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Finding and selecting reliable tenants is not as easy as it may seem, and experienced landlords can attest to that. No matter how many prospective tenants express their interest in renting your property, you need to carefully examine whether they would be suitable tenants or not.
Even the smallest misstep can lead to landlord nightmares, such as loss of rent and legal issues. Many landlords entrust tenant placement with experienced professionals to avoid or mitigate risks and take a time-consuming task off their plates.
Precision Realty offers tenant placement services that can boost management efficiency, and this article outlines how you can benefit from hiring experts to find reliable tenants.
1. Effective Marketing
The challenges of property management begin with making certain that your rental property listing reaches your target market. Tenant placement services use online and traditional advertising methods to reach a wider audience and maximize your rental income. Professionals can provide you with:
- Rental Market Analysis: To find the best rent price based on competitive rental price analysis and to appeal to potential tenants
- Professional Photos: Most tenant placement services include taking professional photos of your rental property to make it attractive to applicants
- Online Advertising: With the emergence of digital convenience, more tenants prefer looking for rentals online, and tenant placement services can expand your online exposure by posting your listing to hundreds of websites
2. In-Depth Tenant Screening
Property management companies that offer tenant placement services do comprehensive background checks to vet potential tenants. This ensures that qualified tenants are placed in your property, making rental management easier for property owners. Precision Realty, for instance, uses tenant screening criteria to find high-quality tenants, such as:
- Credit Checks
- Rental History
- Employment Verification
- Criminal History
- Debt-to-Income Ratios
- Previous Landlord Calls
3. Taking Over Property Showings
Finding suitable tenants can be tedious, especially if you have to host open houses. Whether you have to do showings for multiple properties or just one, hiring tenant placement services can save you a lot of time in the tenant placement process.
Property managers can also provide insights into how to improve the property's appeal to prospective tenants.
4. Expert Lease Agreement Preparation
The leasing process requires a level of expertise and attentiveness to ensure legal compliance with local rental laws and regulations. Tenant management services possess the legal knowledge to prevent lease errors or omissions.
Employing a tenant placement company would also allow you to provide custom lease agreements, which can ultimately benefit tenant relations and compliance by placing lease terms that are agreeable to all parties.
Property Management vs Tenant Placement Services
Tenant Placement Services
Property owners can only get tenant placement services instead of full-service rental management. Of course, the service is limited and landlords will have to handle most of the management responsibilities. Depending on the tenant placement services offered, aspects that are covered are:
- Rental Property Marketing
- Lease Agreement Generation
- Rental Price Analysis
- Professional Real Estate Photography
- Property Inspections
- Handling the Move-In Process
It's a good standalone service if you aim to reduce vacancy periods and tenant turnovers, but tenant placement services can only do so much. Property owners often opt for full-service management to have a stress-free rental business.
Property Management Services
Professional property management is a blanket service that already includes tenant placement services. Property owners choose to hire a full-service management to maximize the potential of their rental property.
Marketing vacancies and finding tenants are only part of the job, and hiring professionals to manage your rental business is recommended, especially if you're a first-time landlord. Property managers take care of responsibilities like:
- Marketing and Advertising
- Resident Screening
- Rent Collection
- Maintenance and Repairs
- Property Inspections
- Accounting
- Evictions
Unlike tenant placement services, property owners can enjoy a completely hands-off business and earn passive income by letting an experienced team handle everything. In some cases, landlords can even save money by skipping costly learning curves as experts take the helm.
Tenant Placement Service FAQs
How does a tenant placement service market my rental property?
They post on online listing websites, social media, and their own websites. With knowledge of the local rental market, they can ensure that the listing reaches the target audience.
How much do tenant placement services cost?
The costs will depend on the price structure of the company or professional you hire. Most charge a fee that's equal to one month's rent, but others also take a percentage of the annual lease.
What happens if tenants default or break the lease?
Most tenant placement services limit their assistance to marketing your property and leasing potential renters, but some offer tenant replacement protection, where they find you a new tenant at no cost if eviction happens.
How long does finding tenants take with professional services?
While a tenant placement service can streamline the rental process, other factors to consider include rental demand in the area and the type of property you have.
Can property owners choose who to rent to?
Yes. Ultimately, the landlord makes the decision. When you do, remember about Fair Housing laws. You cannot deny tenancy based on race, religion, sex, national origin, familial status, or disability.
Hiring a Reliable Property Management Company
Whether you opt for tenant placement services or full-service management, it's important to hire the right company.
Precision Realty extensively covers property management needs, such as marketing your rental, reducing vacancy periods, ensuring tenants pay rent, conducting regular maintenance, enforcing rental agreement rules, resolving rental issues, and more.
We take care of our clients by maximizing their rental income and keeping them stress-free. Without having to worry about managing your rental property, you can focus on other lucrative ventures and expand your real estate portfolio.
You can reach out to us and learn more about our services. Take the first step to being a hands-free landlord today!
