Buying rental real estate in Phoenix can be a lucrative choice. That's thanks to the city's robust economy, growing population, and increasing demand for rentals across Arizona.
Owning an investment property involves many tasks to ensure your profit from your rental business. That leaves landlords with some important decisions to make.
Is it a good idea to carry out these tasks yourself? Should you rather hire a manager to provide turnkey property management services for your investment properties? Read on to explore the pros and cons of both options.
DIY Property Management Pros and Cons
In-house management offers a more personal touch than hiring a professional property management firm. This can encourage good relationships with tenants and encourage lease renewals.
In-house property management gives you ultimate control over your rental properties. You decide how to carry out things like:
- Property marketing
- Repairs and maintenance
- Property inspections
- Rent collections
You also control which tenants you allow to rent your home, via tenant screening, and when to evict them if necessary.
In exchange for this control, you must be available to manage urgent repairs and queries all day and night. You'll also need considerable legal knowledge to avoid inadvertently falling foul of the Fair Housing Act.
Hiring in-house staff to take the pressure off you is costly. You'll need a team with a range of skill sets to carry out all the services offered by a property management service.
Without the necessary experience, you could ultimately need landlord rescue to help your rental business survive.
About Turnkey Property Management
A turnkey property management service already has an in-house team of real estate experts. So, when you hire their services, you enjoy a wide range of skills and experience at a fraction of the price.
These teams are familiar with all the necessary laws associated with Arizona real estate. They may also offer eviction protection services to shield you from the impact of evictions.
Professional property managers are dedicated solely to overseeing rental properties. They have the time to give your tenants the specialized attention they need.
Their property maintenance coordination measures help protect the value of your property. They can attend to maintenance issues with minimal disruption to your tenants.
Property managers have ongoing professional relationships with local contractors. This ensures you get the best service and prices on maintenance and repairs.
Make the Best Decision for Your Phoenix Rental Business
When comparing professional vs. DIY property management, there are a few things you must consider. These include cost-effectiveness, expertise, market knowledge, scalability, and landlord protections.
In-house property management may offer more control. Yet, it can become stressful and overwhelming for busy landlords.
If you want to avoid the anxiety that can go along with owning rental units, look no further than PMI Phoenix Golden West. We offer highly specialized services, access to expertise and state-of-the-art technology, and considerable cost savings for landlords.
Our team is backed by a franchise that's been leading the property management field for over two decades. Explore the benefits of turnkey property management for your Phoenix investment homes.
