Mortgage rates are still below 7%, but remain high compared to what they were a few years ago. While mortgage rates continue to cause a housing affordability crisis, the rental market remains strong.
People who can't afford to buy homes are going to look for rentals in Miami, Florida.
Choosing quality tenants might not be your biggest strength as a landlord. Even if the rental market is booming, you'll want to be picky with your decisions. Keep reading to learn how a leasing-only service can help.
What Is a Leasing Only Service?
A leasing-only service can help property owners secure quality tenants for their rentals. They can find residents through tenant screening services and carry out lease administration tasks.
When a new tenant signs their lease and moves in, you are responsible for everything else. If you want to be a hands-off landlord, consider property management services instead.
These full-service companies perform a broader range of services and day-to-day responsibilities.
In contrast, a leasing-only service is ideal for landlords who want to oversee daily property management. These services will perform these tasks only:
- Property marketing
- Property showings
- Tenant screening
- Lease compilation
- Security deposit collection
Leasing-only professionals are aware of Florida tenant-landlord laws to keep you compliant during the process of tenant placement.
Benefits of Leasing Only Services
Miami landlords can benefit from leasing-only services if they don't have much luck finding quality residents for their rental properties.
Finding tenants and negotiating a new lease comes with a lot of paperwork. For some, these are the least enjoyable tasks of being an investor. A leasing-only service will alleviate the burdens you may experience trying to find the best tenants.
Another great benefit of leasing services is that they are more affordable than full-service property management. Because they focus on fewer tasks, they are the more cost-effective option.
Most property management companies offer leasing services as part of their comprehensive management packages. You can start with leasing-only services and then add more services as you grow your real estate portfolio.
Assessing Your Rental Property Needs
Now that you know the difference between leasing-only and property management services, you can choose the one that fits your needs. Consider your property's location, size, and budget when making your decision.
Ask yourself, how will a leasing service impact your rental income? Leasing-only services might charge a one-time fee for every tenant they place. Some choose to charge a commission that can affect a percentage of your rental income.
Calculate the potential financial impact of leasing-only and full-service property management to get an idea of how budgeting would work when you hire these services.
How Can Miami Property Managers Help?
Pristine Property Management LLC is a full-service property management company that offers everything you need as a Miami landlord. You can choose to be hands-off or hire us as a leasing-only service to place quality tenants.
No matter what you choose, you benefit from our commitment to 5-star services. We manage each property like it's our own, which makes us stand out from other property managers in the area.
Let us help protect your investment, starting with tenant placement. Drop us a line today to learn more about our services.
Eddie Miller, Partner of PPM, is the Past-President of the SE Florida Chapter of the National Association of Residential Property Managers. NARPM® promotes the high standards of business ethics, professionalism and fair housing practices. The Association has a structured educational program and certifies its members in the quality standards of the residential property management industry.
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