Are you looking for effective ways to make the management of your Redwood City rental property easier?
It's not uncommon for landlords to be spoilt for choice between tenant placement and rental management. You've quickly learned that outsourcing is the key to successfully managing your rental property, but not sure whether to take a partial approach or go hands-free.
Choosing between tenant placement and rental management requires you to have a clear picture of what each option entails. This article briefly digs into the two options, giving you the information you need to make the right decision.
The Ins and Outs of Tenant Placement
As a landlord, you're certainly familiar with the process of finding a new tenant. From property marketing to tenant screening, it can take several weeks before your vacant rental finds a good renter.
Don't you wish there was a way to find new tenants without all that hassle? This is where tenant placement comes in.
Companies that provide tenant placement services do just that; they send qualified tenants your way! Once a vacant unit becomes available, you just need to contact the company and within a short time, you'll have a new tenant to onboard. The tenant has already been screened, but you can rescreen them if necessary.
If you have multiple rentals where you need new tenants every other month, this service becomes invaluable. Although it will cost you some money, the convenience and peace of mind that you'll enjoy is unparalleled.
The Ins and Outs of Rental Management
Tenant placement only replacement a few landlord functions. You'll still be responsible for things like lease management, property maintenance, rent collection, and bookkeeping.
If you'd like to step away from all your duties, rental management is what you're looking for. A full-service property management will take over your functions, from marketing to maintenance.
However, if you'd still like to be involved in managing your rental property, you can opt for a hybrid or partial property management package. Under this agreement, you'll only delegate specified functions to the property management company.
Which Is Better?
It won't be accurate to pick one over the other without considering your specific circumstances. For some rental property owners, tenant placement is the best option. And for others, rental management will carry the day.
Tenant placement is ideal for inexperienced landlords who only need help with tenant acquisition, and are comfortable handling other functions. Rental management suits landlords who're struggling with property management, as well as those who live out of town and don't have enough time to keep up with their responsibilities.
PMI Redwood Realty Has Your Back
Tenant placement and rental management are both handy services, but your choice will depend on your specific needs.
Either way, PMI Redwood Realty has your back. We're a full-service property management company, but we can also tackle specific functions like tenant screening and placement. Our leadership team has more than 25 years of experience in real estate asset management, so you can count on us to deliver.
Contact us to schedule a consultation.
