According to ZipRecruiter.com, landlords in Denver, CO, earn an average of $83,488 yearly. Top earners even make an impressive $155,422!
To get close to those figures (or, at the very least, reach the maximum income potential of your Denver rental property), you must do your diligence and rent to the right people. You want someone who'll treat your property respectfully, be courteous to neighbors, and pay rent on time.
Professional tenant placement and rental services can help you find and secure renters with all those positive qualities.
So, what's the difference between the two then, and which one should you choose?
PMI Denver Metro has shared insights to help you make a more informed choice, so please read on.
How Tenant Placement Differs From Rental Management
Tenant placement and rental management services share the goal of finding reliable tenants for landlords. Both involve a comprehensive tenant screening process.
The chief difference is that tenant placement:
- Involves a one-time service contract and fee, usually equivalent to one month of rent
- Has the sole purpose of finding and moving vetted tenants into the property
- Ends once the vetted tenant moves into the rental property
So, with tenant placement, you'll be responsible for tenant and property management.
On the other hand, rental management is:
- An on-going contract
- A full-service solution that provides more than just tenant placement
- A service whose monthly payment is often a percentage of the rental fee
With rental management, you'll have a professional property manager overseeing everything, including being your tenants' contact person. They'll collect rent, maintain your property, and determine if it's time for a rent fee raise through regular rental valuations.
When to Choose Tenant Placement?
Go for tenant placement if you only need extra help in the tenant vetting and selection process but want to manage the property yourself. It's a good idea if you live close to the rental and your primary job is being a landlord. Remember, though, that if you go with self-management, you must be ready to commit to a 24/7 landlord job to attain rental property success.
Why Go With Rental Management?
If you choose rental management, you'll be free of most landlord duties and tedious chores. Your dedicated property manager will handle all of them for you. They'll even oversee your property's regular maintenance and prompt repairs, which is especially important nowadays, considering yearly home upkeep now costs over $10,000, per Newsweek.com.
So, if you want to earn like a landlord but not work like one, you'll be better off with full-service rental management.
Consider Full-Service Rental Management
Tenant placement costs less upfront than rental management, but if you choose this option, you'll manage your tenants and Denver property yourself. Unless you specifically want to be a property owner/landlord/manager, rental management is a more practical choice.
As your full-service property manager, PMI Denver Metro will strive to make your life as a landlord as stress-free as possible with our extensive leasing solutions and landlord resources. From marketing to tenant selection, rent collection, and property upkeep, we'll do all these and more for you. You can count on our 10+ years of experience and the support of PMI, a larger national franchise with 20+ years of property management expertise.
Speak with us today to get started with your free Denver property consultation!
