According to Bankrate, there were 15,269 homes for sale in Wisconsin in September 2024. This is an increase of 9.6% from September 2023, showing just how active this market is.
If you want to take advantage of this activity, rental properties can be a great option. However, managing rental properties is a lot of work, so you may want to outsource certain processes. Tenant placement and rental management are two classic choices.
So what are these two rental management solutions, and which should you go for? Keep reading to find out.
What Is Tenant Placement?
Tenant placement is a service that a landlord can obtain from a property management company. It involves several steps with the goal of securing tenants for a rental property.
The first component is property marketing. A property manager can create optimized listings for a property that will help attract potential renters. They'll also use high-quality images that make the property look its best and stand out from the competition.
After receiving some applications, the property manager will conduct a thorough tenant screening process. This will look for any potential red flags such as a history of:
- Late/unpaid rent
- Property damage
- Criminal activity
Applicants who have had these issues in the past will be more likely to cause problems for you in the future. With proper tenant screening, you can narrow your applicant pool down to only the best options.
After this, a property manager can help you create a reasonable lease agreement. They'll do this with a focus on the best interests of both you and your new tenants.
Once the lease is signed and your new tenants have moved in, the tenant placement service comes to an end. At this point, the day-to-day management of your property is handed back to you.
What Is Rental Management?
Rental management is another service that property management companies offer, but it's far more comprehensive. It involves tenant placement, but rather than finishing when tenants are found, it's an ongoing service.
A property manager can keep handling the daily operations of your property for as long as you require them to. Some of the typical duties they can take care of include:
- Property maintenance
- Tenant communication
- Lease renewal
- Accounting
- Rent collection
- Rental valuation
- More
People often choose this service when they want to leave the overall management of their property to a qualified professional. It's particularly beneficial for real estate investors who own multiple properties or don't live close to their properties. You can scale these services as your portfolio grows, and end them if you decide you no longer need them.
Which Is Right for You?
It can be difficult to decide between tenant placement and rental management. Ultimately, you need to consider whether you want to manage your properties yourself or leave it to the professionals.
PMI Northwoods is a full-service real estate asset management company serving clients in Wisconsin Dells, Castle Rock, Petenwell, Green Lake, Wisconsin Rapids, and the surrounding communities. We can offer tenant placement or rental management services for property owners and have years of experience in the industry.
We'll tailor our services to your needs to ensure you get the assistance that you require. Take a look at our services page to learn more about what we can do to help you.
