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Finding a tenant is half the battle, there is more to it than just picking someone to pay the rent. You want a reliable tenant and the process of finding one can become time consuming. The longer your investment property sits vacant, the more money and time you will spend on property upkeep and marketing. You may be a DIY landlord who is unsure about hiring a full-service property management company, but some might offer a lease-only service.

What are the benefits of a lease-only service?

The leasing process is one of the most important, yet time consuming aspects of property management. It sets the tone for however long the tenant signs for. You could have a hassle-free term, or it could be filled with maintenance requests and uncooperative tenants. 

We’ve put together an itemized list of reasons to hire a property management company for their lease-only service.

Leasing is time consuming.

You have to make phone calls, draft emails, go on site trips, do numerous showings, and write your own application and lease agreement. You’ll need to market your property in the right way to attract the right people. It requires some elbow grease. 

“There’s a lot of movement in those first couple of weeks,” Logan Jeske, RPM Iowa’s Business Development Manager says. “You have to be actively involved throughout the leasing process.” 

A rental application needs to be detailed and thorough. Same goes for the lease agreement. A property management company that offers a lease-only service can handle all of that for you.

The extensive and time-enduring tenant screening process.

When you find a tenant that you think might be a good fit, you have to go through the tenant screening process. This includes:

  • Landlord references
  • Checking credit history
  • Background checks
  • Proof of employment
  • Lease agreement rules

High turnover rates is something you want to avoid. Filling your investment property with the right tenants can solve that issue. You may have to go through this process multiple times before you find the right tenant. The investment property you own can start to appear like a second full-time job, especially if you’re in charge of finding the tenants.

Signing up for a lease-only service can give you a preview of what the company has to offer.

It can be scary to commit to something blindly, and rarely people do. You want to be sure you’re employing the right company for your investment. If you aren’t quite sure about full-service management yet, hiring for their lease-only services can be a trial period. 

“It’s almost like our tenant screening process,” Jeske says. “You can get to know the team and see their internal processes and how they function.” You can screen a property management company for compatibility without the nuisance of commitment.

You’ll have access to a professionally structured lease agreement.

Writing a lease agreement takes a lot of research beforehand. It needs to be air-tight. A lease agreement needs to follow the rental laws of the state you’re in. It also needs to contain clauses that protect you as the owner of the property. It will need to contain things like the rules of the tenancy, the length of the lease, clauses about pets, so forth and so forth.

Legally, you can write a lease agreement on your own and have a lawyer look it over before giving it to someone to sign. But hiring a lease-only service will give you access to professionally structured lease agreements. You can be sure there won?t be any air pockets.

Lease-only services include expert marketing efforts.

Marketing your property is the other half of the battle. There are certain mistakes to avoid when marketing your rental property. A professional property management company has plenty of tips and tricks to getting your home rent-ready.

You’ll need to have:

  • Detailed property descriptions
  • De-clutter the space
  • Clear and crisp photos
  • Update your curb appeal

“We offer professional photography services, 360 tours, and lock-boxes for self showings,” Jeske says. Self-guided tours are a whole other ball game, but essential to renting out your property.

Lease-only services can take the burden off your plate.

Investing in real estate can seem overwhelming for the mere fact that you have to fill the property with qualified tenants. You don’t have to let that steer you away from financial freedom. Hiring a property management company for their lease-only services is a way to take some of the burden off your plate. It’s also not as big of a commitment as hiring for full-service management services. You can ease into the world of real estate investing while still being able to manage your property yourself. If you have any questions about our lease-only service, feel free to reach out and schedule a time to chat with one of our industry professionals.