According to statistics reported by CNBC, approximately 15% of tenants are currently behind on their rent, with residents of New Jersey, Alabama, and South Dakota struggling more than others.
If you own an investment property in Teaneck, NJ, this highlights the importance of careful tenant placement or rental management if you don't want to end up out of pocket after finding a tenant for your home.
Which is the better option for you? Keep reading to discover more about tenant placement vs rental management.
Identifying Good Tenants
Finding the right tenants is the most important part of managing a rental property. These people pay their rent on time, take excellent care of your property, and renew their leases year after year.
Tenant screening is the best way to eliminate the risk of ending up with bad tenants. Some of the things to consider when vetting tenant applications include:
- Rental history
- Employment status
- Affordability
You can ask prospective tenants to provide this information and check it yourself. Although this procedure goes seamlessly when these people tell the truth, nothing is stopping bad tenants from pulling the wool over your eyes.
What Is Tenant Placement?
Professional tenant placement services can help you avoid the pitfalls associated with DIY tenant screening. They advertise your property within their network and help you gather tenant applications.
These experts carry out tenant screenings for a living, so they're adept at identifying red flags.
They can quickly sift through applications to find the best candidates for your home and verify their information within the bounds of the Fair Housing Act. If you fall foul of these regulations, you could end up with a lawsuit on your hands.
Once they've completed the formalities, you'll continue to manage your property on your own.
What Is Rental Management?
Rental management companies offer a range of services related to your investment property. Comprehensive tenant screening is one of these, but they will also see to:
- Marketing vacant properties
- Lease origination
- Rent collection
- Property inspections
- Routine maintenance
- Emergency repairs
- Tenant relations
One of the biggest benefits of professional rental management is its consistent service and 24/7 availability. These factors can help you retain good tenants and avoid costly vacancies.
They have the technology to ensure convenient rental payments and maintenance requests from tenants. They have industry relationships that ensure you get the best prices on maintenance and repairs, and they have the personnel to attend to your clients around the clock.
Do You Need Tenant Placement Services?
Careful tenant placement is vital to ensuring you enjoy a reliable passive income from your rental properties. Property management services offer a full suite of services for landlords.
When you work with a property manager, you can opt for some or all of their offerings. You can start with tenant screening and add extra services as needed.
Property management services are by far the more flexible option of the two and help ensure your property remains in good order and your tenants stay happy.
Get in touch today to discuss your tenant placement needs in Teaneck, New Jersey.
