You want the right property managers for your real estate in Boston. But you aren't sure whether to go with in-house or third-party management.
Today we're covering the pros and cons of each type of turnkey property management, so you can get a better sense of which works best for you!
Turnkey Property Management
Turnkey property management is a service that simplifies owning rental properties. When you invest in this type of service, a team handles all the daily tasks associated with managing a property.
This includes everything from finding and vetting tenants to handling repairs and maintenance issues. The goal is to make it easier for you to own and profit from rental properties without having to manage every little detail yourself.
In-House Property Management
In-house property management involves using your own team to oversee your properties. This option allows you to have complete control over every aspect of managing your rental properties.
Your team will take care of tasks such as finding tenants, collecting rent, and maintaining the property. This approach is hands-on and can be very rewarding if you prefer direct involvement in your investments.
However, managing properties on your own can also be challenging. It often requires a significant investment in both time and resources. For instance, you might need to hire staff, purchase management software, and handle emergencies that arise.
This can become overwhelming, particularly if you own multiple properties or if they're spread across a large area like Boston.
Third-Party Property Management
Third-party property management is an option where you hire external companies to handle your rental properties. These companies bring expertise and experience in managing all types of property issues.
They offer a range of services including tenant screening, maintenance, and handling legal compliance. This can be a great relief if you prefer not to deal directly with the day-to-day challenges of property management.
One of the main benefits of using third-party managers is that they can handle specialized tasks efficiently. They have the resources and systems in place to deal with various situations that may arise, from urgent repairs to tenant disputes. This means you don't have to worry about building these capabilities yourself.
But outsourcing does mean you have less direct control over how your properties are managed.
Factors to Consider
If you have multiple properties or they are spread out across Boston, it might be more efficient to hire a company that specializes in managing such portfolios.
Your budget also plays a critical role. In-house management usually requires a significant upfront investment in staff and technology.
On the other hand, third-party services might have variable costs, but you pay primarily for the services you need, when you need them.
The specific needs of your properties are another factor. Some properties might require specialized management skills that your current team does not possess. Third-party companies often have a diverse staff with various expertise that can be beneficial.
Property Management Done Right
Choosing the right turnkey property management strategy, whether in-house or through a third party, hinges on understanding your specific needs and circumstances.
PMI of Greater Boston is a full-service real estate asset management company that provides professional property management and real estate brokerage services. Get in touch today to find out how we can help you!
