Are you trying to decide whether rental management or tenant placement is better? The only way to determine which way to go is to have a comprehensive guide that provides information about both.
Which is precisely what we're going to do for you. By the time you've finished reading, you'll have the information you need to move forward with making your final decision.
Check out this brief guide below now.
What is Rental Management?
A rental management company or rental manager is a person or company that oversees your properties. This is often used by someone who has several properties and is too busy to take care of each on their own.
When you hire someone who works in rental management, they are knowledgeable about the rental industry and understand what it takes to do their jobs correctly. They take on your job function and will report to you the necessary information while taking the initiative to maintain and repair the properties as needed.
Responsibilities of Rental Management
There are several responsibilities that a rental management company takes on, with the first being the collection of rent for your tenants. In most cases, this means monitoring the rent payment portal and sending notifications or emails to tenants who fail to pay their rent on time.
They are also in charge of scheduling routine property maintenance, such as landscaping or internal property upgrades and repairs. If your properties are vacant, the rental company or manager will take care of showing the properties.
As well as take over the potential tenant screening process. This frees you to focus on other areas you wish to focus on, such as securing more properties.
What is Tenant Placement?
Now that you know a bit about rental management, let's get into the ins and outs of tenant placement. Tenant placement is when you use a process that aids in finding the right tenant for your property.
Not only does this mean advertising the property, but also vetting and screening each tenant to ensure you find someone ideal to live there. Tenant placement occurs through a company that will negotiate the lease and other agreements on your behalf.
Tips for Using Tenant Placement
There are several tips to consider when using tenant placement. The first is always to check the references a tenant lists on their application. By checking tenant references, you can gain much insight about a potential tenant you usually wouldn't know.
It's also important to screen each tenant because when you don't, you could be overlooking a spotty or red flag checkered rental history that, had you known, would've led you to reject their application.
Tenant Placement or Rental Management: Which to Choose?
When you have properties you can't manage independently, you have a decision to make. You can hire a rental management company or use tenant placement services.
Whichever you choose, we've provided some insight above. Contact Atlanta Property Management for more valuable resources and help.