Did you know that 70% of rental properties are owned by individuals? That means that people are taking advantage of the opportunities that they get to buy real estate.
However, say you are in one part of the country, or even abroad, and want to invest in a different area? You can't manage the property yourself because of the distance, so what do you do?
Well, you can hire a property management team to take care of your daily responsibilities for you. This is called turnkey property management.
How does this work? What are the biggest benefits?
This is your guide.
What Is Turnkey Property Management?
Turnkey operations tend to be when you own a business that can practically run itself. Ideally, that would mean as little engagement as an owner as possible.
So, how do you do this? Well, you can buy a property as a real estate investor and then hand the daily responsibilities off to a property management team.
They can take care of things such as routine maintenance, checking up on tenants, screening for new tenants, and more.
Benefits of This
Now that you have an idea of what turnkey property management is, it is time to go over the benefits. Here are a couple worth mentioning.
Long Distance Investing
The biggest benefit of turnkey property management is that it allows you to invest from afar. You can be on the other side of the country, or you could even be out of the country.
Regardless, you never have to worry about your property not being functional without your presence. The property management team can look after it and let you know when important issues come up without you having to be there.
Another big thing that this type of arrangement can give you is knowledge of the local market. This can be anything from knowing when an opportunity presents itself to protecting you from legal issues.
There are certain laws and regulations that landlords need to abide by when renting living space out to tenants. Say that you own land in North Carolina. Well, you would want to look up the state's laws on things such as eviction procedures.
You need to make sure that your property is operating legally. Also, you need to know when there is a good opportunity to get aggressive with investment and business.
Property management teams can help investors with things such as determining rent and pet policies.
Become a Property Investor
These are the most important things that you should know about turnkey property management. Now, you know this arrangement makes it easy to own property anywhere in the country and if you work with a team, they can give you the market knowledge that you need.
Do you need a property management team working with you? If so, message us today to see how we can help you.