46% of the nation's 49.5 million rental housing units are on small properties. A small real estate property is defined as having at least one and up to four units. The majority of these small properties are headed up by solo landlords.
If you are one of these mom-and-pop landlords, you may not require full-service property management but need help with certain activities like finding and screening tenants. That's where a leasing only service comes in.
What is a leasing only service, and how can leasing only agents help attract tenants to your small property? Read this guide for the most important facts to know.
Know What a Leasing Only Service Is and Is Not
Many property owners mistakenly confuse leasing only services with property management. However, though a company may offer both services, they are not the same thing.
Learn more about what leasing only is and isn't next.
Leasing Only Services Don't Include Property Management
Leasing only providers offer two services: property marketing and tenant screening. Note that this does not include typical property management services, such as communicating with tenants or maintaining landscaping.
Leasing Only Services Do Improve Tenant Quality
The number one reason to hire a leasing only agent is to find better tenants. Agents can locate and vet prospects who will take care of your units, pay on time every time, and stay for longer.
Leasing Only Services Don't Work For Properties Full-Time
Unlike property managers, leasing agents only work for properties on a part-time basis. They take care of marketing and screening. Once their work is done, they move on to help other communities or units in their portfolios.
Leasing Only Services Do Save Time and Money
Another reason to hire a leasing only agent is if you are tired of spending countless hours evaluating tenants. Leasing only services will save you time, so you can spend it searching for valuable additions to your investment portfolio.
Understand the Qualities of a Good Leasing Agent
Now that you know what a leasing only agent is and isn't, you need to know the qualities to look for in the right one. Here are some of the most important ones.
A College Degree
A leasing agent should preferably have an Associate's Degree. A diploma or GED may also be sufficient as long as the agent has ample experience.
Proven Experience
Ideally, you want a professional with at least three years of experience as a property leasing agent. At least one year of experience should have been in an administrative capacity.
Excellent Soft Skills
Communication, problem-solving, and multitasking are essential soft skills all leasing only agents must have. Adaptability and negotiation skills are a plus.
Sales and Marketing Skills
Working as a leasing agent is ultimately a sales and marketing role. As such, a good agent should be skilled in digital and offline marketing tactics, business development, and management.
Need Help With Property Marketing and Tenant Screening?
Leasing only services help landlords and investors with tenant marketing and screening. They may not run your entire property like property managers do. However, leasing agents provide value by finding high-quality renters.
Whether you need a leasing only service or full-service property management in Melville, New York area, PMI Lighthouse has you covered. Contact us to learn more about our services.
