Since the average Antelope Valley landlord makes over $1800 monthly on their residential unit, investing in California property can be lucrative.
However, to turn the highest possible profit, getting tenant placement or rental management is essential. Read on to learn the difference between these services and determine which is right for you.
The Basics of Rental Management
Rental management is an umbrella term that encompasses activities landlords take to maintain their rental units. Some of these activities include:
- Property marketing
- Conducting background checks on potential tenants
- Drafting residential or commercial leases
- Contending with maintenance responsibilities
- Having the property cleaned between tenants
- Collecting rent
- Financial reporting
- Communicating with tenants
- Handing evictions
- Ensuring that the property complies with local laws
- Orchestrating updates and upgrades that boost property value
- Offering future real estate investment tips
Tenant management services are another aspect of rental management. It's a narrower category that falls within the broader one. Those who reap property management benefits will automatically get help with tenant placement.
What Is Tenant Placement?
Tenant placement laser focuses on finding good renters who will take care of your property. Property managers create listings and post them online where Antelope Valley renters can see them. These listings include:
- Staged photos
- Information about the property's size
- A listing of amenities renters can enjoy
- Pre-determined fair rental rates
- Contact information
Then, once potential tenants reach out, the tenant placement experts will conduct a background check to find good tenants. They'll look into:
- Credit scores
- Income
- Eviction history
- Past landlord references
- Criminal records
Tenant placement professionals also:
- Draft leases for tenants to sign
- Negotiate leases with new tenants
- Handle lease renewals
Basically, tenant placement focuses on getting the right people into your property. However, once that task is complete, you'll need someone else to take care of daily property management.
Which Option Is Best for Antelope Valley Rentals?
There are a couple of benefits of tenant placement services. Exclusively working with tenant management experts tends to be cheaper than turnkey or full-service property management. Fewer services mean lower fees.
Tenant placement also zooms in on the task of finding renters. You'll work with experts who are 100% trained and experienced in this specific task.
However, full-service rental management is usually the better choice for California landlords.
This is because you'd need to get help with property management after tenant placement anyway. Working with expert property managers saves time and nips landlord stress in the bud. It also ensures compliance with legally binding leases and rent collection strategies.
Property managers also have existing contracts with:
- Cleaning crews
- Maintenance experts
- Plumbers
- Electricians
- HVAC professionals
- Exterminators
You won't need to worry about keeping your rental unit in good shape!
Plus, the expert tools and resources that they use for both tenant placement and other tasks efficiently reduce vacancy and keep your property in good shape.
Work With the Best Property Managers in California
Now that you know the ins and outs of rental management vs tenant placement, it's time to start profiting off your rental unit. PMI Antelope Valley is committed to full-service management so you can make the most from your investment and generate passive income.
Get a free rental analysis to learn how much money you can make after enlisting expert help!
