Projections show that the global property management services market will reach a size of $37.25 billion by 2030.
Renting property is a great way to generate income, but it's not always easy. It can almost be a full-time job, so it's often beneficial to hire a professional property management service. They can help with a range of tasks, making things much easier for you.
For some of the key benefits of using tenant placement services, keep reading.
Finding New Tenants
One of the main benefits of professional landlord services is that they have plenty of experience in finding new tenants. They know how to market a property and make it stand out. One of the ways they do this is by highlighting the best features and creating marketing material that will catch people's attention.
They can also cater this marketing to specific demographics. This will help ensure you find ideal tenants for your property.
Unlimited Property Showings
Showings will be your first time interacting with applicants, so they can be crucial for both parties. If you don't have much experience in showing properties, you might not know the best practices. A tenant placement service will know how to make a good impression on applicants, as well as what to ask them during the showing.
While someone might seem like the perfect fit at first, you might find out a while after placing tenants that they're not suitable. Things like property damage and late rent are always possible, so you want to ensure this isn't going to happen.
Tenant placement services will handle all tenant screening. They can carry out a range of checks such as:
- Rental history
- Background checks
- Financial situation
This will help secure tenants that you can rely on and avoid ones that will create problems.
Spot Red Flags
You may decide to carry out tenant screening yourself, but this generally isn't a good idea. While there can be some obvious signs that someone wouldn't make a good tenant, there are also things that you might not notice or even be aware of, especially if you're a new landlord.
Tenant placement services will be thorough to ensure they notice any red flags that appear. This can be things like a history of not paying rent on time, or trying to bring a pet into a property with a no-pets policy.
Depending on how things go with the initial screening, they may conduct follow-up interviews with applicants. Through these, you might be able to resolve any issues with them. If not, you'll be able to move on to the next potential tenant.
Even if the screening goes well and there are no major concerns, unforeseen issues can arise. When this happens, you may need to evict a tenant, and this isn't always a simple process.
Tenant placement services can assist with the eviction. This involves things like collecting late rent and dealing with court fees. Having this extra level of protection will keep things more secure.
Using Tenant Placement Services
If you want to find tenants to rent your property, there's a lot to it. Unless you're very experienced, you'll be much better off hiring tenant placement services.
HomeRiver Group has plenty of experience in tenant placement, property management, renovations, and more. To find out more about our services, click here to contact us today.