Picture this: you’re an investment-savvy individual with a full-time career and two kids – and you’re looking for a passive flow of income to boost your earnings. After saving your money and shopping around, you’ve found the perfect investment property, and you’re ready to rent it out to supplement your income. You have two options: take on the responsibilities of a landlord yourself or hire a property manager.
Taking care of the needs of an extra home plus tenants is a full-time job, and if you’re already running a household of your own, you might be asking yourself: “Do I need a property manager?” The answer has several components, so keep reading to learn all about landlords, tenants, and property management so you can make the most informed decision about your investment possible.
A Landlord’s Responsibilities
Taking on the role of a landlord comes with a pretty long to-do list. If you’re choosing to work for yourself, you’ll have to learn a lot of new information to ensure you’re making the money you deserve on your investment.
When you’re managing your own rentals, the buck stops with you. That means you’re responsible for:
- Understanding the landlord-tenant laws in your state
- Maintaining accurate accounting records for your taxes
- Communicating with tenants about repairs
- Making repairs when necessary
- Handling issues with tenants, including evictions
Depending on the number of properties you have, these tasks can eat up your time. Because of the nature of the landlord-tenant relationship, you’ll also be working inconsistent hours as your tenants’ needs come up. If you’re wondering whether or not you should take on the role of a landlord alongside your full-time job, it’s a good idea to ask yourself why you’re investing in real estate in the first place.
If it’s your passion to take care of the needs of your tenants, we understand! Turnkey Properties shares that passion – but we also understand how complicated it can be in reality. Usually, investors buy rental properties to make passive income. However, if you’re taking on another full-time job in the process, is it really passive? When deciding whether or not you want to manage your own properties, you need to weigh the money you’ll make with the time that it will take you to get it. Or, you could choose to simplify your to-do list and turn to Turnkey Properties for all your property management needs.
Property Management = Stress Management
At Turnkey Properties, we believe that a team of professional property managers is the key to creating long-term success for your investment homes. Being a landlord is like carrying your backpack in your arms: you use up your energy stressing about the tiny details of caring for your tenants. Working with a property management team, on the other hand, is like putting your backpack on your back: you have the freedom to conduct your life how you see fit.
Managing the Legalese
Understanding the landlord-tenant laws in your state is a huge aspect of managing your investment properties. Every state is different, and those differences are key to how you operate your business. Balancing the ins and outs of the legal system with the demands of your tenants can feel like walking through a minefield if you’re not careful.
More than that, a lease is a legally binding contract. Negotiating the terms of a lease can be difficult on your own, and if you’re not careful, you could end up on the wrong side of the contract. You’ll need a team on your side to help you develop the terms and conditions you and your tenants will agree to.
Fortunately, the team at Turnkey Properties is made up of a group of experts who know and understand the landlord-tenant laws in Arkansas and Tennessee. We’ll help you navigate the legal process involved in renting your property so that you can feel comfortable signing the lease and earning the passive income you deserve.
The landlord-tenant relationship is a huge part of building a successful experience for everyone involved. From vetting tenants to having difficult conversations, you can rest assured that Turnkey Properties has you covered.
Vetting Tenants: Half of the battle of creating a successful experience is finding the right tenants. Many first-time or DIY landlords speak with prospective tenants and decide to rent to them based on this initial conversation. However, without the proper system in place to vet your tenants, you could end up signing a legally binding contract with someone who is unreliable or disruptive.
Our job at Turnkey Properties is to help you find vetted and background-checked tenants that you can trust to live on your property and take care of it. Our tried and true systems will ensure you get the best experience possible.
Moving In & Moving Out: According to a Zillow survey, 68% of tenants move from their rental homes because of bad customer service. Reducing tenant turnover and keeping your property occupied by reliable tenants is our main goal. We’ll take care of the customer service side of things so you can sit back and enjoy your passive income.
We’ll work from the very beginning to place a tenant in your home as soon as possible. We offer exceptional online marketing to maximize leads, resulting in shorter vacancy periods. Our vetted tenants rarely give our clients issues, but should the need arise, we’ll take care of difficult conversations with your tenants, so you don’t have to.
Keeping up with the repairs your tenants request can take up a lot of time, energy, and money. If you don’t already have the connections to make this process cheaper, you could end up funneling money into your property hand over fist. When you work with Turnkey Properties, however, we provide pre-negotiated low pricing on maintenance through our vendors, so you can save big and keep more cash in your wallet.
You Need a Property Manager. Choose Turnkey Properties!
If you’re ready to start boosting your passive income without having to learn your state’s laws, vetting tenants, or losing money on your property, you need to hire Turnkey Properties. Our team of trained real estate professionals provides so many property management benefits we couldn’t even begin to list them all!
You’ll even enjoy a discounted monthly management rate when you purchase your investment property through Turnkey Properties in Memphis or Little Rock! There’s no better time to start than now. Call us today!