With Metro Atlanta's job employment base having jumped by 5.4% since early 2020, it's no wonder people are flocking to the region. Indeed, its population has hit 5.6 million by April 2023.
That continued growth has made the 11-county region an excellent market for landlords. However, it's also because of this that the competition for tenants has become tighter.
So, if you're having trouble filling your properties with renters, it may be time to seek help.
You have two options: tenant placement and property management services. We'll discuss how the two differ to help you decide which one to choose, so please read on.
Tenant Placement vs. Rental Management
Tenant placement services find qualified renters for properties. They start by creating attractive rental listings to advertise and market rental properties.
Once there's a pool of potential tenants, the tenant placement service screens them. Each prospective renter undergoes multiple checks, including credit, employment, and criminal background checks. These procedures help determine their credibility, honesty, and reliability.
Rental property management services involve all leasing-related procedures. These include tenant placement and communication, property maintenance, lease renewal, and rental collection. In other words, they oversee all daily operations needed to run rentals.
When to Choose Tenant Placement Services
First, consider how involved you'd like to be in managing your properties.
If you'd like some level of participation, then tenant placement services may be ideal for you. This way, you can ensure your tenants are trustworthy, and you can focus on other aspects of your rental.
It may also be wise to outsource tenant placement if cost is a crucial factor for you. It typically involves a one-time payment after the successful completion of lease agreements.
What About Rental Management?
If you want to enjoy the profits from owning a rental property with as little effort as possible, it may be best to hire a full-service real estate management company. This could also be ideal if you don't live in the Atlanta area. You can delegate everything to them, from tenant placement to lease renewals.
Since their services are comprehensive, full-service property management companies charge more. Their fees are usually a percentage of the monthly rental rate. This sounds like a lot, but this is because they handle most, if not all, aspects of managing your property.
Hiring a management company may also prove more cost-effective in the long run. One reason is that they strive to find qualified renters most likely to stay long-term. This can help prevent the loss of valuable tenants and the cost of replacing them.
Note that the average cost of replacing a tenant is nearly $4,000. It's also very stressful, as you'd have to re-list your properties and conduct multiple background checks again.
Make Owning a Rental Property Stress-Free
Tenant placement services can help you find qualified renters for a minimal cost. They also give you more control over managing your properties. However, this also means you'd have to handle the daily operations yourself.
If you don't have the time or tools to do that, partner with our team of property management professionals here at PMI Georgia. We provide high-quality, full-service rental management services throughout the Atlanta area.
Book a consultation with us today. We'll be happy to share how we can help make managing your property stress-free and a success!