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What Is Turnkey Property Management? A Quick Guide

System - Friday, July 28, 2023

About 44 million American households are renters. There are always new people looking for rental housing, so if you have the means, now might be a good time to consider renting out a property.

Being a landlord can be tough and time-consuming, but with turnkey property management, it's far easier.

But what is turnkey property management? What can it do for you? Read on to learn the answers to these questions.

What Is a Turnkey Property?

First, let's talk about the basics of turnkey properties.

A turnkey property is a ready-to-go investment property. It requires minimal (if any) effort from the buyer. The property is fully renovated and set up for rental or immediate use, and in many cases, it even already has furniture.

When you buy a turnkey property, you don't need to worry about any repairs or renovations. It's like buying a key to a house that's all set and ready to "turn" and use or rent out.

It's an appealing option for investors who want a low-effort way to enter the real estate market and start generating income without the struggle of managing renovations or property improvements.

How Is Turnkey Property Management Beneficial?

Turnkey property management takes that "ready-to-go" approach and expands upon it. A turnkey property management company will take care of all of the ins and outs of managing a rental property so the landlord can be hands-off.

Let's talk about a few turnkey property management services that make being a landlord a breeze.

Tenant Placement and Screening

One of the crucial aspects of property management is finding reliable and responsible tenants. It's harder than you'd think!

The turnkey management company takes care of advertising the property, conducting showings, and screening potential tenants. Thorough screening processes often include background checks, credit checks, employment verification, and rental history review.

Lease Management

The management company prepares and manages the lease agreement between the landlord and the tenant.

They handle lease renewals, rent collection, and any other contractual obligations. They make sure everything is legal and can handle negotiations as well.

Property Maintenance

Maintaining the property is crucial. Turnkey property management companies oversee routine maintenance tasks, repairs, and emergency maintenance requests from tenants.

They may also conduct regular property inspections to identify any issues.

Tenant Relations

Building and maintaining positive tenant relations is so important. Happy tenants are more likely to stick around. Keeping up with tenant communication can be tough, however.

Turnkey property managers serve as the main point of contact for tenants. They'll address tenant concerns and resolve any problems that may arise during their tenancy.

Do You Need Turnkey Property Management?

Being a landlord can be tough, but with turnkey property management services, it's almost a completely hands-off venture. Let a property management company take care of the work.

If you've been thinking about becoming a landlord in Charlotte, we can help. Our property management services will make your life easier.

Contact us today to get started.