Over 70% of small rental properties are owned by individuals, meaning "mom-and-pop" situations are very common. While it can be rewarding to handle everything on your own as a landlord, it can quickly become stressful and overwhelming.
The good news is, there are third-party services that can lend you a helping hand. Plus, they have different tiers of services, so you can pick something that fits your budget.
When it comes to a leasing-only service or property management, which is right for you? Read on to find out.
What Is a Leasing-Only Service?
A leasing-only service is exactly what it sounds like. The company solely focuses on helping you find suitable tenants for your rental properties. The services can include:
- Tenant screening
- Marketing and advertising
- Lease preparation
- Property showings
After the renter signs the lease agreement, you can then take over the rest of the tasks.
Benefits of a Leasing-Only Service
Leasing-only services are focused on an area property owners have a tough time with. It can leave you worry-free and allow you to still manage the day-to-day operations of the property.
In comparison to other services, these can be more affordable. However, they're obviously not as comprehensive.
What Is Property Management?
Property management involves a broader set of responsibilities. They'll include everything in leasing-only services, as well as:
- Tenant management
- Rent collection
- Maintenance and repairs
- Financial management
- Legal compliance
- Inspections
- Evictions
Benefits of Property Management
Property management services can make life a lot easier for you as a landlord. You'll have a better work-life balance, so you'll have more free time to spend with your loved ones and do what you enjoy.
In addition, you'll have a more hands-off approach to being a landlord. You'll generate income that's truly passive, as the property management company will take care of basically everything.
Leasing-Only vs Property Management
There's no right or wrong answer when you're trying to decide between the two. Instead, you'll want to think about your needs and budget.
For many landlords, a leasing-only service can be great to start out with. Not only is it more affordable, but you'll also gain some hands-on experience managing your properties.
However, if you already have plenty of experience, or would like to save some time and energy, then it's worth it to spend a little extra money on full property management services.
Will You Choose a Leasing-Only Service or Property Management?
Now you know the nuances between leasing-only service and property management.
If you're someone who loves to be involved, then the former may be better for you. But if you'd rather free up your time and concentrate on other aspects of your life, then the latter will be optimal.
Remember that your decision isn't set in stone and that circumstances can always change. Feel free to try both and see what works for you.
If you'd like full-service property management services, then contact us now.
