Investing in property can be a great move, but it takes some work if you want to generate a good income.
Fortunately, you don't have to take everything on yourself. You can hire third-party companies that offer various services that can help you with your real estate.
Tenant placement companies are an example of this, but some may find that their services aren't quite enough. Those who want everything covered may want to opt for property management services instead.
Let's take a closer look at these two services so you can get a better idea of which would benefit you the most.
What Is Tenant Placement?
When you invest in a property, you may need to do some initial repair or renovation work. Once it's ready, the last thing you need to do before you can start making money is find tenants. This might seem simple, but it's far from it.
The first part of this is property marketing. You need to list your rental property, but if it doesn't stand out, it won't get much interest. Tenant placement services know how to create enticing listings that will attract tenants.
This is vital, as the better your marketing is, the more people will want to take a look at your property. You want ideal tenants, so having more people to choose from will help.
The next thing they'll do is carry out tenant screening. This will ensure candidates are ideal and don't have a history of causing problems.
They'll then assist you with the lease and get the tenants moved in. After this, they hand things back to you. You'll then be responsible for the other aspects of property management.
What Is Rental Management?
Rental management is a far more comprehensive solution. It consists of tenant placement along with various other services. These include things like maintenance, rent collection, and tenant relations.
A rental management company will carry out tenant placement in the same way, but won't stop there. They'll continue to take care of the day-to-day operations of your property for as long as you require them.
This is far better for those who don't want to take on these responsibilities themselves. You may want to do this if you still need to commit time to your job, your family, or any other interests.
If you own multiple properties, it will be incredibly difficult to do everything yourself. Hiring a property manager is a reliable way of ensuring all of your properties are managed properly.
Which One Should You Choose?
A tenant placement company can be incredibly helpful. They'll make it far easier for you to find ideal tenants and get them into your property.
Property management takes things further, offering a range of services that can make your life as a landlord much easier. These services don't stop when the tenant moves in but are ongoing for as long as you wish.
Consider your needs and goals to determine which you should go with. PMI Capital District offers both options and has been serving clients in Albany and the surrounding Capital Region, NY, for almost 20 years. Check out our residential services page to see more about how we can help you.