Landlords receive an average of two applications per rental property.
Finding an excellent tenant in the Saratoga Springs, NY area can be a challenge. You need a tenant who will pay rent on time, take care of the property, and not cause problems.
A leasing-only service can make the process easier. They advertise, screen applicants, and handle every aspect of the leasing process.
But, as with every business decision, there are both pros and cons to consider. This article will help you determine if a leasing-only service is right for your rental property.
Pro: Quick Vacancy Filling
Landlords don't have enough time to find tenants for their rental property. It can take weeks or months, depending on how much you want to qualify applicants.
When you use a leasing-only service, you can get the property rented quickly.
The company will advertise your rental property in the Saratoga Springs, NY area and screen applicants for you. They'll also handle all the paperwork associated with signing a lease.
Con: Lack of Ongoing Management
After the tenant signs a lease, their interaction with the leasing-only service ends. You'll have to manage the property on your own after that point.
The company won't show up at your rental property to check on maintenance requests, collect rent, or handle tenant disputes. You'll need to hire someone else to take over those duties or manage it yourself. This can be an enormous hassle, particularly if you're managing properties in more than just the Saratoga Springs, NY area.
Pro: Efficient Marketing and Advertising
An advantage of working with a leasing-only service in the Saratoga Springs, NY area is they'll handle the marketing for your property. They'll advertise it on websites like Trulia and Zillow and on their social media accounts.
They'll also put out flyers, post signs, and perform other advertising activities that help attract tenants. This can be a great way to draw in potential tenants since they're likely to see the property when they search for rentals on those sites.
In addition, the leasing-only company will market your property with professional photos and descriptions that make it stand out from other listings. You won't have to worry about this aspect of property management, which can take up a lot of your time.
Con: Responsible for Legal Issues
Landlords carry the responsibility for any legal issues that arise in their Saratoga Springs, NY area properties. If your tenants don't pay rent or violate the lease, it's up to you to evict them.
If a tenant breaks a rule in your lease agreement and damages the property, then you're responsible for fixing it. While a traditional property manager can help with legal issues, a leasing-only service will not.
Leasing-Only Service: Consider These Pros and Cons Before Deciding
A leasing-only service can be a great way to save time and money, but it also has some disadvantages. The above are some pros and cons to consider before deciding if it is the right option for you.
VenoProperties is a property management company that is proud to offer our clients the best possible service. Contact us today to learn how we can help!