As a property owner, filling your units is one of your highest priorities. You lose money every month that a unit sits unoccupied. And when 41% of properties experience vacancies each year, it's bound to happen sooner or later.
That's why being able to find tenants quickly is vital. If you struggle with this, a leasing only service can help you find quality tenants. Let's look at how to find a great leasing service.
Look for Local Knowledge
Local property management laws vary from place to place. You can't expect the same rules to apply everywhere; if you do, you may end up breaking the rules and getting in trouble.
Find a leasing service with knowledge of your local area. They will understand the ins and outs of operating in an area and ensure you follow all local laws.
Local knowledge will also help you understand the trends in the area and maximize your rental income. Leasing agents understand what locals look for in rentals and will help you quickly fill vacancies.
Check the Screening Process
Finding reliable tenants will be one of the key things a leasing agent does for you. But to do that, they need a great screening process for applicants.
Inquire about an agent's screening process. There are many things they can check during this process:
- credit history
- rental history
- income verification
- background check
Each of these checks in a tenant screening process will qualify a candidate and ensure they don't have a problematic past. It will help you find qualified tenants who stick around, pay on time, and care for your property.
Verify Transparency and Availability
You need transparent communication when working with a leasing agency. You rely on them to get back to tenant applicants on time, quickly qualify them, and communicate the results.
The last thing you want is to hire an agent and barely hear from them. Ask potential leasing agents what their process is like. Do they do regular check-ins with you and candidates, or leave you in the dark?
This may be an even more important factor when a market moves quickly. You don't want an agent sitting on their hands and letting qualified renters slip away.
Look for References
A leasing agent should have enough experience in the industry to know how to provide excellent service. But knowing this as a property owner can be challenging. That's why it pays to look for references.
From reading online reviews to talking with other property owners, learn all you can about the leasing agents available. This feedback will help you make a more informed choice and help you hire a leasing agent who works to help you secure your passive income from rentals.
Find the Right Leasing Only Service
As a property owner, you need all the help you can get to manage your property. Part of that is finding reliable tenants and ensuring you only lease to qualified candidates.
A leasing only service is a great option to get the help you need. A property management company can help by offering tenant screening and other management services.
At PMI New Orleans, we offer a variety of services to rental property owners. Contact us to explore our services and see how we can help as your property manager.
