Sometimes, it feels like you're juggling everything when you're a landlord. You must find good prospective renters, write a clear and detailed lease agreement, assist your new tenants, collect rent, take care of repairs, and so much more.
Suppose you're the type of landlord who doesn't want to deal with the leasing part of the rental business to focus more on property management and other property owner tasks. In that case, a leasing-only service is a part of property management that is tailor-made for landlords like you.
Whether you're only leasing a single-family home or multiple rental units, this article shows how lease-only services can be a game-changer in your rental property business.
Leasing-Only Services Overview
These services are pretty much what they sound like—they only help you find prospective tenants, draft a lease agreement, and place them in your property. They will then leave you with the daily tasks of property management and overseeing your rental home.
This is an excellent choice if you don't mind collecting rent and taking care of repairs yourself but need help finding good tenants.
What are the Pros and Cons of Using this Service?
The best thing about availing a lease-only service is that you can focus on what you do best. You can manage your property and, at the same time, have enough time to enjoy what you love and spend it with your family and loved ones.
However, in this type of service, property managers are not responsible for collecting rent, repairs, maintenance, or other tasks related to rental property management.
Coverage for Lease-Only Services
1. Rental Listing and Finding Tenants
Making a great rental ad that attracts your ideal renters is the first thing you should do to rent out your home, and this is one of the services covered in lease-only.
Utilize Listings and Rental Sites
When you hire a property manager to assist you in finding great tenants, they use creative ads and rental listings. Some of the strategies they will help you with are:
- Creating standout listings that include high-quality photos.
- Use online resources, a property management tool, and rental sites to find tenants.
- Include a detailed description that highlights your property's features and amenities.
Leverage Local Community Centers and Grocery Stores
Apart from rental listings and online ads, this service will also help you find renters by posting ads on your neighborhood food shops, community centers, and other local businesses.
For example, if you have a rental property in Pikeville, NC, getting a lease-only service can give you the opportunity to promote your business in popular or public places such as the Town Hall and local businesses that the property management company is associated with.
Hosting Open Houses
Hosting an open house is usually a hassle without a professional manager's help. However, through a lease-only service, you can have a chance to shine in this kind of event since you’ll have assistance getting your rental place in good shape.
2. Screening Potential Tenants
Tenant screening is not only about finding someone who can pay rent but also ensuring they’ll be a good tenant in the long run. Here’s how lease-only services can help you to do it:
Pre-Screening Questions
Real estate experts will help you ask the right questions of applicants to determine the serious candidates from the tire kickers. Some of the probing questions to include are:
- Why do you want to move to a new place?
- Have you ever had an eviction?
- Is it okay for you to sign a 1-year lease contract?
Tenant Application Process
A good rental application is crucial to safeguard your property business and get qualified tenants. If you sign up with a lease-only service, they will streamline the application process by including these procedures:
- Initial review
- Credit and background checks
- Employment, income verification, and reference checks
- Applicant Interview
- Making a decision and notifying the applicant
3. Lease Agreements and Legalities
Lease-only services won't only help you to find tenants for your property but also help you in writing your lease agreement. This can help you protect your interests and your tenants' rights while following federal Fair Housing laws and the state's landlord-tenant acts.
Property managers will make sure that you have drafted a strong lease agreement by including the following sections:
- Names of all parties involved
- Clear terminologies
- Description of the property
- Monthly rent
- Activity Restrictions
- Lease dates and termination date
- Security deposit details
- Repairs and damages responsibilities
- Pet policy
- Landlord’s right of entry
- Clear outcomes for breach of contract
4. Transitioning to New Tenants
The good thing about lease-only service is that it doesn't end with drafting the lease agreement. Property managers will also help your tenants transition to their new rental units. Some of the assistance that property management companies offer are:
Coordinating Move-In Procedures
Property managers will ensure that your new tenants have read and understood the lease agreement before moving in. They will also be informed about the move-in date.
Aside from this, they will have a move-in inspection to keep track of the unit's condition before your tenants move in and assure you that everything is ready for a smooth move-in process.
Onboarding New Tenants
One of the most important parts of moving into a new rental home is the onboarding process. Property managers will inform your new tenants of everything they need to know during their stay in your rental property.
This information transparency can help you build a good reputation as a landlord, as your current tenants will know that you are trustworthy and knowledgeable in this industry.
Where to Hire Lease Only Services in North Carolina?
With the proper methodology and the help of leasing-only services, it can be easy to find renters and keep them happy. If your rental property business is located in North Carolina and you're searching for the right property management company to handle your lease-only services, you can check out Flagship Realty Group.
Established in 2007, we are a licensed property management company handling various rental properties in 23 areas of North Carolina, including:
- Greenville
- Goldsboro
- La Grange
- New Bern
- Morehead City
- Seven Springs
- Princeton
Our lease-only services include complete prospective tenant scheduling, professional lease agreements, and a complete tenant move-in process. We even give you options for an electronic lock box for your vacant properties. The best thing about our lease-only service is you can transition it to full management service anytime you want to!
Explore our leasing-only services—and before you know it, you’ll have high-quality tenants filling your rental properties without all the hassle and stress.
For more tips and tools, check out North Carolina Property Management. We offer valuable insights and resources to help you navigate the rental world like a pro.
