Last year, Raleigh ranked as one of the most competitive rental markets in the region. This news tends to entice investors, particularly new investors who assume that high demand guarantees a profit.
The truth is that having an abundance of eager tenants isn't enough. You need to find quality tenants that won't cost you in late rent, evictions, or property damage.
Tenant placement services can make a huge difference in this arena. How do you know if you can get by with professional tenant placement or if you'd be better off with rental management? Read on to find out.
What's Included in Tenant Placement?
As the name suggests, tenant placement services encompass all steps related to finding great tenants. This can include things like:
- Rental valuation
- Marketing
- Tenant screening
- Lease onboarding
Tenant screening is one of the most important facets of tenant placement. Tenant placement experts will run a background check and a credit check to verify key information about your applicant. Credit checks, in particular, can reveal important details about the applicant's rental history, including any prior evictions.
The purpose of thorough tenant screening is to find quality tenants in Raleigh who have the disposable income to pay rent and a track record of seeing leases through and paying rent on time.
What Does Rental Management Involve?
Rental management is a more all-inclusive approach to helping landlords with their properties. Rental management includes everything we've listed above along with other services like:
- Accounting
- Maintenance oversight
- Rent collection
- Tenant relations
- Evictions
When you hire a property manager for your Raleigh property, you can expect them to do just about everything a landlord would do. The key difference is that they have the time and expertise to make informed choices that can boost your bottom line.
Signs You Need More Than Tenant Placement
The signs that you would benefit from tenant placement are fairly obvious. For example, you should consider professional tenant placement if you have high tenant turnover, high vacancy rates, or seem to keep signing problem tenants.
How do you know if you need more than that? One of the biggest signs is that you don't want your investment property portfolio to become a full-time job. If your goal is to earn passive income, you need to partner with property managers who can take care of your property and your tenants.
You may also want expert help if you're a struggling or accidental landlord. There's no need to live with landlord stress when you can outsource your responsibilities.
Get Property Management in Raleigh with PMI Triangle
Raleigh's rental market may be competitive, but that doesn't mean you're guaranteed great tenants all the time. If you can't seem to find and hang onto reliable tenants, tenant screening services can help.
At PMI Triangle, we make it easy for Raleigh property owners to customize their property management services. Whether you need us to fill in a few gaps or take over rental management, we'll use our cutting-edge technology and real estate expertise to maximize your profits. Contact us today to learn more.
