Have you recently bought your first rental property in Grand Rapids, MI? Being a landlord isn't for everyone. You'll need to screen potential tenants, respond to maintenance issues, schedule regular property inspections, collect rent, and send out eviction notices to people who don't pay their rent.
It's for this reason that many new landlords reach out to turnkey property management services. They can take care of some of the workload while you and your staff focus on other tasks.
That being said, there is also some merit to doing everything in-house. Continue reading to learn which option is better for you.
Increased Productivity
Property management services in Grand Rapids, MI have the expertise needed to handle a new landlord's tenant screening, marketing, rent collection, and more.
With them in charge of your smaller tasks, you and your staff can concentrate on the other aspects of running your rental property.
Resources
Property management solutions have more than expertise to bring to the table. They also have access to tools and equipment that you may not be able to get by other means.
By using outsourced property management, you'll also get staff onboard who have experience working with tools provided by the company. That means you won't have to train anyone.
Most companies have vendors that they work with, so you won't have to worry about finding them yourself.
Accounting
As a business, you have to keep track of all your financial records. This will make doing taxes at the end of the year easier.
Furthermore, filling out tax forms is a lengthy process that you and your in-house staff may not have time for. Let a property management company take care of it instead.
They're trained to keep all your records organized. Since they're professionals, you can trust that you won't have the IRS knocking on your door later.
Response Times
While your in-house staff can handle many tenant emergencies, they can't be available all hours of the night. They go home once your office closes for the day.
The best property manager can take care of emergencies that occur late in the evening.
Cost
Outsourcing your property management often comes with expensive upfront costs. However, once you get those out of the way, you'll actually save money.
Management companies have their own staff, which means you won't have to pay extra costs for medical insurance, training, and salaries. However, a property management company will take a sizable chunk out of your rent every month. You'll need to do the math to find out if hiring in-house would be better for your budget.
In-House Vs. Turnkey Property Management Services
When you hire turnkey property management services in Grand Rapids, MI, you'll get access to a team of professionals who can take a lot of the work of being a landlord off your shoulders.
Many property owners save money by outsourcing and end up with happier tenants overall.
Are you ready to get started? Grand Rapids Property Management Inc. has been helping clients like you for over 20 years. Go here to learn more about our services and get in touch.
