According to data from ATTOM, the median house sale price in Ohio in June was $250,000, up from $205,000 in January.
The housing market in Ohio has a lot of potential, but you need to do things right if you want to be successful. Managing rental properties isn't easy, so it may be best to seek out a turnkey property management company. They offer various property management services that can help you get the most out of your properties.
For a rundown on what turnkey property management is and how it can help you with your real estate investments in Cleveland, OH, keep reading.
What Is Turnkey Property Management?
A turnkey property is a home that's ready to move into while it's on the market (i.e. the buyer could purchase it and move straight in without making any changes). If you're looking at rental properties, this would be one that you can purchase and rent out immediately. In some cases, these properties are sold with tenants already in place.
Why Is It Beneficial?
A lot of investment management strategies are quite complicated, but this is one of the most convenient approaches. An investor can buy a property without having to worry about making any improvements or renovations. You can start renting it and making an income straight away.
Some investors will even purchase turnkey properties without even viewing them. This is usually when an investor doesn't live near the property they're purchasing.
A turnkey property management company can oversee all of the day-to-day operations of your new property. If you have the funds for the investment, you barely have to worry about anything else. Additionally, if the property doesn't already have tenants, your property manager can find them for you.
You may want to purchase a property somewhere you don't live because it offers better investment opportunities. In this situation, turnkey property management is especially beneficial.
Because turnkey properties are ready to move in, your cash flow will begin much faster than with a standard property; especially if there are already tenants living there. If the tenants leave, a turnkey property manager can work to find new tenants quickly.
Is Turnkey Property Management the Best Approach?
While there are several benefits to turnkey property management, it may not always be the best choice. The main downside is that these properties can be quite expensive. As they're sold in a livable state, they're typically more expensive than similar properties which need some work.
The initial investment will be larger, so you need to be prepared to make a bigger investment. The cap rate is also usually lower than with other properties, so make sure you take this into account.
Professional Turnkey Property Management in Cleveland, OH
Depending on your investment strategy, turnkey property management could be the perfect solution for you. While it comes with a larger initial investment, it's one of the most convenient and efficient approaches to rental property management.
PMI CLE eAgent is a full-service real estate asset management company serving clients throughout Cleveland and the surrounding communities. PMI has been managing real estate for almost 20 years and uses cutting-edge technology to provide industry-leading service. Take a look at our property management page to find out more about our services.
