Have you recently become a rental real estate owner and landlord in Wichita?
If so, you've made a good financial investment, as landlords in this picturesque city by the Arkansas River make a pretty buck. According to ZipRecruiter.com, the average landlord salary in Wichita is $78,081. It's among the top ten highest in the Sunflower State!
Still, unless you find and secure the best possible renters with the help of tenant placement or rental management services, you'll have difficulty maximizing your property's potential.
So, which should you choose then? PMI Air Capital has shared practical landlord advice to help you make the right choice, so please read on.
Understanding Full-Service Rental Management
Full-service rental management in Wichita, KS, encompasses a comprehensive suite of services designed to ease the burdens of property ownership, including:
- Marketing your rental property
- Ensuring the suitability of prospective renters through thorough tenant screening processes
- Collecting rent
- Managing finances
- Handling maintenance and repairs
- Drafting and enforcing the lease agreement
- Ensuring compliance with local laws and regulations
All those services can help streamline operations and save you time and effort. They can also lead to higher occupancy rates and reduce tenant turnover. The key is that full-service management looks after every aspect of the rental process, providing peace of mind for the property owner.
The Advantages of Tenant Placement
Tenant placement focuses primarily on finding and placing tenants in your rental property. It benefits owners who may wish to manage the property themselves after the service provider has initially secured a high-quality renter.
It generally includes:
- Extensive marketing to attract potential renters
- Thorough screening processes, including background checks
- Providing legal documentation to finalize tenant agreements
Tenant placement can be better and more cost-effective for owners confident in their management skills or those with existing property management experience. It allows you to maintain some level of oversight while still benefiting from expert tenant vetting.
Key Considerations for Property Owners
When deciding between full-service property management and tenant placement, ask the following questions:
- How much time can you dedicate to property management?
- Does your property require frequent maintenance, or is it in excellent condition?
- What's your rental income target, and how much can and will you invest in management services?
- How knowledgeable are you on local and state rental laws, tenant relations, and landlord rights and responsibilities?
By evaluating those aspects, you can better understand which option may suit your situation. Full-service rental management might be better for those managing multiple properties or who appreciate the reduced stress of outsourcing these responsibilities.
Make the Smart Choice
To maximize your rental property's potential, consider the unique strengths of tenant placement and full-service property management services. And if you're still on the fence, worry not; PMI Air Capital is happy to help you explore, compare, and decide on the best option.
Our locally owned firm is proud to be part of Property Management Inc. (PMI), a national brand with over $50 billion of assets under its management. Our owner, Jaclyn LeMaster, also brings a unique set of skills she's honed during her 15 years of experience as a registered nurse: from handling sensitive situations with care to working hard and long hours.
Call us today to learn how we can help you achieve rental property success in Wichita, KS!
