Salt Lake City has seen tremendous growth in its population, at almost 4% since 2020. This brings many opportunities if you own a rental property. However, this brings an opportunity to every single landlord in the city!
So, how do you find tenants for your rental property? One of the best ways to do this is to hire a leasing-only service. This is a service to help you find the right tenant for your home.
Here are the pros and cons of leasing-only services:
Pro: You'll Quickly Find a Tenant
Perhaps the biggest advantage of a leasing-only service is that you can find a tenant as quickly as possible. This is perfect if you prefer short-term tenants. However, with the right tenant, you might also be able to reach a long-term agreement.
The leasing-only service will understand local laws and will be able to prepare a rental agreement that complies with them.
Con: They Only Handle Finding Tenants
One of the major cons of a leasing-only service is that their responsibility ends after they find your tenant. This might work if you're an experienced landlord. However, if you're relatively inexperienced, this can add to your stress.
You may want to consider only using this service if you can easily handle your responsibilities as a landlord. Let the property management company find the ideal tenant, and this will likely prevent any potential issues.
Pro: The Offer Superior Marketing
You can spend months promoting your rental property and not receive a single viewing request. The hassle goes away with a leasing-only service.
The property management company will know what type of tenant to look for. They'll know how to attract these tenants through a variety of marketing methods.
Often, a leasing-only service will have a network of potential tenants. They can reach out to these tenants when promoting your property. The leasing-only service will run multiple marketing campaigns on various platforms until you find your tenant.
Con: They Don't Handle Tenant Disputes
What happens if you have a tenant who is behind on rent payments and you're struggling financially?
You'll have to handle these disputes on your own. You'll have to ensure lease enforcement on your own. The leasing-only service won't be able to assist with managing a property.
Likewise, if there are maintenance issues with your investment property, you have to look for contractors on your own. This shouldn't be an issue if you're a veteran landlord. However, it can be a major challenge if you're new to running a rental business.
Take your time to weigh the pros and cons to decide if a leasing-only service is for you. The best advantage is that they can find a tenant with whom you probably won't have many issues!
Choose a Leasing-Only Service
You can now consider whether a leasing-only service is the right decision for your Salt Lake City property. There are pros and cons, but it can help you find the ideal tenant you've been waiting for!
Wolfnest Property Management offers leasing-only services and full-service property management. Whatever you decide, you can find a property manager who'll guarantee professional services!
Contact us to learn more!
