Are you having trouble attracting tenants to your rental properties in Phoenix, Arizona?
If so, you're not alone. As of March 2024, the city's vacancy rate for multi-family units was nearly 10%.
Don't despair, though. Tenant placement and rental management services can help you find qualified renters.
So, how exactly can these two types of services help? How do they differ, and which one should you choose?
This guide explores the answers to those questions, so read on.
The Similarities
Both tenant placement and rental management aim to help landlords find qualified tenants. They involve advertising and marketing properties, communicating with applicants, and scheduling showings.
Each prospective renter also undergoes comprehensive tenant screening procedures. These include:
- Criminal background reviews
- Credit score and history checks
- Employment and income verification
- Rental and eviction history assessment
All those checks are necessary to gauge the qualifications of renters.
Let's say a criminal background check reveals that an applicant is among the 100,000 Arizonans who spent time in prison. If so, the service provider won't automatically reject the applicant. Instead, they'll look into the reason for imprisonment and when it occurred.
They'll only deny applicants who committed severe violent and property crimes. Such a history can indicate that they could pose safety and security risks to your property and other tenants.
Tenant Placement vs. Rental Management
Tenant placement is often a one-time service. The service provider's responsibility ends once they place a highly qualified tenant for you. You'll then be responsible for enforcing the lease, collecting rent, and communicating with tenants.
On the other hand, rental management involves a long-term contract. With this, you'll get a dedicated property manager who'll perform all the tasks involved in screening and placing tenants. But unlike tenant placement, their duties won't end once they find and furnish your properties with renters.
With rental management, your property manager will enforce the lease and collect rental payments. They'll also assist with accounting and reporting and oversee property inspections and maintenance.
And, if you choose a reputable rental management company, you'll enjoy residential guarantees. For example, you can get an eviction protection plan and an on-time rent payment guarantee.
Which Service Should You Choose?
Do you want to be more hands-on in managing your rental properties? If so, then tenant placement may be a good choice. You won't have to find tenants yourself, and once you have renters, you'll be the one to manage their leases.
But what if you live outside of Phoenix, own multiple rental properties, or simply want to earn rental income in the most passive way possible? In that case, full-service rental management is the way to go. With this, all you'd have to do is sit back, relax, and wait for your property manager to deposit your rental income.
Still Unsure?
If you still need help deciding between tenant placement and rental management, PMI Phoenix Golden West can help.
Our property management company provides all essential leasing services, from tenant placement to full-service rental management. We can assist you in determining which service best suits your needs. We're also confident in the quality of our services, evidenced by our wide array of residential guarantees.
So, contact us today! We'll gladly discuss how our services can help maximize your rental profits.
