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Columbus has an average rent price of $1,228 as reported by Rent Cafe Are your rental properties as profitable as they should be?
Updating your property management strategy can help you get more from your rentals. Many people assume that in-house property management is more efficient. However, turnkey property management is a better choice in many situations.
Keep reading for a property management comparison that will help you find the best option for your investment properties.
Pros and Cons of In-House Property Management
The main benefit of in-house property management is that you have total control over the management process. You have more flexibility with rental policies. You keep your own branding and messaging across your properties.
However, you have to recruit, train, and retain a property management team. Your personnel may not have the necessary expertise and specialized knowledge. Marketing can be expensive.
As you add properties to your portfolio, scaling an in-house team can be challenging and stressful.
Pros and Cons of Third-Party Management Solutions
Turnkey property management solutions can help you manage your properties more effectively. Professional management services are an expense, but they are a good value in many situations.
Benefits of Third-Party Property Management
A professional property management firm has industry expertise. They have extensive experience in best practices, regulations, and market trends in Columbus, GA.
Third-party property management has processes in place for all aspects of property management. They help you save time and lower your stress level. They handle the day-to-day operations for your properties, including:
- Tenant communications
- Tenant screening
- Maintenance requests
- Rent collection
Professional tenant screening can result in better tenants. A property management firm's marketing resources have a wider reach.
You can retain good tenants more easily with professional property management. A management firm has the staff and vendor network to address tenant concerns promptly. They can often get better pricing.
A quality turnkey property management firm will maintain the same standards of service whether you have one property or a large portfolio.
Challenges of Using Third-Party Management Services
When you use professional property management services, you give up some control over your properties. You have less flexibility to make changes.
Property management companies charge a fee for their services. However, third-party property management often ends up costing less in the long run.
It usually improves efficiency. You have better tenants and better rent collection. You have fewer expensive problems.
Is Turnkey Property Management the Right Choice?
The choice between in-house and turnkey real estate solutions depends on the property owner. Your goals and available resources are two key factors. You may prefer to keep full control with an in-house team.
Turnkey property management has many advantages, though. You gain peace of mind knowing that your properties are in experienced hands. Many property owners find that the fees are a good value.
Find the Right Columbus, GA Property Management Solution
Turnkey property management gives you passive income while you focus on other aspects of your investment portfolio. If this sounds like the right choice, you can rely on Bickerstaff Parham Property Management.
We give our clients full-service property management with a personal touch. Schedule a free consultation with Bickerstaff Parham Property Management today and put our expertise to work for you.
