An estimated 13% of Lakeland properties are vacant. Is one of them your rental property? If you've got high tenant turnover and long vacancies, you're missing out on serious profits.
Many local real estate investors have other jobs and responsibilities and don't have the time to take a hands-on approach. The good news is that turnkey property management can help.
How do you know if property management services are right for you? Read on to learn what is included with turnkey property management.
Marketing and Leasing
Turnkey property management companies will take care of everything from start to finish, including marketing and leasing. This entails:
- Putting together a strong listing
- Using high-quality listing services
- Establishing a profitable and competitive rental rate
- Creating a legally compliant lease
- Assessing rent rates and lease terms on a rolling basis
These early property management services can give you a competitive edge and help you attract the right tenants in a tough market.
Tenant Screening
If you've been in the rental property business for long, you've probably had your fair share of problem tenants. Ongoing problems like lease violations and late rent payments can lead to profit losses and evictions. This is why property management services always include tenant screening, which can assess an applicant's:
- Income
- Current debt
- Overall credit score
- Rental history (e.g., past evictions)
- Criminal history
If you're skipping tenant screening, you're missing out on vital information. Turnkey property managers have the experience and resources to find great tenants that are less likely to cause problems.
Maintenance Oversight
Owning a rental property isn't as simple as finding a tenant to sign the lease and collecting rent. Ongoing maintenance, both preventative and emergency, can protect your tenant's rights and your investment property.
Turnkey property managers take over the entire process of maintenance oversight, starting with property inspections and tenant communication. They schedule all maintenance appointments and work with trusted local contractors who provide reliable work and great prices. Not only can this take a lot off your plate, but this proactive approach to maintenance can save you money.
Property Accounting
When was the last time you really assessed your rental accounting? Property managers will take over all accounting needs, from paying property taxes to building a reserve fund for emergency maintenance.
Keep in mind that your property manager won't cover these costs out of pocket. Instead, they'll provide rental income management. In other words, they'll use your rental property income to cover related costs while maximizing your net profit.
Get Turnkey Property Management from PMI Arrico Realty
Would having a professional step in to cover these kinds of responsibilities take a weight off your shoulders? If so, you may benefit from turnkey property management. Property management companies allow investors to earn a passive income while resting assured that their rental is in good hands.
At PMI Arrico Realty, we know the Lakeland real estate market front and back. Our property managers have decades of experience partnering with both investors and tenants to ensure that both parties are getting the best experience possible. Contact us to learn how we can eliminate your landlord stress.
