There are more than 23 million landlords in America. If you have several rental properties, you want to ensure that you provide the perfect service to your rental tenants. But managing more than one home can be stressful, and some people seek help from property management companies.
Others want to feel in control of their rental management, so they opt for tenant placement.
So, what is the difference between these two forms of rental management services? Keep scrolling to find out!
What Is Tenant Placement?
Unless you're a property manager, most people don't know what tenant placement is and why it impacts their rental agreement. After a tenant signs a contract and pays a deposit, the landlord will have to deal with the overall property management if you pick a tenant placement system.
This means that you're in charge of everything related to rental management, such as collecting rent, finding reliable repair companies, and handing out notices. You'll need to handle the daily communications with renters and find solutions for their problems.
Not only do you need to take over the daily emails and messages, but you also have to promote the property on the market and screen potential clients before confirming the contract. This can add a lot of stress to your schedule. But it doesn't need to be the case.
The other option is to choose rental management.
Rental Management Benefits
Unlike tenant placement, when you decide on hiring a rental manager, you're delegating your tasks like collecting rent and communicating to tenants to a third-party professional. This option is excellent for property owners who have busy schedules. Or, it can be suitable for landlords who don't want to stress over tenant questions.
The great thing about hiring a rental manager is that these employees have experience and qualifications in the rental market. Therefore, they will know how to tackle difficult situations with tenants. They will ensure your properties are correctly organized.
Typically, rental managers will also show new tenants around properties and plan repairs when necessary. This is ideal if you want to keep your properties safe from damage. But it's essential that you find a high-quality rental management company to work with. So you can have a trustworthy relationship and keep up-to-date with any problems.
The choice between tenant placement and rental management comes down to your work schedule and commitments. If you don't have the time to be present for tenants, you might consider having a rental manager look after your properties. This way, you can save time looking for new tenants without worrying about unchecked property damage.
Property Management That Works for You
The most important thing to remember when picking your type of rental management is to consider the long-term setup for your business. You don't want to run into time issues because you take on the role of tenant placement and have to answer questions quickly but don't have the time.
The best option is to hire a rental management company to take care of your organizational tasks and communications.
Let us manage your Portland rental property with care and professionalism. Contact our team here to find out more.