According to the National Apartment Association, rental properties have an average turnover rate of 47 percent. With tenant move-out rates this high, property owners are getting worried.
They’re anxious to occupy their units, but they want a qualified tenant to help offset any temporary losses in rental income. One resource that puts these worries to rest is called a tenant placement service.
Find out more here on what these professionals are all about and the benefits they can provide. Let them dispel the worries that come with owning rental property.
What’s A Tenant Placement Service?
A tenant placement services firm helps a landlord find, screen, and move a qualified tenant into their rental property. A tenant placement service pro helps property owners with a long list of duties.
These responsibilities range from following landlord-tenant laws to advertising your property. Other tasks that these firms provide include:
- Creating a move-in inspection report that documents your property’s physical condition at the time of move-in
- Showing prospective tenants your rental
- Screening tenant candidates for their previous rental history
Tenant Placement Service Benefits
Managing rental property is a full-time job. A lot of rental property investors don’t have the time it takes to focus on managing this investment. But here are even more benefits that come with hiring a tenant placement services provider as well.
Creative Advertising
A tenant placement company can provide you with effective marketing ideas to advertise a rental. For example, a tenant placement provider might urge you to place pictures of your property on Pinterest.
Another marketing tool includes using the Facebook Events function. This function creates a dedicated landing page to display your property. When a rental property listing includes a photograph, that listing enjoys a 95 percent increase in views.
Comprehensive Tenant Background Check
Tenant placement service companies can also do thorough research of your possible tenant, way beyond their previous rental experiences. Some of the areas these comprehensive background checks include:
Criminal Background Check
These reports allow you to see police records that outline any past arrest or criminal histories. These records also include whether the crime was a felony or a misdemeanor, as well as a description of the crime itself.
Credit Check
A tenant placement service company can also request credit history information on a prospective renter.
A credit check shows what the prospective applicant’s demonstrated efforts were at repaying their debt. These reports can also advise you on how well the tenant will be able to continue this effort.
Employment Verification
A tenant placement service company can also help you determine if a potential tenant has the stability they need to meet their utility and rental payments.
Employment verification shows you know how long the tenant has worked for their current employer. It will also give you a current salary estimation as well.
Negotiations
A tenant placement service can also help negotiate the final lease with a future renter.
A tenant placement professional usually has experience as a property manager. That means they know how to negotiate tenant move-in or move-out expectations that satisfies your financial interests.
Next Steps?
Ready to hire a tenant placement service for your rental investment? If so, then you can start by giving us a call! We'll share with you what services we provide.
We'll also share with you how much we know the neighborhoods that might surround your rental. We'll also share our methods for securing ideal tenants throughout the rental process.
Contact us with your questions today. We're here to help!
