The Motley Fool has listed how much real estate investors in each state make on average. People in Ohio can expect to make $115,671 annually. Of course, you've got to have tenants to make your would-be six figures.
Finding quality tenants is possible on your own. However, it can be difficult and time-consuming. You have two choices: hire tenant placement or rental management services.
Unsure of the difference? Don't worry, we'll explain how they vary and which is best for you. Keep reading to learn more.
What Is Tenant Placement?
Tenant placement is what it sounds like. These services handle everything to do with helping you find potential renters.
They'll help with marketing to make your property stand out. You can select who you'd like to rent from people who've shown interest.
The placement company will also handle the rental tenant screening process. You'll want people who'll pay on time and won't be disruptive to other renters. Screening will help you find them.
Once you've found your tenants, you and the placement company can begin the property rental process by preparing the lease. After renters move in, you're responsible for all other aspects of property management.
What Is Rental Management?
Rental (or property) management is tenant placement combined with all other aspects of looking after a rental space. Here is a quick rundown of what rental management involves:
- Marketing
- Tenant screening
- Rent collection
- Routine inspections
- Property upkeep
- Accounting and budgeting
Unlike tenant placement, property managers are qualified to create and carry out tenant retention strategies to keep renters. They can handle evictions for you as well.
Rental management can also navigate Ohio rental laws. They'll know how to protect you from legal disputes should they arise.
Rental Management vs Tenant Placement: Which Is Better?
One of the greatest property management tips you'll ever hear is "know your needs." Finding tenants can be challenging and if you're having trouble with it, tenant placement can be priceless.
You'll be on your own with managing the property once it's occupied. If you're capable and think you may enjoy the work, then tenant placement may be right for you.
Those of you who own various properties may find more value in rental management services. Looking after one place can be tough -- doing maintenance and accounting for multiple is even more difficult.
Something else to note is cost. Tenant placement will cost less because you're getting less, but the long-term cost of property management may be worth less hassle.
Having Trouble Finding Quality Tenants?
You've got three choices to find good tenants: the first is doing it yourself. Your second option is to choose tenant placement services. Your final choice is a property management company.
PMI Oakridge Management can help you find the best tenants for your property and much more. We aid commercial and residential clients with quality services like marketing and property maintenance.
Our team covers accounting, rent collection, and tenant screening. Contact us and we'll unite your property with the best renters. We're here to aid you and would-be tenants in getting the most out of your investment.
