Have you just managed to secure a well-priced investment property in Topeka? Are you ready to start raking in profits from passive income? Not so fast.
Topeka's average property prices may be more than 50% lower than the national average, but succeeding as a landlord still takes just as much planning, effort, and decision-making as it does anywhere else.
One of the most critical choices you will face is whether to manage your property in-house or hire a third-party service. Both options can work for boosting the appeal of your property and maximizing its value, but how do you know which is best for you?
Let's dive into the ongoing debate surrounding turnkey property management vs. in-house solutions, so you can make an informed decision.
In-House Property Management Benefits
In-house management might seem the obvious choice for some landlords. For starters, you'll save on property management fees and retain direct control over your real estate investment.
Other benefits of this method include:
- Direct Communication: A team that understands your property's specific nuances can make decisions faster.
- Control over Operations: You decide how tasks are executed and can address issues immediately.
- Personalized Service: Your team knows the specific needs and preferences of your tenants, fostering stronger relationships.
However, there are also drawbacks. Managing everything in-house can strain your resources, especially if your team lacks the necessary expertise or if the property portfolio is extensive.
The average property manager salary is around $67,000, plus you'll also need to hire a bookkeeper to administer your rental income.
Why Choose Turnkey Property Management?
Hiring a third-party property management company also offers a slew of benefits. Many owners find these property management solutions advantageous due to:
- Expertise: Professional property management firms bring specialized knowledge to the table, including property marketing, tenant management, and legal know-how.
- Timesaving: By delegating tasks, you can focus on other aspects of your business or personal life without getting bogged down by daily property issues.
- Scalability: A third-party manager easily adapts to changes in your property portfolio or market conditions.
While these benefits are undeniably attractive, there are also concerns regarding communication and control. Ensuring that third-party services align with your vision and standards is key to this arrangement.
When you engage a property management service, you only pay a portion of the salaries of a full team of professionals. This usually amounts to between 8% and 10% of your rental income.
Make the Smart Choice for Your Property
The major benefit of managing a rental property in-house is having direct control over everything to do with the property, but it can get expensive, time-consuming, and stressful. A property management team alleviates all these negatives through their expertise and professionalism.
PMI Advisory Group takes these benefits to another level through personalized service and transparent communications. When you partner with us, you never feel like you've lost control of your assets.
Our qualified, experienced team offers tailored solutions for every Topeka landlord, making us a trusted partner in your turnkey property management journey. Contact us today, and you'll be left in no doubt about the right choice for your properties!
