Data from Census.gov and Forbes found that 43% of people consider moving the most stressful event in their lives. 42% say it’s even worse than spending a week in jail.
What can you as a landlord do to reduce this stress? How can you keep it from making tenants not want to move into your property?
Turnkey properties ready to move into on day one are a solution. It requires a lot of help to make work, but the right team can also reduce your stress as well.
Read on to learn eight reasons to choose turnkey property management in Memphis, TN.
1. Expertise and Experience
Reputable services that offer turkey property management aren’t just using it as another notch in their belt. They know what they’re talking about.
Years of expertise help them understand the real estate world. They understand the unique challenges that turnkey properties present. They also have a lot of local expertise.
Constant market research lets them know where the best up-and-coming neighborhoods are. What are the best local areas to invest in and when? What would be considered an attractive rent rate there?
A full grasp of local laws helps them help you maintain compliance. They know that the law can change from state to state and even from town to town.
Your property manager can spread their knowledge to you. You can use them as an invaluable source of property investment tips. They’re like a friend who’s always on call and an encyclopedia you can check if you’re ever unsure of anything.
2. Comprehensive Real Estate Management Services
What does a property manager do? The answer is simple; anything a landlord would have to do. That comprehensiveness is one of the most important property management benefits.
Their duties can include:
- Rental analyses
- Tenant placement
- Maintenance coordination
- Rent collection
- Lease management
- Rent collection
- Record-keeping
The length of this list doesn’t mean a reduction in quality. They’ll do it all for you in the best way possible so you don’t have to.
3. Fewer Vacancies and a Better Reputation
“Vacancy” is a dirty word in the rental business. The ultimate goal is to always keep your occupancy rates as high as possible. Every day with a vacant property is a day where you’re losing money.
Turnkey property management helps you achieve this goal. They help dive into the available tenant pool to find the diamonds at the bottom who’ll be willing to stay long-term.
Their services will also give you a better reputation. If you can’t keep up with your property management, you may start to be known for:
- Poor maintenance
- Unfair rent
- Illegal actions
A property manager knows what to do to prevent these issues. They’ll make you the talk of the town and turn your property into one that renters want to apply to.
4. Time Efficiency and Reduced Stress
Are you drowning in an endless to-do list? Hassle-free property management is possible with the right team.
Every item taken off your to-do list feels like a weight off your shoulders. You don’t even have to think about them because your manager will do them all for you.
The best part is that they’ll do it more efficiently. That means less time wasted and more time put towards making the property profitable.
5. Advanced Technology Solutions
Property managers are experts because they continually research the latest turkney real estate solutions.
You may not know about or haven’t even considered all the tools they have access to. Even if you do know about them, the managers can help you implement them more easily.
These include:
- Online tenant portals
- Digital rent payment methods
- Advanced reports
- Maintenance request systems
Digital tools streamline daily processes. Your to-do lists become faster, easier, and often cheaper to complete. The effects can enhance the experience for property owners and their tenants.
6. Financial Benefits
Turnkey properties already have a financial advantage over others. They provide an immediate cash flow with less of an upfront investment.
Having turnkey property management in place takes this financial boon and shoots it to the stratosphere.
It reduces your vacancy rates by helping you attract and keep tenants. That gives you a steady stream of rental income and increases your profits.
Managers are also a second set of eyes when it comes to bookkeeping. Knowledge combined with bookkeeping software is a perfect recipe for success.
It helps them generate reports that let you track the financial health of your business. The data the reports provide helps you make the right decisions to help it grow and earn even more. That’s especially important at tax time.
Management companies also have relationships with local businesses and vendors. They can negotiate discounts for maintenance and repairs while still making sure quality work is done.
7. Legal Compliance
You have many legal responsibilities as a landlord. These requirements change by location and can be hard to keep track of.
Some landlords may not understand these rules and accidentally break the law. Working with a turnkey management company means you get a partner who will work with you to do things right and avoid legal trouble.
8. Diversifying Your Investments
Being an out-of-state investor can feel like having children in multiple states. Who can you hire to look after your little investment families?
Property managers are the answer. Use them to babysit and take care of your property while you’re away.
This allows you to diversify your portfolio. You aren’t held down by geographical constraints. Go wherever you think the best investments are.
Finding Readily Available Turnkey Property Management
Turnkey property management gives you access to expertise, comprehensive services, and new technology. That reduces your vacancies, keeps you legally compliant, saves time, reduces your stress, increases your profits, and helps you diversify your portfolio.
Reedy & Company is one of the leading property management companies in Memphis. We’ve managed over 3,500 properties for local, domestic, and foreign investors.
We use our specialist knowledge to help investors make better property decisions. Contact us to see how we can help you maximize your investments today.
