portals and expert real estate accounting. In the end, property managers can often increase net profits, reduce costs, and increase your real estate income.
Get Third-Party Property Solutions from PMI Destination Properties
Can you build a Kansas City rental portfolio without any landlord experience? Turnkey property management lets you reap the rewards of investing without the work. PMI Destination Properties can help.
We see the potential in every Kansas City property and have helped countless investors grow their profits. Our blend of nationally-tested services and local expertise sets us apart in the property management industry. Contact us today to learn more.
