If you're a typical landlord, you have a long list of duties to handle. You must find the right tenants for vacant units. You collect rent, handle maintenance, and more.
At some point, you decide you need help. You can't do it alone. So, you turn to a property management firm.
The firm offers tenant placement services and rental management in Duluth, MN. Which do you choose?
Continue reading this article to learn the differences and the pros and cons.
Pros and Cons of Tenant Placement
What is tenant placement? Tenant placement services aim to find tenants for available rental properties.
The process begins by accepting rental applications. After receiving an application, you perform tenant screening. You then decide if you want to rent to this person.
If you do, you must decide which unit to put them in. Finally, it involves having the tenant sign the lease.
These steps take time, yet they're vital for your business.
Tenant placement services handle all these steps. One benefit of this service is you will find higher-quality tenants. Another benefit is you might need fewer tenant evictions.
An additional benefit is you might improve your vacancy rate. As a result, you can generate more rental income. Your business can become more profitable if you receive more rental income.
The primary downside to tenant placement is it doesn't include other services. Landlords have many duties aside from finding tenants. Unfortunately, tenant placement doesn't include any other duties.
Pros and Cons of Rental Management
The other option is to hire a property manager for rental management services. Rental management is comprehensive, which means it includes many duties.
As a result, you'll experience a lot of benefits by hiring a property manager for rental management.
First, it includes tenant placement. This means the property manager handles all the duties listed above.
Secondly, it includes maintenance and repair services. Rental management companies handle all the work the units need. They'll even handle emergency situations.
Finally, they'll handle your tenant duties. They will collect rent, send eviction notices, and sign leases.
The best part is they'll know Minnesota landlord-tenant law. This helps you avoid legal issues.
The primary downside is the costs. You will have to pay the property manager to do the work. The other downside is you'll have less involvement in the day-to-day operations.
You can compare these two options to decide which is better for your business. You can also speak with a property management firm to learn more about these options and others.
Learn More About Our Services
After reading this, you should understand the differences between rental management vs. tenant placement. You may also know which service is better for you.
However, you might have some questions about the services, but we can help.
PMI Lakeshore provides property management services in Duluth, MN. Our team of experts has decades of experience handling real estate and property management services. We can help your business succeed!
Reach out to our team to learn more about our services.
