There are about 78.8 million homes in the US currently occupied by renters.
While property investments in Orlando, Florida, can prove very fruitful, they're not without their challenges. Whether you're a new investor or have years of experience, professional assistance can always be helpful.
Some companies offer tenant placement services, and others offer rental management (and sometimes both). Either of these can be beneficial, but how do you know which is right for you?
In this guide, we'll go over both so that you know which route will be best. Keep reading for more.
What Is Rental Management?
This service involves a range of tasks relating to the day-to-day operations of a rental property. A property management company can do this and will take care of things like:
- Tenant screening
- Collecting rent
- Addressing tenant issues
With this, you will have to do very little work. You'll pay a property manager to ensure your property is generating income without having to spend all your time on it.
Benefits of Rental Management
The main benefit of rental management is that it encompasses all aspects of managing a property. You won't have to deal with the day-to-day operations, making things much easier for you. This is especially beneficial if you own multiple properties, as it can simply be too much work for one person.
This is ideal if you're new to property investment. Some of the responsibilities can get quite complicated, so having professional assistance will ensure everything is done correctly.
There are various laws in place for landlords. Property managers stay up to date with these laws, so they can ensure you're not breaking and risking legal trouble.
What Is Tenant Placement?
Tenant placement is a more focused service. It's all about finding suitable tenants for your rental property. If you only have this service, you'll handle many of the day-to-day operations, such as rent collection and maintenance yourself.
The main components of tenant placement involve marketing the property, screening tenants, and negotiating leases. Once a tenant has been secured, all other responsibilities fall to you.
Benefits of Tenant Placement
Tenant placement can be a better service if you want to have more involvement in the operation of your property. You don't want to make any mistakes with tenants, as they're the ones who will be paying you. Hiring a professional tenant placement service will ensure you get tenants that are reliable and trustworthy.
You can then take care of other elements, which will give you more control and allow you to get experience managing a property (if you're interested in that). It also tends to cost less as it's a more streamlined service, and you typically only need to do it once rather than have it ongoing.
Which Is Right for You?
Deciding between tenant placement and rental management isn't always easy. You need to consider your requirements and think about how much work you want to do in terms of your property.
PMI Property Alliance offers both tenant placement and full rental property management in Orlando, FL. Contact us today and we can help you determine which would be best for you.