You're determined to draw the right tenant to your rental property this fall, but you're struggling to find "the one." You're not alone.
Research shows that more than 40% of property investors report having tenants who suddenly quit paying rent. More than 44% have evicted tenants. Choosing the right tenants can help landlords avoid these headaches.
Both tenant placement and rental management can help you get tenants, but which is better? Let's explore the difference between them and how they can both help.
Property management is where you hire a property manager to oversee your daily real estate operations. The company will handle several tasks to ensure you remain profitable and your tenants stay happy. These include:
- Addressing renter issues
- Collecting rent
- Screening potential tenants
- Marketing rental house vacancies
A property manager can also help keep your properties in tip-top shape by handling property maintenance. This is important because prospective renters likely won't choose your homes if they're not in excellent condition.
Renter placement services focus on helping you attract tenants. They don't handle ongoing property management.
Suppose you decide to partner with a tenant placement company. They'll advertise your rental home vacancies and facilitate your lease agreements. You'll handle your property's daily operations.
This means you'll have to answer tenants' questions. Your tasks will also include collecting rent and maintaining your properties.
Rental Management vs Tenant Placement
Choose rental management if you prefer to be hands-off with your properties. Managers offer more comprehensive services than tenant placement firms. They'll help you with the entire property management process.
Rental managers are worth investing in if you want more free time. They'll free up your schedule and energy.
This will help you focus on other aspects of your life. These include working a full-time job or spending time with family.
Yet another reason to choose a reputable rental manager is that they have years of expertise handling multiple property management issues. These professionals have deep knowledge of your local rental market.
Property managers understand renting-related legal requirements, too. They're also well-versed in renter screening processes. They'll help you find the right tenants year-round.
Tenant placement companies can help you find tenants, but you'll need to draw on your experience to manage your property. This isn't a good option for a real estate investor who is new to the industry. Real estate investors wishing to minimize their workloads and stress may not find tenant placement companies helpful, either.
How We Can Help Your Rental Business
Rental management can help you oversee all aspects of your real estate investing business. This includes screening tenants, collecting rent, and maintaining your property.
Tenant placement companies can help you find renters. They don't handle other aspects of property management.
PMI US Southwest is a leading property manager in Fort Mohave. We also serve investors in the Mohave Valley and Bullhead City.
We'd gladly handle all of your real estate management needs. These include evictions and accounting. They also include marketing and maintenance. Schedule a consultation to learn more about our services!