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Portland, OR, is a growing city with a thriving economy and many economic initiatives in place. This makes it an excellent choice for property investors wanting to set up a prosperous rental portfolio.
Succeeding in the rental market involves more than finding a well-priced home in a high-demand area, though. Landlords must also keep up to date with a wide range of tasks to attract good tenants, encourage lease renewals, and avoid vacancies.
Many choose to hand over these responsibilities to a turnkey property management company, while others prefer to DIY their property management tasks. Which type of landlord do you want to be?
Read on to explore the pros and cons of hiring property management services over in-house property management.
Pros and Cons of Turnkey Property Management
Most Portland property investors prefer to hire professional property managers to save themselves time and money. Self-managing rental properties can be time-consuming and stressful, and hiring an in-house team of managers is costly.
Turnkey property management services give you access to all the expertise you need at a fraction of the price. These team members can assist you with:
- Legal guidance
- Investment advice
- Bookkeeping services
- Administrative tasks
Their expertise helps landlords cope with the legal intricacies of tenant screening, tax submissions, and tenant evictions. Property management companies can assist landlords with a full bouquet of everything they need to save them time and money when taking care of their properties.
These aspects include:
- Property marketing
- Tenant placement
- Property maintenance
- Lease origination
- Rent collection
These services are a boon for busy property owners, allowing you to free up your time to enjoy the spoils of your investments. They help to encourage lease renewals and promote profitability.
Why Choose In-House Property Management?
After reading about the convenience of turnkey property solutions, it might seem like the obvious choice for property owners. However, self-managing your properties also has some benefits.
These are:
Personalized Services
When you manage properties yourself, it's easier to build personal relationships with your tenants. Many renters prefer to work with the property owner instead of a company.
Self-managing your property increases its appeal for these people and can result in fewer vacancies.
Ultimate Control
Taking care of every aspect of property management yourself gives you ultimate control over your rental units. You remain intimately aware of every aspect and can more easily control your budget and maintenance costs.
Hire Portland Property Managers
DIY property management is the best way to maintain total control over the daily operations of your rental units and build good tenant relationships, but it can become stressful and time-consuming. Hiring a turnkey property management service helps eliminate these drawbacks.
Prop M, Inc. is your first choice for Portland real estate management. Our large team comprises many seasoned and qualified professionals who are at your service 365 days a year.
Our around-the-clock helpline ensures your tenants enjoy the convenience and satisfaction they deserve. We can help you enjoy the best benefits of professional turnkey property management services in Portland, OR.
