Between all your personal duties and job responsibilities, you might run short on time and energy. Unfortunately, this can lead to problems with your rental property business.
The good news is you can hire a property manager to assist. These companies offer all types of property services, but you can choose the ones you need.
One decision many landlords face is whether to hire a company for tenant placement or rental management. Do you know the differences? Do you know which is better?
Continue reading to learn the answers and how to decide which is right for you.
What Is Tenant Placement?
Tenant placement serves one primary role. It's to find qualified tenants for unoccupied rental properties. This role is one you can do yourself.
To handle it yourself, you must perform the property marketing. You must accept applications, perform tenant screenings, and sign apartment leases.
These tasks are challenging. It's hard to know who to pick for your units. It's also hard to know the best techniques for performing screenings.
Tenant placement means hiring someone to handle these tasks for you. Property management firms offer this service.
They also offer other services. This includes handling tenant communication and setting up a tenant portal.
What Is Rental Management?
Tenant placement is one service included in rental management. But there are many others. Rental management includes all the other services your rental properties need.
For example, rental management includes collecting rent payments. It includes answering calls from tenants who need repairs. It includes performing routine maintenance.
Rental management is a more comprehensive service. However, you can pick and choose the services you want. If you want to handle some things, you can.
If you want to hire a property management firm to handle everything, you can also do that.
How to Decide Which Is Right for You
The big decision is which to choose. Some landlords know right away, while others contemplate the decision. Considering a few things is helpful in your decision.
First, what is your property portfolio like right now? Can you handle the current workload? Are you adding more properties?
Secondly, consider your time. Do you need a way to save time? If so, hiring a property manager for rental management is the best choice.
Next, do you need help finding great tenants? Is this your main problem? Hiring a rental manager for tenant placement might be a good solution.
Finally, consider the effects stress has on your body. You might also have too much stress if you're struggling with a heavy workload.
Reducing stress might mean hiring a property manager. This is one of the best techniques for managing landlord stress.
Learn More About Property Management Services
After reading this, you might decide you need tenant placement services. You might also decide rental management is the better choice. However, you might have questions about both, and we can help.
PMI Aspire is a full-service property management firm in the Denver Area. We provide top-notch services while aiming to keep property owners informed at all times.
Get in touch with us today to learn more.
