Did you know that rent in Denver has increased by 15% since last year?
If you want to hold on to your tenants, you need a proper leasing-only service. That way, you can streamline your rental process.
It's crucial to be cautious and well-informed when making this big decision. There are several snags that you should avoid to ensure a successful experience.
Keep reading to learn about the common pitfalls associated with leasing-only services.
Lack of Comprehensive Property Services
It's worth emphasizing that leasing-only services often lack comprehensive property management. While these services are beneficial, they might be missing certain resources.
You shouldn't neglect aspects like rent collection, property maintenance, and tenant communication. This could lead to potential issues down the road.
Before selecting a leasing service, ensure that they have a comprehensive plan. That way, you can address these crucial aspects. You could also consider combining their services with a professional property management company.
Neglecting Rental Management Expertise
Leasing-only services often focus on the initial stages of renting out a property. This includes tenant screening and lease signing. Still, a successful rental requires ongoing management and problem-solving.
You must assess the expertise and experience of the service provider. For instance, how do they handle day-to-day rental management tasks? If you don't, this could lead to mismanagement, unhappy tenants, and increased vacancies.
Instead, look for companies that have proven themselves. These are the ones you should go to for comprehensive rental management solutions. This investment will ensure your property remains well-maintained and tenants are satisfied.
Ignoring Tenant Screening Processes
Finding reliable and responsible tenants is crucial for a successful rental experience. Pitfalls arise when leasing-only services overlook or rush the tenant screening process.
A sufficient background check can find tenants with a history of prompt payments. A thorough screening process should include the following:
- Credit checks
- Rental history verification
- Employment checks
Leaving no stone unturned ensures there are no surprises later.
Overlooking Lease Management
A lease agreement acts as a solid bridge for a landlord-tenant relationship. Inadequate lease management can lead to vague or incomplete contracts. Like a domino effect, this will leave room for misunderstandings and disputes.
Ensure that the service outlines all the necessary terms and conditions clearly. Doing so will protect your interests as a property owner.
Lack of Transparency and Communication
You should always provide transparent updates. Address tenant concerns, property showings, and leasing progress. Regular communication keeps property owners informed and involved throughout the leasing process.
Prioritize companies that emphasize clear and open communication channels.
Now You Can Find the Perfect Leasing Only Service
By avoiding these common pitfalls, you can work with a phenomenal leasing-only service.
Laureate, Ltd. has been honored to manage properties since 1982. We offer reliable leasing services and other solutions. Our focus is on the Denver Metro area.
Look at this list of questions frequently asked by owners, or reach out to us for a consultation today.
