Almost 29% of Louisiana residents either rent their homes or live in apartments, according to Best Neighborhood.
Owning rental property in Lafayette, Louisiana, can be a rewarding investment. Still, there are plenty of responsibilities, too. You must decide whether to take on the day-to-day management of your property or work with professionals.
Two common approaches are tenant placement services and full-service rental management. Both options have their advantages and challenges. Keep reading to learn how you can make the right choice.
What Is Tenant Placement Anyway?
Tenant placement is a service designed to help property owners find and secure tenants for their rental properties. Companies offering tenant placement tend to handle the following:
- Advertising
- Showings
- Tenant screenings
- Lease agreements
- Move-in coordination
Once a tenant is placed, the property owner takes over the responsibility for ongoing management tasks.
One of the primary advantages of tenant placement services is their affordability. Plus, professional tenant placement agencies have the expertise to screen applicants with a fine-tooth comb. They often have access to marketing tools and networks that allow them to find qualified tenants in no time.
Still, the limitations of tenant placement become obvious once the lease begins. Without ongoing support, property owners must invest significant time and effort into managing their rentals. Tasks such as coordinating repairs and handling emergencies can be stressful and time-consuming.
What Is Rental Management Exactly?
Full-service rental management companies take care of all aspects of property operations, including:
- Tenant placement
- Rent collection
- Maintenance coordination
- Legal compliance
One of the most significant benefits of rental management is peace of mind. Experienced property managers handle everything from tenant communication to emergency repairs, ensuring that your property is well-maintained and your tenants stay satisfied.
Plus, rental management companies often have a deeper understanding of local market trends in Lafayette. As such, it allows them to set competitive rental rates and minimize downtime between tenancies.
Despite its many advantages, there are some tenant placement cons. The main concern for property owners is the cost. Most companies charge a monthly fee based on a percentage of the rental income.
While this ongoing expense can add up, many property owners find that the convenience and expertise outweigh the cost.
Making the Perfect Tenant Management Choice
Choosing between tenant placement and rental management comes down to your specific circumstances. If you are confident in your ability to manage tenants, tenant placement offers a budget-friendly way to secure reliable occupants. Still, if you value convenience or own multiple properties, rental management provides comprehensive support.
There's never any one-size-fits-all answer. Evaluate your goals, resources, and comfort level with property management.
It's Time to Make a Choice Regarding Tenant Placement and Rental Management
Now, making a choice between tenant placement and rental management has never been easier.
PMI Integrity Properties is here to help you get the most out of your Lafayette investment. We provided local residential, short-term, and commercial property services. From tenant screening to rent collection, you can enjoy a stable income.
The PMI tenant placement pros would love to get you started with a complimentary rental analysis.
