Tenants are more likely to stay put amid increasing nationwide housing costs and interest rates. This is good news for landlords who are worried about tenant retention.
Conversely, rent growth is beginning to slow in the Nashville area specifically after years of double-digit growth. With all the new construction, rent prices are slowing and renters have a lot of options.
Either way, the best practice is to perfect the tenant placement process. Get the right people into your rental property and keep them there.
Stick with us as we discuss the advantages of tenant placement services and their contribution to your success as a real estate investor in Nashville, TN.
Property Marketing
Your property listing is your first step toward getting the best tenants. Your property should speak for itself. Keep the property well-maintained and up the curb appeal.
A well-cared-for property receives more inquiries than a property that looks to be neglected. These inquiries will come from a better caliber of tenants as well.
Tenant Screening
Once you have completed any necessary maintenance and have the property ready to go, it's time for the tenant screening process.
Background check software will find criminal records, former addresses, employment history, and credit scores. These records will paint a good picture of a potential tenant.
Weed out tenants who do not meet your standards to avoid potential problems down the road.
Benefits of Tenant Placement Services
Aside from finding the perfect tenants, using tenant placement services has other perks for landlords. Let's look at a few ways this process leads to success for the property owner.
Tenant Retention
When you invest in the tenant screening process, you are more likely to get tenants who will stick around for a while.
Long-term tenants become attached to "their home" and often care for it like it's their own. They report minor maintenance issues right away before they become bigger, more costly issues.
Long-term tenants begin to feel like they're part of the community. They show respect for their surroundings and follow the rules.
Long-Term Rental Income
If you hold onto your tenants and experience less turnover, you'll have consistent cash flow. Trustworthy tenants who keep your property in good shape, stay longer, and pay the rent on time mean reliable rental income for you.
No vacancy equals no disruption in cash flow. You'll be better situated to invest in the upkeep of your property or buy more rental homes.
Legal Compliance
Using tenant placement services helps you stay within rental laws and regulations. Property managers have a lot of experience navigating the legal aspects of renting.
They'll help you put all the legal documents and agreements in place. You'll have less risk with new tenants when you stay within state and local laws.
Protect Your Investment With Professional Tenant Placement
Tenant placement services like the ones we offer at Green Tree Property Management are invaluable when looking for qualified tenants for your rental properties.
Our team is made up of professionals who can take care of all your Nashville rental housing needs. We offer tenant placement, maintenance coordination, rent collection, protection packages, legal compliance, and more.
Call us at 615-398-9550 or schedule a consultation to discuss how our property management services will benefit you.
