Have you been looking for absolute dream tenants? Despite what you may have experienced as a landlord, not all tenants are live-in nightmares. In fact, some tenants are a downright joy to work with.
As a landlord, you can spend months searching and researching to find these tenants or get the process done quickly through tenant placement services. You can even unburden yourself further with a complete rental management contract! Learn more about these different services and which will work best for you in this quick guide.
Tenant Placement
Tenant placement services focus only on the first part of the rental process. The property management company will advertise the rental and take applications. What makes this step great is that the property management firm has a broad reach and a list of potential renters, so your place gets way more views.
They will then screen the applicants for suitable tenants. Tenant placement also helps negotiate and set up the lease agreement. You benefit from the service provider's legal expertise in these technical tasks.
You then get all the landlord's responsibilities when the tenants move in. The upside to this service is that it's a less costly option, and if having all the responsibilities is a downside, then you should check out rental management.
Full Rental Management
With complete rental management, the property management firm handles everything for you, including tenant placement. For a monthly fee, the company does inspections, collections, maintenance, taxes, and even evictions if necessary.
The monthly fee equals a percentage of the rent and any extra maintenance costs if needed. The primary benefit is that you get paid at the same time every month and never have to deal directly with tenants.
Who These Services Work For
Tenant placement services work really well for two kinds of people who can easily manage the daily tasks associated with rentals. The first are those who want the wider reach a property management company can give them. The second are those who would rather have professionals deal with the legal aspects of tenant screening and contracts.
Rental management is the better option for people who live too far away or are too busy to be as involved as a landlord sometimes needs to be. If you're in the first category, the travel can cost more than the agency's fee. Those in the second category save on the opportunity costs of not being available for work or family.
It may also be time to hire a property management company if you have many rental units. Keeping track of several properties can expose you to problems that build on each other if there's some sort of crisis.
Get the Service You Need
Many property owners are landlords as their full-time job. This allows them to be involved in the daily tasks, but they would still benefit from tenant placement services. The agency uses its reach and resources to find more tenants and promptly get them to move in.
If being a landlord is not your full-time gig, you should consider rental management. For that, there's no better company than Austin Property Management.
Our dedicated team of tax, accounting, and real estate experts will help optimize your rental business. Let us help you make and save money with the best service in Texas.
