Earning passive income doesn't mean doing nothing. The race to prepare your investment to start earning money isn't one you can sit out of.
Hiring a leasing-only service gives you a headstart. It helps you with that essential but difficult first step; finding tenants.
Read on to learn the benefits of a leasing-only service.
Effective Marketing
The percentage of empty units in Washington State sits at 5%. This follows a two-year trend of rising vacancies. The best solution to the problem is clever marketing.
A leasing-only service knows how to create attractive listings. They'll include professional photos and well-written descriptions. Their showings will entice any applicants who step on the property.
Complete Tenant Screening
Tenant screening is one of the most difficult and time-consuming areas of property management. It involves looking into each applicant's:
- References
- Credit history
- Criminal history
- Rental history
- Employment history
A leasing-only service does all of these checks for you. It saves you time and makes sure that every applicant you approve is safe and able to pay rent.
Legal Help
A lease is a contract between you and your tenant. It must contain clear rules about everything from the length of the tenancy to whether or not pets are allowed on the property.
It also needs to follow a long list of landlord-tenant laws to be valid. Any breaks could lead to serious penalties.
Leasing-only services know how to handle both of these issues. They'll write you a professional, legal, and comprehensive document every time.
Maintaining Control
A leasing-only service steps back as soon as a tenant signs their lease. It's the best option if you don't want to completely relinquish control of your property to a property manager.
You have a say in everything else that goes on, including maintenance, budgets, and handling disputes. You'll also be the one encouraging lease renewals from your best tenants.
Relinquishing some control to leasing-only services frees up your time and energy. You can focus on your other tasks and complete them more effectively.
Affordability and Scalability
Leasing-only services are affordable. They're one of the best options to start with when you're a new landlord with an empty property that you need to fill.
Diversifying your portfolio is one of the best tips for investors. Your services can scale with you when you add a new real estate investment or experience periods of rapid growth.
Most property management companies also offer other services if you need more help. They've handled your leases in the past, which means you're already familiar with them and know you can trust them.
Where Can I Get More Comprehensive Service?
Hire a leasing-only service if finding tenants becomes too overwhelming. They're affordable and help with tasks such as marketing and tenant screening while letting you remain in control of your property.
PMI Equitas is a full-service property management company. We work to maximize the potential of every real estate investment from its marketability to its rental price. Contact us to start making your property more profitable today.
