Being a landlord is more stressful than it looks. According to IFA Magazine, landlords in 2024 face a lot of anxiety. Not only are mortgage payments and interest rates rising, but tenants are also struggling to pay rent.
In the face of this uncertainty, many Atlanta landlords are opting for turnkey property management solutions. These comprehensive real-estate services can help you, but they come with additional costs.
Are the extra expenses for turnkey real estate management in Atlanta worth it? This article explores the in-house vs third-party debate and will help you choose the best property management service.
Benefits of In-House Property Management
The biggest benefit of doing everything in-house is that you have total control. This means you won't need to coordinate with third parties over things like:
- Tenant relations
- Maintenance schedules
- Rent collection
- Tenant background checks
- Inspections when tenants move in or out
- Handling emergencies
If you own just one or two properties, it might be possible to do these things yourself, but if you have a sizable portfolio, you'll need a few employees to help you. By taking on these responsibilities, you'll save on third-party fees.
Direct management also means you'll get to know your tenants and develop a rapport. A good relationship means you're more likely to hear about pressing maintenance issues and your tenants are less likely to move out.
Benefits of Third-Party Property Management
While it's great to have control, property management in Atlanta can get stressful. Important tasks like criminal background checks require special expertise, and there are serious consequences if you make mistakes.
Instead of learning to navigate police databases, many Atlanta landlords choose property managers with the appropriate knowledge. A comprehensive background check could take days for an amateur, but a property management professional can complete a deep investigation within an afternoon.
They'll bring the same level of expertise to things like:
- Property listings
- Preventive maintenance
- Lease agreement preparation
- Handling evictions
- Legal compliance
Clearly, turnkey property management could save you time and energy, and also help you avoid critical mistakes.
In-House vs Third-Party
To decide between in-house and third-party management, consider your situation. Usually, in-house management is only viable for smaller portfolios. The more properties you have, the more stressful it gets.
Even with few properties, in-house landlords still face risks. According to the NLIHC, Georgia recently passed new tenant protection laws. Even a small legal oversight could lead to significant penalties. Hiring professional managers could offer peace of mind and significantly soothe your stress levels.
Consider Turnkey Property Management
As you can see, in-house solutions are best suited to small property portfolios. Even then, it's a lot of responsibility with many potential pitfalls. If you want to save time and energy, consider a turnkey property management solution.
Here at PMI Atlanta West, we're locally owned and operated, so we understand the challenges Atlanta landlords face. But, we're also part of a successful national franchise, so we have access to top-notch real-estate expertise. Contact us today to learn why so many Atlanta landlords trust us for comprehensive turnkey services.
