As of July 2023, Huntsville, AL, had a population of 235,204. That reflects a growth that experts say will continue in 2024. The city, after all, is a desirable place to live in and boasts a strong job market.
That should be welcome news to you, a landlord, as population growth indicates more prospective renters. But to boost your chances of attracting these renters to your properties, you should consider enlisting the help of tenant placement or rental management services.
We'll explain how these two services work, their differences, and which one to consider, so read on.
Tenant Placement 101
Tenant placement is a collection of services designed to find reliable tenants. It usually includes the following:
- Marketing and listing rental properties
- Responding to potential tenant inquiries
- Coordinating showings with interested parties
- Conducting a comprehensive tenant screening process
- Assisting landlords in creating lease agreements
- Helping "placed" tenants move into the property
Once tenant placement companies have moved the tenants in, their service often ends there.
You, the landlord, would then be responsible for managing your tenants and properties. For example, it would be up to you to schedule and conduct property maintenance. You'll also be responsible for collecting rent.
What About Rental Management?
Rental management includes all the services you can expect from tenant placement. However, it's more comprehensive and provides ongoing property management solutions.
Here are some tasks you can expect from your rental property manager:
- Respond to existing tenants' inquiries and concerns
- Collect rent on time
- Deposit rental payments into your account
- Schedule property inspections
- Oversee property maintenance and repairs
- Help with accounting and financial reports
- Create incentive programs to encourage tenants to stay
- Replace renters who leave
Reliable rental management companies also provide eviction protection plans. If you ever need to evict one of your tenants, your property manager will handle the process. They'll also cover some of the costs of the eviction, usually up to $2,000.
Which Service Is Better?
Tenant placement may be better if you want more control over your rental properties. You can be more hands-on with managing your rentals as you'll only delegate the task of finding renters to a third party. As a result, you can also expect this service to cost less than full-service rental management.
If you want hassle-free renting or don't have the time to manage your rentals, consider rental management. Your property manager will take over most of your responsibilities as a landlord. That includes your obligations under the Alabama Residential Landlord and Tenant Act.
A rental management company can also provide a free rental analysis. That can help you set the right rental price and attract the right renters.
PMI North Alabama to the Rescue
If you still need help deciding whether to get tenant placement or rental management, PMI North Alabama can help.
Our company provides rental management services, from tenant screening to full-service property management. We're also a proud member of PMI, a larger national franchise founded 20+ years ago and manages over $5 billion in real estate assets. With our experience and history, we can help you determine which services best suit your needs.
So, call us today! We'll happily answer all your questions and even give you a free rental analysis.
