One of the toughest things about being a landlord is finding good tenants.
You probably already know this if you own rental properties. What you may not know is how to make the process easier.
It's your responsibility to find tenants who are going to care for your property and pay rent online. However, as you grow your investment portfolio, you may not have enough time to screen everyone.
This is where tenant placement comes into play.
Tenant placement offers a specialized solution for landlords so they can have a hassle-free renting experience.
You may be wondering what the difference is between tenant placement services and rental management.
You're about to find out! Keep reading below!
Tenant Placement vs Rental Management
Tenant placement service and rental management can seem very similar, but one is more extensive than the other.
Tenant placement will help in the initial stages of the rental process. This may include marketing the property, conducting a tenant background check, verifying their income and employment details, and facilitating the lease signing process.
Rental management will offer a comprehensive range of services. This will also include a tenant criminal background check, lease management, rent collection, property maintenance, and more. It's a full-service solution.
Benefits of Tenant Placement
Finding the right renters requires expert tenant screening. You may not have the time or resources to do this, as multiple screenings may be required.
By having a team thoroughly vet potential renters, you reduce the risk of future issues with the tenants. Tenant placement services will handle this task efficiently, saving you significant time and effort.
Another benefit is reduced vacancies. A tenant placement service will have more connections and resources that will help them find reliable tenants.
They will also have a tenant marketing strategy in place to help them target the right audience. A tenant placement team will also showcase the property's strengths, which can help reduce the time it takes to find suitable tenants.
This is great news for you and your wallet.
Landlords have a lot of laws they must comply with when it comes to finding and selecting tenants. Letting an experienced team help you find renters will ensure you are always in compliance with the law.
How to Choose
Now that you know the benefits of each option, it's time to decide which one is the best one for you and your property.
Before you decide, you much evaluate your time availability. What does your day-to-day schedule look like?
If you have time to handle property maintenance, repairs, rent collection, and communication with your renters, then tenant placement services may be for you.
If you want to be completely hands-off, then rental management might be the best option for you.
Decoding the Differences: Tenant Placement vs. Rental Management
Whether you're interested in tenant placement or rental management, we can help. We have 25+ years of experience in the industry and are ready to help you with your property investment needs.
Give us a call or send us a message and we will get you set up with the best property managers around.