Over 2.3 million New York homes are occupied by renters. This figure is much higher than the 1.1 million owner-occupied spaces. If you're looking to rent out a property in Long Island, you're far from alone.
Choosing between rental management and tenant placement can be a challenge, but having more information can help. Read on to learn:
- Key differences
- Respective benefits
- Important differentiators
Only then can you remain competitive in a massive market!
Tenant Placement vs Rental Management: The Basics
Tenant placement is a singular service. Its limited focus includes:
- Property marketing
- Tenant screening
- Lease agreement facilitation
Essentially, it aims to find quality renters for your unit.
Tenant management is one facet of comprehensive rental property management. Management services also include:
- Researching the Long Island rental market
- Identifying good property investment strategies
- Setting fair and competitive rent
- Collecting rent
- Property maintenance
- Conducting emergency repairs
- Communicating with tenants
- Resolving tenant requests
- Handling eviction
Tenant placement services are critical for landlord success. However, when you invest in more holistic property management services, you get these benefits as well as many others.
The Benefits of Tenant Management
Some people choose tenant placement services over comprehensive rental management. Tenant screening services have several benefits, including:
- High-quality renters
- Long-term renters
- Lower vacancy rates
- Fewer tenant complaints
- Fewer evictions
Tenant placement also costs less than rental management services. You won't need to pay as much for an expert who performs limited functions.
Tenant placement usually also requires a one-time payment. Rental management charges a monthly fee, usually a percentage of the rent you collect.
Tenant placement also gives landlords a more hands-on approach to managing properties. You'll need an active hand in communicating with tenants and resolving their requests.
If you like having more control, this might be the option for you. Unfortunately, this also means a huge time commitment that you must prepare for.
Rental Management Advantages
Rental property management services have several benefits over simple tenant placement:
- Less responsibility for owners
- More free time for property owners
- Expert lease negotiations and drafting
- Comprehensive understanding of tenant rights
- Pre-existing contracts with maintenance and cleaning teams
- Professional tools for rental valuation
- Market analysis knowledge and tools
- The ability to set fair rent
- Rent collection
- An integrated dashboard for landlords and tenants
- The ability to conduct legal proceedings (eviction, lawsuits, etc)
Plus, you'll still access the benefits of tenant placement!
Making a Decision
Going with rental management services is a no-brainer for most landlords. Unless you're extremely short on money for upfront expenses, there are few things tenant placement offers that rental management doesn't.
You'll get constant access to landlord tips from experienced professionals in Long Island so you can stand out in the market. You won't just have great tenants; you'll also have an efficient management system.
Invest in Property Management Services
Now that you know the ins and outs of rental management vs tenant placement, it's time to start working with a property manager. PMI Lighthouse is committed to helping you maximize passive income in Long Island, New York.
We help landlords find tenants and manage properties. Request a free rental analysis to learn how much you can make on your unit.
