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Finding the right tenants for your rental is one of your most important responsibilities as a landlord. Your success depends on whether you'll find responsible renters. Fortunately, tenant placement and rental management services can help simplify the selection process.
Join us at Century 21 Accent Homes as we explore the difference between these two landlord solutions and when to choose which.
Tenant Placement vs. Rental Management
Tenant placement is a one-time service in which landlords enlist reliable tenant selection services from a property management company. The goal is to find responsible renters using a comprehensive and fair screening process. The service ends once the screened and vetted tenant moves into the property.
On the other hand, rental management is an ongoing contract in which tenant placement is just one aspect. It's a full-service solution that frees landlords of admin and property management responsibilities.
So, with rental management, landlords won't do all the work and heavy lifting themselves. Instead, they'll outsource their tasks to a dedicated property manager.
What Does Tenant Screening Involve Then?
The tenant screening process typically involves checking the rental applicant's:
- Credit score and history
- Debt-to-income ratio
- Income and employment status
- Rental and eviction history
- Criminal background
- Landlord references
If you want to allow pets on your property, look for a tenant placement or rental management company offering pet screening services. Implementing a pet-friendly policy is wise, considering that, per MultifamilyDive.com, nearly six in ten renters own pets. However, you still want to ensure your future tenants are responsible "fur parents" and that they have well-behaved, well-trained fur babies.
Which One Is Better?
If you want to be as involved as possible with rental operations, go with tenant placement. You'll get the help you need to find reliable tenants and keep your property occupancy rates high. Once tenants have moved into your properties, you'd handle things from there, such as maintaining the property and implementing effective rental income strategies.
Opt for rental management if you want a hassle-free way to generate income from your Alexandria property. With a dedicated property manager overseeing your rental business, all you'll have to do is relax and enjoy your profits.
Partner With Century 21 Accent Homes
Tenant placement is ideal if you want (and have the time and resources) to manage your tenants and rental properties. But if you want to generate income in the most passive way possible, then rental management is the way to go.
Regardless of your choice, Century 21 Accent Homes can help. We're a full-service property management company in Alexandria, VA, whose members have extensive experience in real estate-related solutions. Our owner, Thomas Sklopan Sr., is a seasoned broker, investor, and property management expert with decades of industry experience in investing, business management, and ownership.
Get in touch with us today for a complimentary property consultation!
