There are various ways to make money from real estate, and rental properties are among the most popular.
While you can make a great income this way, you need to approach things correctly. There are various tasks you can outsource, including both tenant placement and rental management. Both of these services can prove beneficial, but which is best for you?
In this guide, we'll go over:
- Tenant placement
- Rental management
- Which you should use
Keep reading so you can decide which of these services is best for your Atlanta real estate business.
What Is Tenant Placement?
One of the best ways to find reliable tenants is through tenant placement. It has several steps:
- Property marketing
- Tenant screening
- Lease negotiation
- Moving tenants in
A tenant placement service can market your property effectively based on what renters are looking for in Atlanta's property market. They'll help you attract more renters, making it easier to find quality tenants.
Tenant screening services help narrow down applicants to the best possible tenants. It involves looking at things like their previous rental history and criminal background to identify any potential red flags.
The tenant placement company will then negotiate the lease with the tenant. Both you and your new tenants will be happy with it as a result.
Finally, they'll help you move the tenants in. This includes setting a move-in date and handling any questions or concerns your new tenants might have.
The service ends here, and all future management aspects become your responsibility.
What Is Rental Management?
Rental management covers everything included in tenant placement and a lot more. It covers almost all aspects of rental property management, meaning you can leave most tasks to your property manager rather than dealing with things yourself.
This is an ongoing service, so you will pay a set rate for as long as you make use of the service. Some of the more common tasks that it includes are:
- Property maintenance
- Rent collection
- Tenant relations
- Lease renewal
- Accounting
It's worth noting that you can always discuss things with your property management company if you want to take on any specific tasks yourself. For example, you might want to oversee all lease negotiations yourself, but may still be happy to leave everything else to them.
Your property manager will get in touch with you if they feel there's something you need to know about. For example, they'll take care of routine maintenance and small repair jobs. If a major repair job is needed, however, then they'll contact you to discuss it.
Which Is Better?
Both of these property management services can be beneficial, so you need to think about how you want to manage your rental properties. If you only want help finding tenants but want to manage your property yourself, tenant placement is ideal. If you'd prefer to leave everything to the professionals, rental management may be the better choice.
Professional Property Management Services
Tenant placement and rental management can both benefit you, you just need to decide which suits your needs better. PMI Atlanta West can offer either as well as various other Atlanta property management services.
We have over 20 years of experience and use state-of-the-art technology to provide exceptional service to our clients. Check out our property management page for more.
