Most rental properties are owned by individuals, but that doesn't mean individuals have to do all of the work.
As a rental property owner in the Burlington area, you have a lot of responsibilities. Outsourcing some of your tasks can take a lot of weight on your shoulders.
Whether you want to be a hands-on or hands-off landlord, there are options. Keep reading to learn the differences between rental management and tenant placement services.
Rental Management
Rental management involves delegating landlord tasks to a professional property manager. They handle the day-to-day operations to allow you to spend more time investing.
Property management companies handle tasks like:
- Property marketing
- Tenant screening
- Rent collection
- Property maintenance
- Property inspections
- Tenant relations
Rental management puts you in a position to enjoy a hands-off approach.
Tenant Placement
Tenant placement services leave managing your property to you. Their focus is on finding suitable tenants and not ongoing management.
You will take charge of day-to-day operations like rent collection, maintenance, and tenant relations. Tenant placement services will handle these tasks:
- Property marketing
- Tenant screening
- Facilitating lease agreements
Once a tenant is placed, the property management responsibility falls on your shoulders.
Rental Management vs. Tenant Placement
By knowing the different types of property management, you can figure out which better suits your needs. The main differences between the two are involvement, time commitment, and expertise.
Involvement
Rental management provides a comprehensive solution for property management responsibilities. They have full involvement in all aspects of property management.
Tenant placement services focus on finding ideal tenants and facilitating clear lease agreements.
Time Commitment
Rental management means a hands-off approach for rental property owners. This allows you to free up time for other investments.
Tenant placement services delegate only certain tasks to a property management company. If you consider yourself a great property manager, this might be ideal for you.
Expertise
Rental management companies have expertise in handling all property management tasks. They possess knowledge of tenant screening, local rental markets, and legal requirements. This is key to keeping you a compliant landlord.
Tenant placement services have expertise in finding tenants and marketing vacancies.
If you hire a property management company in the Burlington area, they may offer full-service property management as well as tenant placement services.
Cost
Tenant placement services cost less than full-service property management services. You'll get more from rental management, which is why it is the more expensive option.
No matter which you choose, you'll reap your return on investment.
Making the Right Decision
To make the right decision for you, consider how much time you have to dedicate to property management.
If you prefer a hands-on approach, consider tenant placement services. If you don't want to be involved, full-service rental management is right for you.
Legacy PM Inc. has over 30 years of collective property management experience. We differ from the competition with our unique "Service First" approach.
Whether you need full-service rental management or tenant placement services, let us help. Contact us today to learn about our services in the Burlington area.