There are upwards of 50 million individual rental units in the United States. Rentals can be a great source of passive income. That term might be deceptive though, as they require a lot of hard work and expertise.
For this reason, property owners often outsource services, like leasing, to third parties. There are many advantages to this.
This article explains the benefits of hiring a leasing-only service for busy property owners in Charlotte. Keep reading to learn the advantages this can afford and whether it is right for you.
What Is a Leasing-Only Service?
A leasing-only service generally refers to a third party that only handles tenant placement. This almost always includes tenant screening and lease drafting.
In many cases, it can involve marketing the rental property as well. Agents can capture the best possible pool of prospective tenants and take every step to get the lease signed.
"Lesing-only" is often used to distinguish services from full-service property management. Besides tenant placement, the latter offers other options. These include things like rent collection, inspection, grounds maintenance, and accounting services.
What Are the Advantages of a Leasing-Only Service?
The brief description of tenant placement tasks fails to capture the amount of time, effort, and expertise needed to do this. An experienced leasing agent will have all the tools and knowledge necessary to do it well.
This frees up a lot of time for property owners to focus on other important tasks. It also ensures that units stay rented with quality tenants. That means more money in your pocket.
The other advantage is that it allows you to gain the assistance you need without paying for services you do not. It is ideal for property managers who are comfortable handling other aspects of being a landlord, such as bookkeeping or grounds maintenance.
When Is Full-Service Property Management Preferable?
If you do need help in other areas, a full-service property management company may be the way to go. This will depend on many factors. These include your property size, time availability, and rental income.
Doing so can free up even more time and reduce the stress associated with many of these tasks. It also can be cost-effective if you already outsource many of these jobs.
Keep in mind that many full-service property management companies will allow you to select different services. Most reputable agencies will work with you to set up a package that works for your property management needs and budget.
Find Leasing and Other Property Management Services Near You
Now that you understand the benefits of a leasing-only service, you can determine if it is right for your Charlotte property. A qualified property management company can further advise you on the benefits of it versus full-service options.
Since 1999, Wilkinson Property Management has managed more than 633 homes in the greater Charlotte metropolitan area. We offer a range of property management services, with resources for property owners, investors, and tenants alike. Reach out to us today for more landlord advice or a free rental analysis.
