A recent study shows that 5 million U.S. households are currently behind on their rent. Not only does this place them at risk of eviction, but it also puts millions of landlords out of pocket.
Tenant placement services can help you, as a landlord, avoid these unpleasant situations. Usually, tenant placement is part of the services offered by rental management companies, but you can also use it as a stand-alone service.
The question is: which of these residential real estate solutions is best for your investment property in Boston, Massachusetts? Keep reading to find out.
The Importance of Good Tenants
It's easy to underplay the value of good tenants if you've never had a bad tenant in your rental property. Getting rid of a bad tenant isn't as simple as evicting them and finding someone else.
This process takes time and sometimes involves a complicated and drawn-out legal procedure. Often, you'll earn no income from your property in the meantime, plus you'll have to pay ongoing legal expenses.
In some cases, bad tenants damage your property, resulting in even higher repair costs. Every landlord wants tenants who pay their rent on time, treat their property with respect, and renew their leases on time.
Tenant screening is an excellent start toward finding these tenants. This process vets tenants based on the following:
- Their employment status
- Their rental history
- Whether they can afford to pay the rent
Landlords can check this information themselves within the bounds of Massachusetts law.
What Is Tenant Placement?
Working with a professional tenant placement service is the best way to avoid the pitfalls of DIY tenant screening.
These professionals advertise your property on platforms likely to attract good tenants, vet the applications received, and screen qualified tenants.
Once they've found a tenant who seems like a good fit, they hand the reins back to you. It's up to you to keep your tenants in place, collect any overdue rent, and handle unpleasant evictions if necessary.
About Rental Management
Rental management companies also offer tenant screening services, but they're usually part of a more comprehensive package. Property managers will also assist you with:
- Advertising vacant properties
- Lease origination
- Routine maintenance
- Emergency repairs
- Rent collection
- Property inspections
- Tenant relations
- Eviction protection
Professional rental management companies offer 24/7 availability and consistent, reliable service. This helps keep your tenants in place, encourages lease renewals, and protects your investment.
Property managers use the latest technology to stay on top of all these tasks. These measures ensure you've got access to customized reports when you need them and help tenants pay their rent easily and conveniently.
Enjoy the Convenience of Property Management
If you have years of experience running your investment properties and the time to manage it all, tenant placement or DIY placement could work for you.
Otherwise, hiring a property manager is the only way to ensure you find good tenants and keep them. It's also the best way to save money and alleviate the stresses involved with managing your investment property.
Browse our blog for more landlord advice about managing your investment properties, or get in touch for assistance managing your Boston real estate.