You love owning rental properties. After all, someday you'll make a lot of money from them.
The downside is managing them. It takes so much work and time. But you can hire a company to do some of the work.
You can choose tenant placement services or rental management. What is the difference, and which is better?
Continue reading to learn these answers.
Basics of Tenant Placement
Tenant placement is one specific duty: finding tenants for vacant rental properties. You can find tenants yourself or hire this service out.
When hiring a property manager for this duty, they handle every aspect involving the tenant selection process.
They advertise units for rent and collect applications. They run background checks on the tenants. They select the best ones and assist with the lease-signing process.
Once the property manager hands the tenant the keys, their job is done.
This service is helpful for attracting tenants, but it will not help you keep great tenants. You'll have that responsibility.
You'll also have to handle rent collection and tenant repair requests. The only thing you won't have to do is find tenants.
Basics of Rental Management
Rental management is another service property management firms offer. This service includes tenant placement services and much more.
In fact, it includes all the other tasks landlords handle. For example, it includes performing landlord inspections, which are essential for all rental property owners.
It also includes handling all the maintenance and repairs the units need. Additionally, rental management includes all the tenant-relation duties.
Rental management encompasses the entire landlord duty list. It covers everything from signing leases to addressing emergency repairs.
Choose the Right Option for Your Situation
As a real estate investor, you can decide which service is right for you. Consider the following question: How much work do you want to handle?
If you have the time, energy, and means to manage your properties, then keep the duties. In this case, hiring a company to find tenants for your units might be all you need.
However, many landlords prefer hiring a company for rental management duties. By doing this, landlords:
- Have more time to do other things
- Gain expert help from a professional business
- Can feel confident that someone is handling all the duties
Therefore, hire a full-service company to gain more free time and have fewer responsibilities. Just make sure you research companies beforehand. You'll want to choose a company you can trust.
Let Us Help
As a landlord, you have lots of responsibilities and duties. If you want to reduce your stress level and save time, hire a company for rental management.
Choose tenant placement services if you can handle all the work but need help finding better tenants.
PMI Daytona Flagler is a property management firm you can trust. We offer services in the Daytona Area and specialize in all property management services.
Our office is locally owned and operated, which means we know the area well. Reach out to learn more about how we can help your rental property business.
