Tenant Placement Services

7 Replies

 I've had a rental on the market for over 60 days and have not found a qualified tenant .  I am interested in considering a Tenant Placement services. Does anyone have any experience with this? or a referral for a company? 

@Denya Bates

Trust me, there is nothing does those companies do is any different from what you can do yourself.

If I were you, I would start thinking about where you went wrong.

Is the price that you are placing this property for rent right for the neighborhood?

Does the property show very well (New paint, clean looking appliances, no cracks on wall, curb appeal decent)?

What amenities are being provided with this property?

Would you live in the rental yourself?

What are you asking for in your application requirements?

Where are you placing your advertisements? (Facebook marketplace and Craigslist are cheap and very productive forms of advertising)

Once you notice the problem and fix it, trust me, the phones will be ringing so much you will not know what to do with yourself.

Don't give these companies your hard earned money for something you could have done yourself.

Originally posted by @Denya Bates :

 I've had a rental on the market for over 60 days and have not found a qualified tenant .  I am interested in considering a Tenant Placement services. Does anyone have any experience with this? or a referral for a company? 

 You'll want to look at property management companies. You should note that many won't place a tenant unless you sign up for full service property management though. It's usually not worth the hassle for the company to just place a tenant for you & then be done with it.

Denya,
Most PM companies offer a “Lease Only” or placement service. Usually one months rent. Just call around if look online

Remember , those companies only get paid when they place a tenant . What reason would they have to properly screen them ?  None . They will put in a warm body just to get paid 

Hi @Denya Bates , sorry you’re having some trouble finding qualified tenants! I don’t have any referrals for someone in your area, but I will offer some tips that I use to find my clients high quality tenants.

First we use rentometer.com to get an idea of recent comps in the area and what the average rents are. I have the pro version so I can see specific comps and not just the average price.

After that I check to see what rentals are available in the area to try and get an idea of the amenities that are being offered and the condition they are in. These 2 things should give you a good starting point for rent.

As time goes on you should keep an eye on how much interest your getting. In my market here in San Diego, we will know within a few days if we are overpriced because we will have barely any interest. If we are getting slammed with interest though we know we are on the right track (and maybe even too low depending on the volume we’re getting).

The other factor that comes into play is exposure. It’s not enough to advertise on Craigslist. You should be on Facebook, zumper, Zillow, trulia, hotpads, and probably more. We use Appfolio which allows us to post to over 400 sites with one click. But the biggest sites I’ve seen results from are the ones I listed. You can’t automatically assume your rents are too high if you aren’t advertising in very many places.

Another note on pricing, we like to price our rentals just at or even slightly below market with single family’s. The reason is that turnover is going to be one of your biggest expenses and so rather than getting an extra hundred dollars from rent and have your vacancy last an extra month, it’s better to take slightly less, get your vacancy filled quicker, AND your tenants will tend to stay longer because they don’t want to pay to leave. Don’t drop the rent to significantly below market though, just slightly.

These are things that work well in my market, hopefully they will help you too!

@Matthew Paul is right too. If you do use a company you need to be careful they have some incentive to put in a high quality tenant. We offer a guarantee with our tenant placement service. If the tenant leaves for any reason during the first year, we place the tenant for free. If they leave for any reason during year 2 we will fill it at 50% of the rent (1 month’s rent is our price for the initial tenant placement). We do this to show that we are serious about putting high quality long term tenants in place.

@Denya Bates can you clarify what you mean by you have "had the property on the market for 60 days"?  What does that mean to you?  Are you marketing it on websites?  Do you have it listed somewhere?  Sign out front?

If you let me know where you are starting from (what have you done so far), I can help you determine where you need to go from here.

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