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At the start of 2024, New Jersey's rental market was among the nation's hottest, according to the findings of a Rentcafe study published on northernjersey.com. With rental inventory low and demand high, landlords are having the time of their lives.
However, even with an influx of renters, landlords still have to find a suitable strategy for finding tenants and managing their properties. Using a tenant placement service is one of the options that comes to mind, but how does it compare against full-service rental management?
Read on to learn more about these services and make an informed decision.
The Ins and Outs of Tenant Placement
The best part about owning a property in a market with strong rental demand is that you don't have to break a sweat finding a tenant. Unfortunately, not all prospective renters have what it takes to become good tenants, and it's your responsibility to weed out the bad from the good.
Enter tenant screening in NJ.
While an effective tool for finding high-quality tenants, it's a multi-step process that takes time and requires some expertise. The typical landlord simply isn't well equipped to screen renters properly.
A tenant placement service has the skills and the technology to do comprehensive tenant background checks. You can rest assured that they'll send the best tenants to your rental.
In tough rental market conditions where finding renters becomes more challenging, you can count on the placement service to supply you with a steady stream of tenants. Most companies have a pool of pre-screened tenants, so when a vacancy arises in your property, it's just a matter of picking a renter from the pool.
Rental Management: A Comprehensive Approach to Property Care
Tenant acquisition is just one of the many hats an NJ landlord has to wear. A company offering tenant placement services can take care of this for you, but other tasks remain on your plate, including:
- Property maintenance
- Bookkeeping
- Handling tenant complaints
- Rent collection
- Lease enforcement
Rental management companies can take over all your duties, effectively making you a hands-off landlord. They offer a suite of services that make comprehensive property care possible. If you're thinking of delegating everything so that you can attend to other things, all you need to find is an experienced NJ property management company.
Of course, a full-service package will come at a steeper cost compared to a tenant placement service. Typically, a rental management company will charge anywhere from 4-12% of the monthly rent collection.
Is the cost worth it? We think so, especially if you're a busy or out-of-town landlord or you own multiple properties in NJ.
Make Smart Decisions for Your Rental Property
Tenant placement and rental management are both services offered to landlords who'd like professional help. The former is ideal for hands-on landlords who only wish to get help with tenant acquisition, while full-service rental management is ideal for landlords who don't want to be involved in the everyday operations of their properties.
In New Jersey, CMS Property Management has you covered for all your rental management needs. Whether you need help with a specific task or want us to handle everything, we have the experience, technology, and team to do it. Our commitment to our clients and their properties is unwavering.
Find out more about our services today.