If you're a landlord in the Atlanta area, you might be looking for a little extra help to get more from your investment. We're currently in a challenging market, with rents across the Atlanta metro area falling as demand drops.
While this is partly due to a long-overdue correction in the market, it represents a threat to your returns. This is where turnkey property management can help.
This is an all-inclusive form of property management where local realty professionals take over every aspect of the process, from tenant acquisition to lease management to maintenance. If you're an Atlanta landlord, here's what you need to know about turnkey property management.
Pros
Investing in turnkey property management services is an investment. Here's what you get for that investment.
Convenience
This one might be the most obvious. What makes the service "turnkey" is that, once you have signed the contract, you barely need to think about your rental property ever again.
From lease negotiations to maintenance to tenant screening and everything in between, the management company takes care of it, and keeps you in the loop. If truly passive income is your priority, this could be the way to go.
Expertise
With a turnkey service, you get a full range of local expertise. Your management team will include real estate lawyers, connections with contractors and suppliers, and industry veterans with deep knowledge of the Atlanta rental market.
All of this expertise will be put to your service to ensure that you get more out of your real estate investing.
Cons
That being said, hiring a management company does not come without its drawbacks. These include:
Upfront Costs
Property management does not come for free.
Fees in Atlanta vary widely depending on service scope, experience, and property type, but you can expect to pay anything between 4% and 10% of your gross rental income on the service.
Note that this is an upfront cost, and the actual cost savings that you can accrue from the service, not to mention a potential boost in your resale value, can far outweigh these overheads.
Control
This is more of an emotional aspect. If you are particularly invested in your occupation as a landlord, hiring a management service can feel like a loss of control.
You won't visit your property as much and your time spent with your tenants will dwindle. If you value the face-to-face side of being a landlord and enjoy the work that this entails, then hiring a management service might not be for you.
Remember, you can always ask the right questions to find out how a management service will shape your relationship with your property and with your tenants.
Turnkey Property Management Tailored to Atlanta Landlords
Turnkey property management is a highly effective way to turn your investment property into genuinely passive income.
If you are overwhelmed by the admin, financial complications, and pressures of being a landlord, you can leave it to the professionals. This is where we are here to help.
At PMI Georgia, we have extensive experience helping landlords in the Atlanta area get the most out of their investments. Get in touch to find out exactly how we can help you.
