You get a call from a tenant saying they're moving out. Your first thought: Not again!
Did you know it costs between $1,000 to $5,000 each time a tenant moves out? After all, the unit might require cleaning, repairs, and updates.
However, you can reduce these costs by finding better tenants. What's the best way to do this? Hire a company to handle tenant placement.
Continue reading to learn the importance of this service in Denver, CO.
Tenant Placement Advertises Units
The first step in finding tenants is advertising the units. Reaching a large audience results in a larger tenant pool. Tenant placement services are helpful in this step.
They know how to advertise and where to do it. You won't have to deal with placing or responding to ads. You won't have to do a thing.
Whether you own one or many Denver properties, a tenant placement company handles the work for you.
They Handle the Application Process
Companies offering tenant placement services offer other property management services. These services relate directly to rental properties, allowing you to transfer duties to someone else.
After hiring a company, they'll place the ads. Next, they'll handle the responses from the ads.
They may receive calls from people interested in renting. They'll answer the questions the callers have. They'll also instruct people in the application process.
They Screen Tenants
One of the top perks of hiring property managers in Denver is the screenings. They perform tenant screenings for those who apply.
Of course, screening every potential tenant is beneficial. A screening provides key details about a person, including:
- Credit score
- Income and job
- Criminal history
- Past rental history
Screening your tenants is a time-consuming process. It's also challenging, yet it's essential.
Good screening techniques ensure you find excellent tenants. With the right tenants, you might reduce your tenant turnover rate.
You might also experience fewer tenant evictions. If you have great tenants, you won't have to evict them.
These Companies May Provide Other Services
Another perk of tenant placement services is the other services these companies provide. When you hire a company to manage your Denver property, they'll ask if you'd like other services.
For example, they can prepare the units for you. They do this by making a checklist of the things the unit needs. Then, they handle the work.
The goal is to ensure you offer high-quality units.
Next, they can handle your tenant relations. This includes receiving tenant calls and requests for repairs or concerns. They can also handle your rent collection efforts.
Additionally, property managers can assist with every other duty. They handle rental property bookkeeping services. They also handle property maintenance, repairs, and updates.
Need Help With Tenant Placement?
Tenant placement is an activity Laureate LTD knows well. Our business has operated since 1982 and specializes in all property management services.
We currently manage more than 1,000 properties and offer services you can trust.
Do you need help with tenant placement or other property management services? Don't hesitate to reach out to us today!