Your rental property business can help you make a good living if everything works well. But if you've managed properties for any length of time, you understand the challenges accompanying rental property businesses.
The solution is to hire a property manager for help. The problem is deciding what to hire them to do. Should you hire them for tenant placement services only or for rental property management?
There are some differences between these duties; you'll benefit by learning them. Once you understand the differences, you can choose the services you need.
Continue reading to learn the differences between these duties for your San Antonio, TX, properties.
Key Highlights of Rental Management Services
Rental management is a service that encompasses all aspects of rental property businesses. It requires hiring a full-service property management firm. The firm takes over all your duties, alleviating your work.
Rental management includes:
Tenant Screenings
A tenant screening helps you research a person's past to find higher-quality tenants. These screenings take time and knowledge but can reveal a lot about a person.
Rent Collection
Rental management includes collecting rent from the tenants. This may include setting up a portal the tenants use to pay their rent.
Maintenance and Repairs
Your property manager will also take charge of the maintenance and repairs your properties require. The result is improved conditions of your properties.
Accounting and Legal Work
Rental management also includes behind-the-scenes tasks, such as accounting and legal work.
Rental management is great for landlords who own one rental property or many. A property manager can help you boost rental income and decrease expenses, helping you make more money.
Key Highlights of Tenant Placement Services
Tenant placement is a narrow branch of property management, serving one primary role: finding tenants for your units.
A full-service property management firm offers tenant placement services and finds tenants in several ways. First, they accept applications from people who want to move into your units.
Next, they perform tenant screenings. This process is in-depth. It requires researching a person's criminal record, credit score, and previous rental experiences.
Tenant placement also includes showing units to prospective tenants, performing move-in inspections, and signing leases.
Factors San Antonio Landlords Can Use for Comparison
Learning these differences can help you select the right service for your company. You might also consider a few more details as you choose.
First, consider the costs. You will pay more for rental management, as it includes more services.
Secondly, consider control. How much control do you want to have with your properties? How much time do you want to spend?
Finally, think about your goals. If you want to boost your business, it might require finding better tenants. It might also require better management duties.
Choose the Services That Benefit You the Most
Rental management is more comprehensive than tenant placement services, but both are helpful. You can choose by determining the type of help you need with your business.
Regardless of the service you choose, it is also vital to hire the right property management firm in San Antonio, TX.
PMI Navigate is a property management company with over 20 years of experience. We understand that your properties are an investment, and we treat them accordingly.
We aim to help you maximize your profits while helping you complete your routine day-to-day tasks. Reach out today to learn more.
