Becoming a landlord may not be a hot new trend, but it will certainly net you a tidy profit if you play your cards right. Rents are growing at a remarkable rate; they're over 36% higher today than they were pre-pandemic. Unfortunately, many people are missing out on the massive benefits of investment properties because they aren't sure about becoming a landlord.
If you want to get into real estate investment, there are some great options that'll help take the stress out of your hands. Read on to learn about how tenant placement and rental management are changing the property management world!
What Is Tenant Placement?
A tenant placement service helps you market your property to prospective tenants. These tenants are more likely to fit the qualifying criteria you've set, such as credit score, rent-to-income ratio, and a positive rental history.
This might seem like a fairly straightforward process, but today's rental market is competitive. The tenant placement agency knows exactly how to market to your target tenants and how to make them pick your property. They can also assist with tenant screening, lease signing, and move-in.
Once you have tenants living in your property, the tenant placement service's work is done.
What Is Rental Management?
Rental management companies take a more holistic approach to their services. They essentially serve as a proxy for the landlord.
This means that they take on all property management responsibilities. This includes tenant placement, lease renewal, maintenance, rent collection, eviction, and much more. Rental management companies are a great option for busy real estate investors who don't have the time or experience to do it on their own.
They also have the expertise necessary to comply with all of the applicable local, state, and federal laws. On top of that, many have relationships with vendors that'll help bring down the cost of maintenance.
Weighing Your Options
If you're a new real estate investor, deciding between tenant placement and rental management is difficult. It all comes down to your personal preferences.
Do you want to be super involved in the day-to-day management of your property? Is your main goal to reduce your overall vacancy rate? If this is the case, then tenant placement may be the best option for you.
Do you want to avoid being weighed down by responsibilities? Do you have another career to manage on top of your investment properties? Rental management is a great way to proceed in these cases.
Take Your Investment Properties to the Next Level!
Being a landlord is not the easiest task. Thankfully, tenant placement and rental management companies are here to relieve some of that stress and make you more successful! Both services are great options for landlords, so all you need to do is determine which one works best for your needs.
Are you looking for an experienced property management company in South New Jersey to help you with everything from tenant screening to tenant retention? Contact PMI Property Service today to learn how we can help maximize your success!
