Owning a rental property in Minneapolis can be rewarding, but it often comes with headaches. Many landlords find themselves stuck between spending hours trying to find the perfect tenant or juggling daily property management tasks. You might have already spent weeks looking for the right renter, only to end up with late payments or tenant turnover.
It's frustrating and time-consuming. The good news? You don't have to do it all yourself.
Whether you're searching for a quality tenant or need help managing the day-to-day responsibilities, there are options designed to ease your burden. The question is: should you choose tenant placement, or opt for full-service rental management?
Let's break it down so you can decide what works best for your property.
What Is Tenant Placement?
Tenant placement is all about finding the right tenant for your rental property. A tenant placement agency specializes in this process, handling everything from advertising your property to screening potential renters.
Their main goal? To ensure you get a reliable tenant who will respect your property and pay rent on time.
The process typically starts with advertising the property on various platforms. Once applications roll in, tenant screening begins, such as:
- Checking credit scores
- Verifying employment
- Reviewing rental history
- Conducting background checks
By taking these steps, a tenant placement service helps you avoid risky tenants and reduces the chances of late payments or property damage.
Rental Management: A Full-Service Approach
Rental management, on the other hand, goes beyond tenant placement. It's a full-service approach that takes care of the entire lifecycle of your rental property. Once the tenant is in place, rental management companies handle everything from rent collection to property maintenance.
They serve as the point of contact for your tenants, addressing any concerns and ensuring everything runs smoothly.
With property management services, you don't have to worry about handling maintenance calls in the middle of the night or chasing late payments. They also handle:
- Lease renewals
- Property inspections
- Legal issues if they arise
It's an ideal option if you're a hands-off property owner or don't have the time to manage the day-to-day tasks that come with rental ownership.
Tenant Placement vs. Rental Management: Which Should You Choose?
So, which option is best for you? It depends on your specific situation.
If you're a landlord who prefers to handle most things yourself but needs help finding the right tenant, tenant placement could be the perfect fit. A tenant placement agency will do the heavy lifting when it comes to marketing and tenant screening, but once the lease is signed, the rest is up to you.
On the other hand, if you'd rather take a backseat and have someone else handle everything from tenant communication to property upkeep, rental management is the better choice. This option is ideal for property owners with multiple rentals or those who live far from their properties.
Choosing the Right Tenant Placement for Your Minneapolis Property
If you're looking to fill your vacancy fast, tenant placement can secure a reliable tenant quickly and efficiently. However, if you want a hands-off approach, full-service rental management might be your best bet.
At PMI Minneapolis St Paul, we offer a 21-day guarantee -- if we don't find a tenant in three weeks, we'll waive your first month of management fees.
