According to Bankrate, the median home sale price in August 2024 in Fayetteville, NC, was $230,000. While this is lower than recent months, it's a 5.5% increase from the same time last year, showing some growth in the Fayetteville real estate market.
It can be a great place for property investors to find new properties that can help them generate a good income. When doing so, however, finding the right assistance can be crucial.
You could opt for either tenant placement or rental management services, as both can make things a lot easier for you - but what's the difference between the two? That's exactly what we're going to look at in this guide.
Keep reading to find out which service is right for you.
Tenant Placement
Tenant placement is a multi-step process that can help you find quality tenants for your rental property.
The first step is property marketing. A tenant placement company can create quality listings and promote your rental property to help attract a number of potential renters.
They'll then take applications from anyone who wants to rent your property and go through them. The most important element of this is tenant screening. They'll do in-depth checks to make sure applicants are being truthful in their applications while also looking for red flags like a history of:
- Criminal activity
- Unpaid rent
- Property damage
After narrowing down the applicants to the best candidates, the tenant placement company will negotiate the lease. They'll make sure it serves the best interests of both you and your new tenants. This can be very complicated, so it's best to have a professional take care of this.
Finally, they'll help move your tenants in. After this, the service ends and they hand things back to you. You'll then continue to oversee the everyday operations of your property.
Rental Management
Rental property management is a far more comprehensive service. It involves everything that tenant placement does as well as various other services.
In a general sense, a rental management company can take care of all the day-to-day management tasks that come with a property. Some of these include:
- Property maintenance
- Tenant relations
- Lease renewal
- Rent collection
- Accounting
You can decide which specific tasks a rental management company performs, so you can still take care of certain things yourself if you prefer. Rental management is an ongoing service, so you can keep this going indefinitely. It can be the best way to handle things if you own multiple properties as managing them all can quickly become overwhelming.
Which Should You Use?
To decide between tenant placement and rental management, you need to think about how you want to handle things. If you want help finding tenants but would prefer to manage your property yourself, tenant placement could be best. If you want to leave everything in the hands of the professionals, rental management might be better.
PMI All American is a full-service real estate asset management company that can help you with the successful leasing of your properties in Fayetteville, NC. We're a part of the fastest-growing property management company in the US and provide a level of service that reflects this. Take a look at our property management page for more information.
