Are you a new landlord finding it difficult to juggle all the responsibilities of property management?
You can't afford to let any details slip through the cracks, especially when it comes to filling your units and properties with the right tenants.
It's time to look into the benefits of property management.
One of the first roles of property managers is to fill vacancies, but this job requires more than posting a listing. Great tenants reduce the risk of property damage, rental income loss, complaints, and conflicts. That's why experienced property management companies offer tenant placement services to provide real estate investors with peace of mind and uninterrupted income.
Learn more about the benefits of using a tenant management solution.
Tenant Placement Services Handle the Basics
All landlords know that it costs money to advertise and procure tenants. Theoretically, if you own properties in a high-demand area, it's "easy" to fill units quickly. However, you may bring on a world of trouble if you're not careful.
In fact, if you have a lot of people vying for a unit or property, you must exercise good judgment before handing over the keys.
Questions to ask yourself include:
- Can this person pay rent on time?
- How can they prove they can pay the rent?
- What are their past experiences as a tenant?
You need some sort of process to determine this information. This is where a property manager is exceptionally helpful. They use tools to gather this information, using expertise to make judgment calls, leaving you more room (resources and time) to focus on property development and investing.
Tools of the Trade
It's good to have a decent pool of tenants to choose from so that you can find the right match. The right tenant match reduces profit losses significantly.
The tenant selection process typically starts with an application.
Your property management company will craft tenant application forms. Here, tenants fill out their contact info, employment (annual income), and past tenant references. Property managers also meet with prospective tenants to talk further about their backgrounds.
Your property management company will also run official background checks that include criminal history, credit scores, and past eviction history. This process is typically called "tenant screening."
After the Tenant Screenings
Once a prospective tenant has cleared the screening process, the next step is the lease agreement.
Lease agreements vary. However, offering more than one lease option may help grow the pool of tenants, giving you more options. For example, you may want to offer one-year, two-year, or three-year leases.
Property management companies aren't just experienced in finding tenants, they integrate digital platforms to maintain good tenant relationships. Providing an easy, convenient way to pay rent, view agreements, and communicate with management makes a world of difference for all parties involved.
You can even use a property management service to manage your property marketing!
Discover the Benefits of Quality Tenant Services
Don't let important details go unnoticed. Work with a property management company that specializes in tenant placement services. Leave the basics, background checks, lease agreements, and communication up to them so that you can focus on your investments.
Do you want to learn more about the tenant procurement process?
Check out our services, or contact us today to get started.