Florida is the place to be. It's one of nine states in the US that don't charge state income tax, so it's fantastic if you want to invest in property. Let's say you've taken the great landlord advice of "buy in Florida."
Where do you go from here? Some would say, "Hire tenant placement services." After all, you need good tenants to bring in rental income.
However, other fellow landlords may tell you that hiring a property manager is the way to go. Which one should you pick?
Keep reading and we'll explain the differences between tenant placement and property manager services. This guide will help you choose which is best for you.
What Is Tenant Placement?
Tenant placement helps you find tenants to house your rental property. This sounds easy, but you must attract people to your property. Luckily, tenant placement companies can help your property stand out.
Tenant placement companies research what clients want in a home. They'll craft listings that show your property's best qualities. Once you've got potential renters, you'll need to run a tenant screening.
You can do this yourself, but it takes time and money. The tenant placement company can perform the screening for you. They'll help you choose renters that pay on time and won't harm your property.
Once you pick your ideal renter, the company aids with the lease organization. Afterward, you're responsible for other aspects of property maintenance.
What Is Property Management?
Here's how to distinguish property management from tenant placement: tenant placement is part of property management. However, property management involves more than finding and placing tenants.
A property manager will handle all aspects of tenant placement and daily operations. Here are some tasks a property manager oversees:
- Property maintenance
- Routine inspections
- Tenant communications
- Bookkeeping and accounting
- Rent collections
- Evictions
Property managers will also understand rental property law. They can help you avoid and navigate legal issues.
Tenant Placement vs. Property Management: Which Is Best?
Think about what you and your DeLand, FL, property need before you pick. Finding tenants can be very difficult for landlords. Many struggle with creating listings, especially in a difficult market.
Tenant placement services can help a lot. But they won't help with property management once you've found tenants.
Property upkeep and administrative duties can be time-consuming and challenging. Landlords who own multiple properties may suffer even more complications.
Tenant placement services cost less, but is the lower cost worth more work? Property maintenance may be more cost-efficient - if only to avoid future hassle and (potential) mistakes.
What's Your Choice Going to Be?
Tenant placement helps you find the best tenants for your rental property. Property management helps place great tenants, maintain the property, and more.
Your choice should depend on what's best for you and your property. PMI Central Florida is a full-service property management company assisting property owners across Volusia County.
We'll help you make the most of your DeLand, Florida property. Reach out to PMI Central Florida for tenant placement and other management services.
