Rental prices in Oregon are declining. A recent report showed that prices for apartments have declined 9.81% since this time last year.
The good news is that rental management and tenant placement services can help you offset any losses you incur. But before you can start profiting, you must determine which service is right for you.
If you are considering hiring a rental management or tenant placement firm, keep reading this guide to learn the difference between the two.
What Is Rental Management?
Rental management is a full-service offering where providers take on day-to-day operations at your property. The types of services a rental management company may provide include but are not limited to:
- Marketing and advertising
- Applicant screening
- Managing lease agreements
- Rent collection
- Property maintenance
- Tenant communications
- Evictions
- Property inspections
- Regulatory advising
Landlords with multiple units or communities to run can benefit from these services. They can free up time to find new investments, all while feeling assured that the experts are handling their properties effectively.
What Is Tenant Placement?
Tenant placement involves all the tasks necessary to find suitable occupants for your unit(s). Other typical property management services are not included. The only three offerings you can benefit from with tenant placement are:
- Marketing and advertising
- Applicant screening
- Managing lease agreements
Day-to-day responsibilities to keep a property in order fall to the landlord. The only real benefit of this service is that property owners pay a one-time fee for services, which can be more cost-effective in some cases.
Rental Management vs. Tenant Placement: Which Is Right for You?
The choice between rental management or tenant placement depends on multiple factors. These factors include the size of your portfolio, the reason you need help with your property, your budget, and more.
To help you make the right decision, here are some pros and cons to consider about each type of service.
Rental Management Frees Up More Time
Rental management is the best choice if you want to offload all the tasks needed to run a rental property. Rental managers not only save you more time and reduce stress but also lessen the hassle of owning a rental community.
Tenant Placement Can Be More Affordable
Tenant placement services can be more affordable for some landlords. Specifically, landlords with fewer units who only need to place tenants once or twice a year may prefer the onetime-fee-based model these professionals offer.
Rental Management Reduces Landlord Liability
Rental managers are experts in local Portland rental regulations. This service is ideal for landlords wanting to reduce their legal liabilities. As an added bonus, fewer lawsuits mean more money to invest in properties for your portfolio.
Property Manager in Portland, OR
Rental management and tenant placement are services some Portland, OR property managers offer. The choice depends on how much of your day-to-day operations you need to take off your plate, your budget, and more.
Are you searching for a property manager offering these services? Kerr Properties offers flexible solutions tailored to meet your unique needs. Contact us to learn more about our rental management and tenant placement services.
