In Virginia, landlord-tenant disputes make up as much as 70% of district court cases. That's why it's so important to have a smooth operation. Everything starts with leasing.
Choosing between a leasing-only service or agent is a crucial decision for landlords in Hampton Roads. The selection process calls for careful consideration. That way, you can ensure reliable property management and rental income.
Read on to familiarize yourself with the aspects that landlords should weigh.
Comprehending Leasing-Only Services
Leasing-only services specialize in finding and securing tenants for a rental property. They can handle things starting from the first stages of property management. They'll focus on tenant recruitment and lease agreements.
Landlords opting for leasing-only services keep control over day-to-day property management tasks.
Assessing Your Property Management Needs
Before deciding between a leasing-only service or agent, assess your specific property management needs. Consider your property's size, location, and more.
If you want a hands-on approach, a leasing-only service might be a suitable choice.
Financial Considerations
Evaluate the financial implications of choosing a leasing-only service or agent.
Leasing-only services often charge a one-time fee for securing a tenant. Agents may charge a commission based on rental income.
Landlord Advice and Recommendations
Get advice and recommendations from other landlords in the Hampton Roads area. Personal experiences and insights from fellow property owners help you decide between leasing-only services versus agents.
Networking with local landlords can help you make a smarter decision based on relevant info.
Research Leasing Agents
If you decide to go with a leasing agent, thorough research is essential. Look for agents who know the ins and outs of Hampton Roads. They should specialize in tenant acquisition and lease agreements.
Check client reviews and ask about their success stories in matching landlords with dependable tenants.
Considering Tenant Quality
One of the main goals of property management is securing reliable and responsible tenants. Whether you choose a leasing-only service or agent, focus on their ability to draw high-quality tenants.
Assess their tenant screening process, background checks, and rental history verification.
Evaluating Lease Agreement Expertise
Take a closer look at the expertise of the leasing-only service or agent. They should be comfortable crafting comprehensive and legally sound lease agreements.
A well-drafted lease is crucial for protecting both landlords and tenants.
Understanding Rental Income Impacts
Consider how your choice between a leasing-only service or an agent may impact your rental income. While leasing-only services may charge a one-time fee, agents' commissions can affect your general rental income.
Calculate the potential financial impact of each option before making a final decision.
Are You Ready to Enjoy a Leasing-Only Service?
Now that you've learned about a leasing-only service versus an agent, you can decide on the best solution for your needs.
There are many other factors that go into a profitable rental investment. That's why it helps to work with the Renters Warehouse in Hampton Roads. Since 2007, our tight-knit team has helped investors get the absolute most out of every real estate venture.
We'd love to discuss your needs and create a custom game plan. Don't wait to touch base with a Renters Warehouse representative today.
