Having a bad experience with a tenant can leave a landlord asking themselves many questions. This can range from wondering whether they're a bad judge of character to trying to work out how best to insulate themselves from future drama. Luckily, a good property management service has answers to both dilemmas.
A tenant placement service can help a landlord find better tenants faster. If a landlord wants to outsource more of the job but keep the income streaming in, they can opt for rental management. Learn more about these two services and who they serve best in our short guide.
Ins and Outs of Tenant Placement
Tenant placement is a service that takes care of every step of the renting process until the tenants move in. The first step is marketing, where the property management firm lists the rental property as available. Landlords already get a massive benefit here because property managers' listings have a huge audience, meaning there's a better chance of finding great tenants.
Next, the firm will screen applicants to find the best match. Landlords don't have to worry about missing red flags or accidentally stepping on anti-discrimination laws.
Once the firm has a good fit, they'll take them through the lease agreement phase. The firm will bring its expertise to set up a foolproof lease agreement that protects everyone's interests. The tenants will move in after signing, and the landlord will take over the rest of the responsibilities.
Full Rental Management
Full rental management services handle the entire job of being a landlord. It starts with all the same elements as tenant placement but also encompasses rent collection, property maintenance, and every other duty you can imagine.
Having your rental properties managed in this way costs more than mere tenant placement-however, it saves a real estate investor more time and effort than what it costs.
Who Benefits When?
Tenant placement services suit the following landlords best:
- Landlords looking to pay for better marketing
- Landlords struggling to attract tenants
- Landlords who like their role but wish to outsource tenant screening and contracting tasks
Tenant placement leaves the daily job of being the landlord to the property owner. Many people choose this option because it's a job they like and it offers them the most landlord-related tax breaks.
Rental management, on the other hand, is better for:
- People with hectic schedules
- People who feel like they're falling behind with landlord duties
- Real estate investors with more properties than they can handle
- People who live far from their investment properties
Get Expert Real Estate Advice
Tenant placement and rental management services are two modern techniques for making real estate investors' lives easier. Tenant placement handles all the pre-move-in tasks and leaves the landlord to take care of the rest. Rental management does everything for the property owner, giving full effect to the term "passive income."
Here at PMI Metro and Suburban (Des Plaines), our goal is to give property owners and tenants any type of support they need. Not everyone needs or wants full rental management, but almost everyone can benefit from the cost-effective tenant placement option. Learn which one works best for you today.
