Did you know that the Twin Cities metro is Minnesota's eviction hotspot, with an average eviction rate of three percent of all renters? That's why it's crucial for you to choose your tenants carefully if you have an investment property in Minneapolis or its suburbs.
Rental management and tenant placement services are two tools that can help you get the right tenants. They work differently from each other, which is why it's helpful to know which one suits you better as a landlord. Learn more about these services and how they can help you in this quick guide.
Tenant Placement Services
Tenant placement services focus on attracting tenants to a particular rental property and vetting everyone interested in moving in. The agency will list your property, screen the tenants, and may even help set up the lease agreement. Once the new tenants are in, it's up to you as the owner to manage the daily tasks of being a landlord.
You want your tenant placement service to have a thorough screening process and a large client base. These two qualities mean that you don't suffer from extended vacancies and that the tenants you do get treat the place (and you) well.
Rental Management Services
Full rental management includes tenant placement, but it goes much further. With rental management, the property manager takes the landlord's place as the person who deals with the rental and the tenants.
The property management firm places tenants, collects rent, handles maintenance, and deals with evictions if necessary. They also do the admin of staying on top of the property's paperwork and taking the bulk of the accounting. Rental management is a far more comprehensive service, which is also why it's more expensive.
Who Benefits From Each Service
Choosing the service that fits you best depends on how your life is set up and what you want out of your life as a property owner.
Everyone benefits from tenant placement services. Marketing your unit and screening tenants is time and resource-intensive. You must also ensure your screening doesn't accidentally run against fair housing anti-discrimination laws.
With tenant placement, professionals handle a quick and legally sound screening process. You're almost guaranteed to save money by taking this route.
Full rental management benefits owners living far away or too busy to do all the landlord duties. It's also a good option for folks who feel handling things like evictions would be overwhelming. The property management company takes care of all of this for a monthly fee, and you get money in your account when the rent collection happens.
Get Stellar Tenants Today
A tenant placement service can help any property owner get great new tenants. A company with tenant screening expertise and a large tenant pool can get much better results than a lone landlord. Once the tenants are in, the owner carries out the landlord's duties.
If you want a more automated service, rental management is for you. The property manager takes over all the responsibilities and transfers the rent (minus fees) to the owner.
At PMI TC Metro, we have more than two decades of experience screening tenants and managing properties! Get the best service and tenants through us today.
