You face challenges with your rental property business. What landlord doesn't? But is it time to seek help from a property management firm?
It might be, but you'll have choices. Two common choices are tenant placement services and rental management.
Both services help landlords with their businesses, but which is better for you?
You can decide by comparing these services to see which is the right fit.
Tenant Placement: The Basics
When asked about the most vital aspects of rental property, most landlords would say tenant selection. Choosing excellent tenants matters more than most other tasks. The trouble is finding great tenants.
Hiring a rental manager for tenant placement provides a solution to this problem. A rental manager collects applications from tenants and runs tenant screenings.
Thorough tenant screenings are the ticket to quality tenants. They require work and knowledge and are also time-consuming. When you hire it out, you're hiring an expert to handle the screenings.
Once they find great tenants, they'll handle the rental leases and other tasks relating to the rental process. This includes:
- Showing rental units to prospective tenants
- Answering questions about the properties
- Performing move-in checklists
These are all helpful services. After all, having excellent tenants makes other tasks easier. This service might be ideal if tenant selection is your most challenging duty.
Rental Management: The Basics
Finding tenants is one critical aspect of owning a rental property business, but is not the only one. Once you have great tenants, you must find ways to keep them.
Hiring a property manager for rental management provides this service and more. The property manager will take the appropriate steps to encourage good tenants to stay.
They do this by performing the services the units need. First, they'll perform all the routine maintenance rental properties require. Property managers also handle repairs, including emergency repair requests from the tenants.
Next, property managers handle the accounting and bookkeeping. The property manager manages your finances. They aim to increase rental income and decrease expenses.
One of the most overlooked benefits of rental management involves legalities. Landlords can wind up in legal battles by inadvertently violating landlord-tenant law.
A property manager in New Orleans knows landlord-tenant law and follows it. As a result, you can avoid legal battles, which are often very costly and time-consuming.
Rental management might be the right service for you if you feel overrun with duties. If you don't have time to handle all these things, hire it out.
How a Property Manager Helps
Tenant placement is a critical service for your rental property business. Its main objective is to find excellent tenants.
While tenant placement is helpful, it's not comprehensive. It doesn't cover other property management duties, but you can get those through rental management services.
Which is right for you?
PMI New Orleans provides friendly, prompt property management services. We customize the services to fit your needs. We also strive to help owners maximize their profits through the excellence of our services.
Get in touch with us to learn about our services.
