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Real estate is still the leading choice for long-term investment in the U.S., with 36% of polled Americans favoring it over gold or stocks. After all, real estate properties are tangible and tend to appreciate.
So, if you recently invested in a turnkey property in Nashville, congratulations: you made a financially sound choice. The next step is to decide between in-house property services and third-party turnkey property management solutions.
Read on as this guide explores the differences between the two and when they make more sense than the other.
In-House vs. Turnkey Property Management: Key Differences
If you opt for in-house property management, you, the owner, will take on all management responsibilities. These include:
- Conducting rental property valuations
- Staging, advertising, and marketing your properties
- Screening prospective tenants
- Drafting and enforcing lease agreements
- Collecting rent
- Conducting property inspections, maintenance, and repairs
- Understanding the legal process of evictions in Tennessee
Conversely, third-party turnkey property management in Nashville involves outsourcing those tasks. Instead of doing them yourself, you'll delegate them to a third-party property solutions provider.
When In-House Management Makes Sense
If you want to be as involved as possible in managing your properties, consider doing it in-house. It may make the most sense if you only have one or two rentals and your schedule can accommodate the responsibilities. If you do everything right, you can pocket more money since you won't have to pay management fees.
Just remember that in-house management requires your complete involvement. You should be ready to carry out all landlord responsibilities and be available 24/7 to address tenant emergencies.
You must also be familiar with Tennesee's housing laws. You must know the rights and obligations of tenants and landlords by heart. Otherwise, you may make mistakes that could lead to tenants filing complaints against you.
When Third-Party Makes More Sense
Hiring a Nashville rental management company may be best if you don't live near your Nashville properties. It makes even more sense if you're an out-of-town landlord. In this case, your third-party manager can handle all the tasks of managing your property on your behalf.
Also, by hiring a property management company based in Nashville, TN, you no longer have to be an expert on local rental laws. Your manager will handle the legal aspects of your rental business.
It also makes sense to partner with a third-party management company if you have many rental properties. In doing so, you can ease some of the burden of managing and caring for your assets since you'll have a partner to carry them out for you.
Make Managing Your Properties a Breeze
In-house turnkey property management is a very involved commitment. It means you, the landlord, will handle everything related to your rental. So, unless you can commit the time and resources to completing these tasks, it makes more sense to outsource them to experts.
Let our full-service property management company be your partner. We can help you from the start, including giving you a property valuation and marketing your rental. From there, we'll screen tenants for you, enforce your lease, collect rent, and oversee your property's maintenance.
So, connect with us today if you're ready to make property management a breeze!
