Reno's rapidly diversifying economy and excellent startup prospects make it a good choice for property investors looking to earn an income from residential rentals. Are you fortunate enough to have snapped up an investment home in this promising city?
If so, you are probably wondering, 'What next?'. Owning an investment property involves many responsibilities and ongoing work to ensure you turn your rental business into a roaring success.
As a landlord, you have two options for investment property management. Read on to explore whether turnkey property management or in-house efforts are best for you.
Is In-House Property Management a Good Fit for You?
Unless you have extensive real estate management experience and abundant time on your hands, you'll need some help managing your Reno property. You can carry out some tasks like marketing and managing customer relations yourself, but the best property management teams comprise the following:
- A bookkeeper
- An accountant
- Maintenance professionals
- A real estate lawyer
You can employ these individuals on an as-needed basis or retainer, and these costs soon add up.
On the plus side, managing your properties in-house gives you greater control, and you have the ultimate say over maintenance coordination and costs.
You can also build better relationships with your tenants with a hands-on approach, which is good for encouraging lease renewals.
Benefits of Turnkey Property Management
A turnkey property management service takes care of every aspect of managing your Reno property. Their teams comprise experienced professionals with years of local knowledge.
You only pay a fraction of the costs to hire these experts and needn't spend any time attending to your tenants yourself.
The property management services offered by these companies include:
- Property marketing
- Rental analysis
- Tenant screening
- Maintenance coordination
- Tenant relations
- Property inspections
What's more, property management experts stay up-to-date with all the latest Nevada landlord-tenant laws, so you needn't worry about unknowingly infringing on tenants' rights.
They also offer eviction protection services to help shield you from the inconvenience and expense of a tenant eviction. Their expertise helps you:
- Place good tenants in your property
- Retain property value through ongoing maintenance
- Encourage lease renewals
- Set fair, profitable rental rates
- Provide around-the-clock service for your tenants
Most importantly, hiring a property management service helps free up your time and reduces the stress involved in owning a rental property.
Find Your Rental Property Solutions in Reno, NV
In-house property management suits those who enjoy establishing personal relationships with their tenants and want to maintain absolute control over their properties. Turnkey property management is the ultimate solution for busy investment property owners who value their free time.
PMI Diversified Properties is an established full-service property management company based in Reno, NV. Our team is led by a qualified broker with over 20 years of experience with a wide range of local properties.
We offer a full suite of property management solutions to help you maximize your rental income while retaining the value of your investments. Discover an easier way to manage your Reno investment properties today.
