Over 34.5% of Arkansas households are made up of renters. This means landlords have many potential tenants to choose from.
Rental management and tenant placement services are two avenues that may help landlords find good tenants. But which is the better option? Read on to find out.
What Is Rental Management?
Rental management is also called property management. Hiring a rental property manager means that you work with someone to manage your day-to-day operations as a landlord.
They take several important but tedious tasks off your hands, including tenant screening and rent collection. They also use professional tools and connections to address tenant help requests, communicate with renters, and contract with expert maintenance teams.
Basically, they're a one-stop shop for landlords looking to manage rental properties effectively.
Pros and Cons
The many benefits of hiring a property manager include, but are not limited to:
- Less time communicating with tenants
- Reliable and accurate rent collection to ensure you get all your earnings
- Peace of mind because maintenance requests will be answered quickly
- People available to answer landlord questions 24/7 and provide expert tips
- Accurate rental analysis for each property
- Constant real estate market monitoring so you can set fair and competitive rent
- Avoiding legal issues
- Easy-to-manage emergency repairs that don't wake you up at 2 AM
There aren't any real downsides to rental management services beyond cost. They're more expensive than simple tenant placement companies. However, because they do more, you get greater bang for your buck in the form of a high-value investment.
The Basics of Tenant Placement
Tenant placement has a narrower focus than rental management does. Its only goal is to help you attract new tenants and retain them.
A tenant placement company doesn't help you manage maintenance, communications, cleaning, or requests. Their only focus is reducing your vacancy rate. This means your daily operations will still be in your hands, so you won't get to relax and unwind while collecting passive income.
Pros and Cons
The main benefit of tenant placement services is their cost. They're fairly inexpensive compared to full-on property management because they provide fewer services.
Tenant placement companies also are often focused on finding tenants quickly to reduce your vacancy rate. While this is good since you'll turn a quicker income, it also can be detrimental if you don't get high-quality tenants. You don't want someone who won't pay rent or who will steal your stuff.
Which Option Is Right for You?
Rental management services are ideal for most new and experienced landlords. Experts will take care of the nitty-gritty so that you can take it easy.
A property manager can also help you find new rental properties in Rogers, Arkansas. Expanding your reach is a priority.
Good property management services also encompass tenant screening and placement. You're not missing out on anything when you choose to work with them. You're just getting a wider range of services.
Start Getting Tenants in Rogers, Arkansas
Now that you know the benefits of rental management over tenant placement, it's time to begin turning the biggest possible profit. PMI's experts in Roger, Arkansas can help you figure out how much income a property can generate and optimize your operations so you can collect.
Get a free rental analysis today to learn your earning potential.
