With its great weather, numerous opportunities for health and fitness, and excellent schools, it's no wonder Palm Harbor is one of the best places to live in Florida. The reputable review website Niche.com also ranked it as one of the state's top places for families.
All those great qualities make the beautiful suburb ideal for renters. So, if you own an unoccupied property here, consider renting it out to earn rental income.
Tenant placement services or rental property management solutions can help you start on the right foot. We'll tell you more about them, how they differ, and when to consider which, so read on.
Tenant Placement: What It Entails
Tenant placement is a service offered by property management companies. Its primary goal is to assist landlords in finding quality tenants. Service providers do this using effective property marketing strategies and comprehensive tenant screening.
Some of the steps involved in tenant placement include the following:
- Rental valuation to determine the property's fair market rent
- Listing the property with professional photos and engaging descriptions
- Communicating with applicants and answering property inquiries
- Coordinating property showings
- Conducting credit, income, rental, eviction, and criminal background checks on all applicants
- Assisting placed tenants during the move-in process
The tenant placement service concludes once the tenants have successfully moved in. You, the landlord, will then be responsible for managing your tenants and property.
Rental Management: How It Differs
With rental management, tenant placement is just one of the included services. Aside from this, your experienced property manager will also handle the following:
- Accounting and reporting tasks
- Prompt rent collection
- Oversee and coordinate property inspections, maintenance, and repairs
- Respond to tenant inquiries and address their concerns
- Enforce the lease agreement
- Create incentive programs to encourage tenants to renew their lease
The most reputable property management companies even provide eviction protection. That should give you more peace of mind, considering that evictions in Pinellas County are on the rise.
When to Get Which
Tenant placement may be better if you want more involvement in managing your rental property. You'll get help finding quality tenants, but you'll be responsible for everything else. For example, you'll collect rent, perform property upkeep, and enforce the lease.
Consider rental management if you don't live near your Palm Harbor property. Do the same if you have a hectic schedule and simply want to earn passive income. That way, you can have a pro handle everything, from marketing your property to keeping it in top condition for your best tenants.
Let PMI Pinellas Help Maximize Your Rental Income
Now that you know how tenant placement and rental management work and differ, you can make a more educated choice. But remember: Once a tenant placement service ends, you'll manage your rental yourself.
So, if you want to earn rental income without too much fuss, partner with our team here at PMI Pinellas. We're a full-service rental management company that specializes in everything discussed in this guide (and more!). We're also a member of PMI, the largest property management solutions provider in the U.S., with over $5 billion of assets under its care.
Contact us today for a free consultation and learn what we can do for your Palm Harbor property!
