Running a rental property business is sure to keep you busy and on your toes. You must look for tenants to fill your units, collect rent, and handle all the maintenance and repairs.
That's a lot of work, and every duty is essential for a profitable business. However, you don't have to handle all the work yourself. You could hire some of it out.
But you might wonder about the difference between tenant placement and rental management. Property managers handle both, but they're very different.
Keep reading to learn the differences.
Tenant Placement Serves One Vital Role
Each time a tenant moves out, you must prepare the unit. Next, you must find a new tenant. This process is called tenant placement.
Tenant placement requires some steps. First, you must perform tenant screening services after accepting rental applications. These services help you learn more about a person.
Background checks include several steps, including checking a person's credit. You can also check criminal records and past rental records.
All these steps take time and knowledge. While you could do them yourself, you can also outsource them. A property management company can handle tenant placement services for you.
These services include the steps listed here, but that is all. Tenant placement doesn't include rent collection, preparing units, or other steps.
Rental Management Is Comprehensive
If you need someone to assist with other steps, consider rental management. This service is more comprehensive.
The property manager will handle tenant placement. They'll also offer other tenant services, including rent collection. Rental management also includes handling tenant phone calls.
A property manager will tackle all the maintenance your properties need. Additionally, they'll handle the emergency repairs.
Of course, they can complete other tasks, too. Do you need someone to perform a rental analysis of your properties? Rental management includes this service.
You can also ask them to handle lease reviews and renewals, as well as evictions. Of course, property managers know landlord-tenant laws, helping you avoid legal problems.
Factors to Consider Before Choosing
Tenant placement and rental management are helpful services. However, you can hire one or the other. How do you decide?
First, what condition is your business in right now? You might be operating fairly well and not need much help. In this case, tenant placement might be a good option.
If your business is really struggling, now might be time for a landlord rescue. A landlord rescue can help you save a struggling business through rental management services.
You can also base your decision on costs by contacting a property management firm.
Talk to a Property Management Firm
Tenant placement is essential for finding the best tenants. It's a useful service that keeps giving.
Rental management is also helpful for busy landlords. It includes multiple services for rental property owners.
Are you ready to learn more?
Property Management International Greater Philadelphia is here to help. We specialize in excellent customer service. We also aim to help property owners maximize their profits.
We can help, so get in touch today to learn more.