Jacksonville has the seventh-highest rental vacancy rate in Florida at 6.3%.
Being among that number is a landlord's worst nightmare. You may be unsure of why it's happening or what type of help to reach out for. Do you need tenant placement to attract more applicants? Is it a deeper issue that requires rental management?
Read on to learn about these two services and how to decide which is right for you.
What's Tenant Placement?
Tenant placement is all about filling vacant units with the best possible tenants. This includes tasks such as marketing the property, screening applicants, and facilitating lease agreements.
You'll have to handle all the other daily tasks. Tenant placement gives you a head start in the race to keep your rental property filled and profitable.
What's Rental Management?
Rental management is also known as property management. A manager handles daily property tasks for you such as:
- Marketing
- Tenant screening
- Rent collection
- Property maintenance
- Evictions
This lets you take a hands-off approach to your property. You can sit back with the knowledge that it's being cared for.
What are the Pros and Cons of Each Option?
There's no definitive answer to the question of whether rental management or tenant placement is better. It depends on factors such as how much time and money you have, your expertise, and the properties in your portfolio.
Comparing the pros and cons of each option can help you decide.
Pros and Cons of Rental Management
Having a property manager reduces the time you'll spend every day managing your property. You can put it towards other priorities and won't feel as stressed.
The manager has a network of maintenance professionals on hand. This helps fix tenant complaints quickly and keep the property beautiful and up to code.
Their experience is also a major benefit. They're experts in all areas of property management, including legal compliance.
Rental management includes more services than tenant placement, but that makes it more expensive. You'll pay anywhere from 8-12% of your property rental income.
It may also not be the best option for those who want to maintain total control over their properties. You have to let go and trust that the manager can handle daily operations for you.
Pros and Cons of Tenant Placement
Tenant placement services only require a one-time fee. This makes them more cost-effective than the ongoing fees of rental management. You can also hire them on an as-needed basis.
Tenant placement services essentially stop working once a tenant moves in. They're best for landlords who have the desire and resources to handle all other property management duties.
Inexperienced or first-time landlords could get into trouble without the help of rental management. They may struggle to handle everything or end up in court after failing to maintain legal compliance.
Where Can I Get the Right Service?
Tenant placement handles finding and keeping tenants. Rental management goes further to cover every property management task in the book.
NestFinders Property Management has a team with decades of experience in the Jacksonville area. We offer quick and hands-on service. Contact us to experience the difference today.
