The housing market in the US is at record levels. There is a lack of homes available to buy, the ones that are selling are going for well above their asking price, and in general, there are far more potential renters or buyers for every house on the market or property available for rent.
As a landlord, this is a good thing for you. Renters who can't find homes to buy mean more people will continue to rent vs. buy. Similarly, renters who are priced out of the housing market will stay in your rental properties as well.
The huge supply of renters does mean that you have your work cut out for you to sift through all of the potential tenants who contact you or apply to rent your property. If this is the case, you should continue a leasing-only service.
Read on to learn more about this leasing service and how it can help you.
What Is a Leasing-Only Service?
A leasing-only service is provided by a property management company. It's designed for landlords who want to handle the day-to-day management of their property, such as collecting rent, making repairs, and handling any emergency calls from their tenants.
With leasing-only services, a company handles everything up to the signing of the lease. Once the tenant signs the lease and moves in, their job is done and you take over.
Some of the things that a leasing-only company provides include:
- Marketing the property
- Prescreening tenants (and understanding all of the rules surrounding tenants' rights and discrimination)
- Collecting applications
- Screening the applicants, including verifying income and rental history
- Conducting a criminal background check
- Preparing the lease
- Facilitating the lease signing and collection of the first month's rent and security deposit
- Send the executed lease and funds to you
Leasing-Only Service Benefits
When you use a lease-only service, you can focus on getting the property ready for new tenants. If your strengths lie in taking care of the property vs. handling the administrative tasks, this is a perfect partnership for you.
A property management company that handles this process on a daily basis is likely to be much more efficient throughout the process. They also may have a network of potential renters that they can tap into as well as a website that lists properties for rent.
The marketing and screening of tenants alone are well worth the fees to hire a leasing-only service, but they can provide you so much more.
Contact a Property Management Company Today
If you are a landlord looking for assistance with renting your property, a leasing-only service is the way to go. They can handle everything before the tenant moves in, giving you the time to focus on getting the unit ready for rental. This also allows you to focus on your day job.
Contact us at Blue Line Property Management today for more information about our property management services.