Did you know that more than 44 million American households rent?
When it comes to investing in rental properties, one of the biggest decisions that landlords face is whether to handle property management themselves or hire a professional property management company.
Both options have their pros and cons. That's why it's important to understand the differences between property management and tenant placement to make an informed decision.
Read on to learn more.
What is Property Management?
A property management company handles everything from rent collection and maintenance to lease agreements and tenant screening. They act as a middleman between landlords and tenants.
Advantages of Property Management
Hiring a property management company provides peace of mind. Landlords can rest easy knowing that their properties are in good hands.
They also have industry knowledge. This means they can guide you on legal matters, such as evictions and tenant rights.
Plus, rental properties that are professionally managed are often more attractive to tenants. This is because they know that their needs will be taken care of by a dedicated team.
Disadvantages of Property Management
Hiring a property management company comes at a cost. Landlords can expect to pay a management fee out of each month's rent.
Also, some landlords may prefer to be more hands-on with their properties and may find it difficult to give control to a third party.
What is Tenant Placement?
Tenant placement is the process of finding and screening potential tenants for rental properties. Landlords can handle this themselves, or they can hire a tenant placement company to do it for them.
Advantages of Tenant Placement
While tenant placement is more time-consuming, landlords who handle tenant placement themselves can save money on management fees.
Landlords using tenant placement have more control over the screening process. They can find tenants who they believe will be a good fit for their properties.
Disadvantages of Tenant Placement
Tenant placement takes time and effort. Landlords who handle tenant placement must handle everything from advertising to background checks.
Also, landlords who handle tenant placement themselves need to learn about fair housing laws.
At a glance, tenant placement may seem cheaper. But, it can also be a time-consuming and risky process. On the other hand, rental management offers a comprehensive solution that can save you time and money in the long run.
Property Management Services vs Tenant Placement Explained
Here at Renters Warehouse, we believe that our property management service is the way to go. Our team of experienced professionals can handle everything from tenant screening and placement to rent collection and maintenance.
Plus, with our competitive pricing and commitment to customer satisfaction, you can trust that you're in good hands.
So why take the risk with tenant placement when you can have the peace of mind that comes with professional rental management?
Want to make the best of your property? Contact us today with all inquiries.