The Denver real estate market is red hot, and it's showing no signs of slowing down. With homes selling in typically less than a month, it is a good time to consider becoming a real estate investor.
Have you ever thought about turnkey property management as a real estate investor? The two main options are managing a property yourself or using a third party. Read on to learn about each, and decide which method is right for you.
Managing a Rental Property Yourself
If you're experienced in property management, you may just want to do it yourself. You will save a lot of money that you would have spent hiring third-party property managers to take care of the home.
You can easily run things if you live close to the property. For instance, if the rental property is in the Denver area, you will not have to drive far to solve problems in person.
When managing a rental property, you need to have your ducks in a row and stay organized. Keep records of everything. Stay on top of things like rent collection and maintenance requests. You will also have to conduct your tenant screenings.
If you are willing to put in the time and effort involved, managing your property as a real estate investor can be incredibly rewarding. You can even make it your full-time job if you own multiple properties.
Benefits of Outsourcing
There are many advantages to outsourcing your property management tasks that save you time. They may also save you money in the long run.
For instance, a property management company will take care of all of your rental property marketing. This means that when you need new tenants, they will advertise the space and show it to potential tenants.
You do not need to live in the area if you have property managers. You can vacation whenever you want, and you don't always have to be on-call. It may even open up doors to investing in other states or areas further away from your home base.
In addition, you never have to worry about tenant matters, such as collecting rent, screening, and maintenance requests. The property management company will handle all of that and more, so you can sit back and let the money roll in.
One drawback of outsourcing your property management is that it does cost money to hire third-party contractors. However, the peace of mind and time you get in return may outweigh the monetary cost.
Choose the Best Turnkey Property Management Solution
Whether you go in-house or third-party for your turnkey property management, it's important to have a solid plan in place. As a real estate investor, managing a rental property should not be stressful.
Want to learn more about all of the advantages of property management? PMI Denver West has answers to all of your real estate questions.
We use our extensive experience to provide you with a wide array of property management services. Contact us today if you're ready to get started in the Englewood, Colorado area.
