The latest statistics show that monthly rent prices increased in all U.S. states last year with renters in some states facing a more than 20 percent increase.
With higher rent prices, a high turnover rate, and the prospect of an eviction moratorium, rental property owners face an uphill battle in the search for high-quality renters.
Are you struggling to attract new tenants to your rental property? Both rental management and tenant placement can help you, but which one is better? Keep reading to learn more about each option.
Tenant Placement Services
When you enlist a company to handle tenant placement, it is their job to find, screen, and place qualified tenants in your rental property.
Qualified tenants are a must when you're relying on rental income. It is worth investing in professionals to help you find high-quality renters.
What Do These Services Include?
Tenant placement companies receive applications, run background checks on applicants, and know how to spot the most reliable tenants. The goal is to place tenants who pay on time and in full so that you'll have a steady stream of revenue.
Part of the screening process involves checking credit scores, verifying employment information, and looking at rental history. Leave this to the pros who have experience in this area.
Tenant placement also includes creating a move-in inspection report and showing the property to prospective tenants. Tenant placement services end there, however, and do not include overall property management.
Fair Housing Act
A tenant screening company will be familiar with all of the laws related to the Fair Housing Act. This law protects renters from discrimination based on color, race, nationality, gender, religion, disability, and familial status.
The lease must be Fair Housing-compliant and adhere to other state and local laws to avoid potential penalties.
Property Management
When you hire a full-service property management team, they will handle several different services related to managing a rental property including tenant placement.
They will work to attract quality tenants. They collect rent, manage tenant accounts, and handle late payments. If a problem arises that leads to court proceedings, the management company participates in the proceedings.
Another aspect of their service includes arranging for repairs and overall maintenance of the property. When tenants know that they can rely on the management company to handle any issues or complaints, they are much happier and will likely stick around.
Tenant Placement vs. Rental Management
Now that you know more about the ins and outs of tenant placement vs. property management, which one is right for you? Each one has its benefits.
If you're looking to unburden yourself so you can focus on other aspects of your business, professional property management is the way to go.
Do you know who can help? We at Property Management Inc. Great Lakes will help you get the most from your investment properties. Contact us today to set up a consultation. We can answer your questions and offer a free estimate. Send us a message or call us at 248.724.0600.
