Many property management companies, like Simply Residential, offer both property management and renter placement services. For this reason, we often encounter questions about what a homeowner truly needs in order to rent out their home — do they need a property management service, or do they just need someone to help them find a renter? The right solution can often be found by a quick discussion about resources. Essentially, if you plan to use a renter placement service, you’re taking all legal responsibility for that lease agreement upon yourself once the renter has signed it. Property management services are different. For example, at Simply Residential, we don’t charge for renter placement with a management agreement, and we take on all risk and liability from a legal standpoint by actually signing the lease with the tenant.
There are a few more distinguishing factors between renter placement and property management that have helped our clients decide what is best for them. Let’s start with the basics.
What is Renter Placement?
There is more to renter placement than you might anticipate right off the bat. This service should include marketing your property to help get the attention of prospective renters, screening applicants through criminal background and credit checks, and ultimately choosing which renter will be best for your rental property. That is the extent of the scope of a renter placement service.
If you feel confident taking on legal responsibility, even in the event of an eviction, and are able to draft a solid lease, this could be a good option for you. Keep in mind, there are going to be maintenance needs and emergencies that will arise during the time you rent out your home, so be prepared for those situations as well.
What is property management?
Property management services can vary from company to company. When we talk about property management at Simply Residential, we’re referring to the services that we provide to our clients, and they may not be the same as another company’s services. Generally speaking, property management covers the services provided by renter placement and adds on maintenance services, rent collection, lease signing and renewals, and anything else you may request in the management of your property.
Ultimately, the majority of our clients choose to take advantage of our property management services for the peace of mind they allow. It’s good to know that someone has things under control in your rental property, especially when you have other things going on that require your attention. After all, being a landlord is a big job, and nobody likes late-night maintenance emergencies and tracking down tenants for late rent. Those are the kind of details we thrive on at Simply Residential.
If you’re curious to find out what services you need, take our new quiz! Otherwise, give me a call at 952-831-5300 — I’m happy to discuss options and services with you for a more personalized set of information.