Finding good tenants is part of the rental process that isn't easy to get right. You have to collect a lot of data to vet applicants, and if you don't have a good process, you risk making a costly mistake.
But you can eliminate some of that risk by working with a reputable leasing only service. Let's look at a few things to look for if you decide to hire one.
Consider Experience
It takes different skill sets to find tenants for the varying property types. For example, what you look for in a single-family tenant will vastly differ from a business looking for commercial property.
One of the best leasing service benefits you'll see is a specialized experience in your property type. Verify that a company has a history of running a successful leasing service relevant to your business.
Understand the Process
It takes a great process to find great tenants. A leasing only service must do everything possible to check the applicant's background, credit, eviction history, and other factors to determine if they will be a good tenant.
You should already have an idea about how to do this, so ask about the process before you hire a company. Make sure the process lines up with industry standards to ensure you hire good rental property management solutions.
Learn the Cost
Cost is one of the primary factors to consider when looking for expert rental management. You may already run on small margins, so you don't want to increase your cost too much when outsourcing.
Get quotes for service for at least three companies before you come to a decision. Look at the pros and cons of each company and pick the one that offers the best value for the money.
Pick Good Communicators
Although you're outsourcing the leasing process, that doesn't mean you should have zero insight into what's going on. You want to ensure your leasing company is doing its part and taking its property owners leasing job seriously.
Ask a company how it handles communication. Ideally, you'll get regular updates about the process and be immediately informed about potential issues. Another thing to verify is that the company you hire has a quick response time for when you have questions or problems.
Ask for Referrals
You shouldn't take a company at its word that it can do a job. Businesses can easily embellish their abilities, so you must verify those claims by asking previous customers.
Try to find references for leasing services before you hire one. Ask about the pros and cons of a company and look for red flags that indicate you should look elsewhere.
Pick the Best Leasing Only Service
One of the primary components of a successful rental property company is finding great tenants to sign leases with. It isn't enough to have a great rental for the right price. You must also have great tenants to avoid costly problems that result in financial losses.
If you're looking for help finding tenants for your property, our services at PMI Phantom Realty can help. We offer our leasing only service alongside our other property management solutions to help our clients run great rental units. Contact our team to learn what options we can offer.
