The National Apartment Association reports that the average turnover rate for rental properties is 47 percent. With tenant movement at this rate, property owners are getting anxious. They want to fill their units with qualified tenants quickly to offset any temporary loss in rental income.
One resource that helps minimize this income loss is a tenant placement service. Learn more from this tenant placement service guide.
We'll highlight what these professionals do and the benefits they provide. Let them help you reduce some of the headaches that come with owning rental properties.
What’s A Tenant Placement Service?
Tenant placement services firms can help landlords locate, screen, and move qualified tenants into the landlord’s rental property. Tenant placement service pros can help property owners cover a wide range of responsibilities.
These duties range from advertising your property to helping you follow landlord-tenant laws. Other responsibilities that these firms cover include:
- Showing your property to prospective tenants
- Screening possible tenants for their previous rental histories and
- Compiling move-in inspection reports that document what condition your property was at the time of move-in.
Tenant Placement Service Benefits
Renting out property is time-consuming. A lot of property owners don’t have a lot of time to directly focus on their properties. But here are some added benefits that tenant placement services provide as well.
Tenant placement service providers can help you with an effective marketing campaign to promote your rental. Tenant placement providers might suggest placing pictures of your rental on Pinterest.
Other marketing avenues might include using the Facebook Events tool to create a dedicated landing page to showcase your property. When rental property listings include a photograph, there’s a 95 percent increase in views.
In-Depth Background Tenant Checks
Tenant placement service providers are prepared to research your possible tenants far beyond their previous rental experience. Some of the areas these in-depth background checks include:
It’s important to know that any future tenants have the stability they need to meet their rental and utility payments. Employment verification will let you know how long the tenant has worked for the company and an estimated range of their current salary.
Tenant placement service providers will also seek a credit history on prospective renters. These checks will tell you what this renter’s demonstrated efforts were at repaying their debts and how well they’ll be able to continue to do so.
Criminal Background Checks
This report allows you to see law enforcement reports that describe any past criminal or arrest histories. These reports include a description of the crime and whether it was a misdemeanor or felony.
A tenant placement service can also help finalize a lease with future tenants. Most tenant placement professionals have experience as property managers. They can meet with your future tenants and negotiate any move-in or move-out expectations that meet your financial needs.
What Are Your Next Steps?
Ready to find a tenant placement service that’s best for you? If so, the best place for you to start is to call local area property management firms. Ask if they provide this service.
If they do, they’ll understand the community that surrounds your property. They’ll also be able to give you their feedback on how they’ll secure good tenants for you throughout the process.
You can also check our website for more tenant placement service tips. Let us help you take your rental investment property experience to its next level.