According to Data USA, the rental rate in Marietta, GA was 46.2% in 2022.
If you own rental properties in the area, this presents plenty of potential, - but that doesn't automatically mean you'll be successful. You need to have the right approach, and this means knowing when to outsource. Two common services that many landlords make use of are tenant placement and rental management, and both are worth considering.
So how do these two services compare? Keep reading through this guide to find out.
What Is Tenant Placement?
Tenant placement is a dedicated service that property management companies offer real estate investors. It consists of several steps with the overall goal being securing high-quality tenants for a rental property.
The first step is property marketing. For this, a property manager will create and optimize listings online to attract potential renters. They'll use engaging descriptions and professional photographs to highlight the best aspects of a property.
With this generated interest, the property manager will then go through the various applications and begin the tenant screening process. This will help ensure you can avoid selecting tenants who have any red flags such as:
- A history of property damage
- False application information
- Problems with previous landlords
- A criminal record
Through this, you'll gather a smaller pool of potential tenants you can select from. Finally, the property manager will negotiate lease terms with both your and your new tenant's best interests in mind.
After this, the tenant placement service comes to an end. You'll then be responsible for the daily operations of your property from here on.
What Is Rental Management?
Rental management is one of the most popular property management services available as it's so comprehensive. It involves tenant placement as well as several other elements to make your life as a property investor significantly easier. Some of these include:
- Property maintenance
- Accounting
- Rent collection
- Tenant communication
- Rental valuation
- Lease renewal
People tend to opt for rental management when they want to leave the day-to-day operations in the hands of a professional property manager. It's especially ideal for people who don't have enough time to manage their properties effectively and will become more crucial as your property grows.
Choosing the Right Service for You
To determine which of these services is best for you, you should think about your needs. If you own just one rental property and want to manage it yourself, tenant placement could be the better option.
Alternatively, if you own several properties or just want to leave things to the professionals, rental management could be more suitable. Bear in mind that rental management is also ideal for landlords who don't live close to their properties as they're typically harder to manage in such situations.
Reliable Real Estate Services in Marietta, GA
Choosing between tenant placement and rental management isn't always easy. Consider your current situation, your goals, and how you want to approach things to make the right choice.
PMI Cobb is a full-service real estate asset management company serving clients in Marietta and the surrounding communities. Our experienced team has an in-depth knowledge of the Marietta rental market and can offer personalized tenant placement or rental management services to meet your exact needs. Take a look at our property management page for more information.
