Diversify your portfolio. You’ve probably heard that before a million times. But how do you do it?
One way is with an investment in real estate. But that also requires a hands-on approach.
Or does it? If you choose a turnkey property management company, you can make your life a lot easier by having them manage your property for you.
Here’s how they can work for your property.
What Is Turnkey Property Management?
First, let’s talk about turnkey properties. The term turnkey property is often used by investors, but it describes any property that’s ready to move in. A realtor may describe a house they are selling as a turnkey property.
However, most of the time the term turnkey property describes a rental property that’s move-in ready. There’s no extra construction, renovation, or additional time or work required. Any necessary repairs or work has been done already.
From the perspective of an investor, a turnkey property can be rented out immediately. Everything is already in place. In many cases, a turnkey property may already be occupied, meaning the potential for income is even more immediate.
Turnkey properties have their pros and cons, and like any investment, there is always a level of risk.
The Role of Property Management Services
In most cases, property owners don’t manage their own turnkey properties. Instead, property management is done via a third party that specializes in turnkey property management.
For many investors, they may not have the time to manage their own properties. They may not even reside in the immediate area. Having a property management company manage their investment saves them time, money, and a lot of stress.
A property management company may offer a number of different services for turnkey properties. Their initial services can include marketing your vacant property and screening tenants (including background and credit checks).
Once a tenant is moved in, they may conduct routine maintenance, repairs, and if necessary, evictions. Other duties include inspections (move-in, move-out, and periodic), financial reports such as tax forms and receipts for vendor payments, and managing occupancy rates to ensure your property doesn’t sit for too long without generating income.
Turnkey management services like these are especially important in the Bay area. Recent data shows the market is slowing down, with more housing inventory available to purchase. A turnkey property management company can ensure your property is attractive to potential renters.
If you’re new to real estate investing, a turnkey property management company can provide you with peace of mind. A good property management company will have a team of experts that can do all of the previously mentioned tasks.
However, some companies have only minimal management capabilities, leading you to fend for yourself when it comes to tasks like marketing your property or repairing it. That’s why you need to be cautious when choosing a property management company.
Looking for a Property Management Company?
Are you looking for a property management company for your turnkey property?
At Blue Line Property Management, we offer single-family and commercial property management services for the Bay area. Our goal is to be your one-stop shop for all of your real estate needs.
If you’re a property owner looking for turnkey property management, send us a message or call us at (925) 291-9400. Let us help you manage your portfolio of investment properties.
