If you're looking for a more stable, lower-risk investment medium in Woonsocket, RI, look no further than real estate. As Gallup's Best Investment Ratings surveys have shown since 2014, most Americans consider real estate the best investment.
One of your options is to invest in turnkey properties. They're "occupant-ready," so you can rent them once they're yours. And, if you hire turnkey property management experts, you can further simplify your income generation process.
Join us here at PMI Ocean State as we explore the top benefits of turnkey real estate management services.
1. Compliance With Local Laws
Landlords in Woonsocket, RI, must comply with Rhode Island General Laws, Title 34, Chapter 18. Also known as the Residential Landlord and Tenant Act, this act governs landlord-tenant relations. It contains many complex provisions, including lease terms, landlord/tenant rights and duties, and evictions.
With professional rental property management, you don't have to memorize those laws yourself. Provided you choose an experienced local management firm, rest assured they're adept with federal, state, and city laws. They'll use their knowledge and experience to keep your property compliant.
Also, note that the City of Woonsocket, RI, enforces a code for non-resident or absentee landlords. Under the code, such landlords must abide by registration requirements with the City Clerk.
Additionally, under Rhode Island General Laws § 34-18-22.3, non-resident landlords must designate and maintain an agent for service of process. Hiring a local property management firm can satisfy this law.
2. Hassle-Free Property Management
You may have heard that some people refer to real estate property investments as "passive" income generators. Unfortunately, this isn't always the case; being a landlord can be a 24/7 job. After all, when tenants experience problems like plumbing emergencies in the middle of the night, their first point of contact is their landlord.
You can face such issues unless you have a professional turnkey property manager. With one on your team, expect 24/7 efficient property oversight and tenant management. They'll handle most of your chores, from tenant communication to property inspections, maintenance, and repairs.
So, you can rest blissfully at night, knowing your manager takes care of your tenants. Your tenants can also enjoy peace of mind knowing your manager is always accessible.
3. Protect Your Rental Income and Property
Some of the property rental solutions you can expect from a local, investor-friendly property management company are:
- Rental analysis
- Tenant placement
- Lease enforcement
- Legal compliance
- Rent collection
- Property oversight
- Accounting and financial reporting
- Eviction Protection
All those services work together to help you boost your income and protect your investment. Without a property manager, you'd have to do them all yourself. Failing in one area alone can lead to profit losses, high vacancy rates, or hefty penalties.
Reap These Benefits of Professional Turnkey Property Management
Partnering with a full-service turnkey property management company offers many benefits, from legal compliance to hassle-free management and passive income generation.
PMI Ocean State proudly delivers high-quality property management solutions in Woonsocket, RI. Our owner and manager, Elizabeth Martinez, has 5 years of property management experience and manages 50 properties. We're also a member of PMI, a larger national company with over $5 billion of real estate assets under its management.
Drop us a line today to learn more about our services or to request your complimentary property analysis!
