A Guide to Turnkey Property Management: What It Is and How It Works

A Guide to Turnkey Property Management: What It Is and How It Works

Boston is one of the top cities to live in the United States. It comes as no surprise that more than 58,000 Americans have moved to Boston since 2010.

The city is rich in culture, history, and entertainment. There are also ample business opportunities, especially in the housing market.

Boston is trailing other large American cities in new housing construction. Demand for housing is much higher than supply. This has led average rents in Boston to exceed $3,000 per month.

As an investment property owner, you stand to benefit from these conditions. Turnkey property management can help you earn more revenue and expand your portfolio. Read on to learn about other essential property management services.

What Is Turnkey Property Management?

Some investment property owners look for housing that is ready to rent out. They do not want to invest capital in renovating or flipping a house. Homes or apartment units requiring major repairs are not desirable.

Instead, they want to receive immediate rental revenue. These conditions describe a turnkey property.

Adding rental property management services allows the investor to remain entirely hands-off. This is a means to passive income. The property owner does not need to do any work to collect his or her income.

What Are Examples of Property Management Services?

The best property management companies handle everything from day one to the end of the lease. They start with marketing and tenant screening. The goal is to bring in reliable tenants who are most likely to make timely rent payments and care for the property.

Once they find a suitable tenant, property managers also collect the rent. In accordance with local Boston laws and regulations, they need to promptly respond to maintenance requests.

Property maintenance is unpopular with many investors. They are not qualified to repair appliances or replace a burst pipe. Some landlords struggle with balancing their primary jobs with their responsibility to respond quickly to the tenant.

A good property manager has a network of contractors to quickly make repairs. They have sufficient knowledge to complete property inspections and immediately get to the root of the issue.

Evictions are one of the most uncomfortable situations that a landlord needs to deal with. However, they can outsource this task to property managers who deal with it routinely.

The best property management companies know Boston eviction laws in and out. They know whether an eviction is justified or not. Also, they understand the proper eviction process to make sure there are no hiccups with local authorities.

Your Guide to Adding Property Management Services

There is no question that property ownership is a fruitful opportunity in the greater Boston area. There are more people looking for housing than units available.

Property owners can leverage this situation to earn more profit. They can also improve their quality of life by adding a property management company to handle all the hard work.

PMI of Greater Boston has been managing local properties for decades. They have experience in every facet of property management, from tenant screening to eviction. If you are looking for turnkey property management, contact us at PMI of Greater Boston today to speak with an experienced professional.