You've probably heard that "DIY is always cheaper." While that's somewhat true, it depends on what you're doing and how much money the work in question costs.
Take turnkey property management, for example. If you are unaware, a turnkey property is a fully renovated home (or apartment) investors can purchase and rent out.
Turnkey property management requires a lot of administrative work and maintenance. So you have to ask whether it's easier to hire a property manager or to stick to an in-house staff.
We'll discuss the pros and cons of in-house and third-party management services in Putnam, CT. Below is where we compare these two property management methods so you can decide which is best.
In-House Property Management
The primary advantage of using in-house staff is complete control over your property. You can do tenant screenings yourself, charge what you want, and oversee daily operations, however you want.
Self-managing also allows you to build better relationships with your tenants. This may lead to better tenant retention and can help you resolve tenant disputes faster and with less complication.
However, there are disadvantages to DIY turnkey property management. You and your staff are responsible for everything. You all must advertise vacancies, screen potential tenants, handle maintenance, and collect rent.
Having a team of your own is great, but it may cost more in the long run. Your staff will need office space and equipment for work. On top of that, investment properties can be time-consuming.
Someone on staff needs to be available for emergencies. There are also bookkeeping and property laws to worry about. Mistakes with either can be costly regardless of your and your staff's experience level.
Third-Party Property Management
When you outsource to a company, you free up time and have access to expert advice. Professional management services have readily accessible resources to make turnkey property management easier.
They have a network of partners, like contractors, and legal expertise to guide you through managing your properties. The third-party company will handle vacancy marketing and tenant screenings for you.
You don't have to worry about property tours, maintenance, or repair requests. The property management company will also handle bookkeeping.
It's up to you whether paying a property manager is a good move. You'd also have to pay staff, but it could be cheaper because they're an outside party.
Another (more obvious) disadvantage is that you have less control over running the rental property. You can't fully control who rents and may not have a strong connection with the tenants.
What's Best for Your Turnkey Property Management?
Turnkey property management might be easier if you hire a property manager. You'll have to pay either way, but you're not totally responsible for everything if you outsource to a company.
Managing Putnam real estate can be less hassle with PMI Putnam on your side. We're a full-service property management company offering tenant screening, eviction, marketing services, etc.
You can trust our experienced and licensed professionals to deliver results. Here's our online form - fill it out, and let's get started.
