Do you own real estate in the Knoxville area? Are you having a tough time deciding how to manage it?
If you answered yes to these questions, you are not alone. There are nearly 20 million rental units in the United States owned by individual investors.
Luckily, there are different ways to go about real estate asset management. You can use an in-house management system or you can hire a third-party.
Which turnkey property management style is better? This guide weighs the pros and cons of each option.
In-House
The first option you have is to keep your commercial property management in-house. This means that all of the property management operations are left up to you and anybody that you wish to bring on.
It could mean that you handle everything yourself. Or, you bring in a family member, a friend, or even a random stranger to be your property manager.
The biggest pro to doing this is that it is likely going to be cheaper for you. When you go the third-party route, you will likely have to pay an extra service fee on top of the cost of the actual service.
However, you will not get the expertise that these management companies can offer you. This means that you have to organize everything yourself, put out fires by yourself, and manage your expenses by yourself.
On top of this, you also have to make sure that you remain legally compliant while you operate this property. If you do not have enough knowledge of your local legal system, you could run into serious problems here if you are not careful.
This option comes down to if you can afford a third-party service and how hands-on you want to be with your property.
Third-Party
If you decide to go the third-party route, you will have access to a professional property manager that has likely done this before. They can help get you organized and make your rental property more efficient.
One of the things that they can do for you is help you with your rental occupancy rate. Last year, Knoxville did a good job addressing this, considering that the rate increased by nearly 99%.
So, a good property manager should have no problem continuing that momentum. Someone from a third-party service is also likely to know what legal compliance you need to meet for your property as well as budget concerns that you may have.
Best of all, you can get a trusted consultant by your side to manage tenants and reach out to vendors.
Get Turnkey Property Management
So, what is the best way to go about turnkey property management? The answer depends on how much work you want to do yourself and how much knowledge you have.
If you want to be hands-on and have a lot of knowledge of property management already, you may want to keep things in-house. However, if you want outside help, a good third-party property management company can deliver this help to you.
Do you want to learn more? Message us here with your questions.
