If you're looking to manage one of the 43% of Huntsville homes that are renter-occupied, quality property management is essential for success.
It's important to stay competitive, so you need to make a smart choice between in-house vs. outsourced turnkey property management. Read on to learn why relying on a third party is the best choice.
Time and Money
Hiring new employees in any industry can cost anywhere between $4000 and $20,000. When you choose to work with in-house property managers, you need to hire them as your employees. This means purchasing benefit packages, paying regular salaries, and onboarding costs.
This sum is likely to be a huge hit to your passive income, especially since you'll need to hire multiple professionals. You also will need to invest in tools like expert-level tenant screeners and web design platforms for employee and tenant portals.
Luckily, hiring a third-party Huntsville property manager ensures that you'll consistently make more money than you spend.
The average rental company charges a small percentage of your monthly rental income. The more you make, the more you pay. This means you'll always turn a profit and remain scalable.
Skills and Responsibilities
One of the reasons you would need many employees for in-house management is that turnkey property management requires many different responsibilities. Landlords need:
- Accurate tenant background checks
- Real estate market research
- Research on what qualifies as competitive, reasonable rent
- Professional contacts with maintenance teams
- The ability to consistently fill maintenance requests
- Professional knowledge of laws governing property management
- An understanding of how managing different types of properties varies
In-house teams often don't know how to do some of these things reliably.
Professional third-party property managers have experience with all of these roles and more. They know how to fulfill all responsibilities in a skilled and simple way.
They also have the expert-level tools needed to conduct these tasks. You won't need to pay for your own tenant screening software or criminal background check technology. It will all come with the fee you pay to rental property managers.
Peace of Mind in Turnkey Property Management
Being a landlord is a taxing job. You'll need to be constantly accessible to renters. You'll also need to be emotionally and physically ready to manage emergency maintenance requests in Huntsville, Alabama at any time.
This can take a huge toll on your mental and physical well-being. It can inhibit your ability to work a regular 9-5 job or put serious constraints on your social life. Managing an in-house team also means that you'll be the boss who needs to stay in charge at all times.
Outsourcing property management means that you can relax while a third party takes care of all the details. You can rest, relax, and know that your property is in good hands.
Work With Huntsville, Alabama Property Managers
Now that you know why outsourced turnkey property management is better than in-house operations, it's time to begin assessing your rental property.
PMI North Alabama is excited to discuss your individual needs and perform a free rental analysis. Contact us to learn more about how we can help you with your day-to-day landlord operations.