44.1 million Americans are renters, and there are 2,654 more every day. That's more than at any point in the country's history since 1965.
That high demand means that the vacancy rate is also increasing. It reached 6.6% in 2023, making it the highest since February 2021.
Leasing management helps manage this supply and demand paradox. It helps you get tenants into your properties and stay there while getting the best possible rent payments.
Read on to learn three tips for choosing a leasing management service.
1. Verify Their Credibility and Experience
Start your search locally to make sure they have an understanding of local laws and relationships with local vendors. Talk to friends or family or look online to find others that realize the benefits of investing in San Jose real estate. They'll be able to suggest a leasing manager for you.
The most important consideration is to make sure they're qualified and licensed. California law requires that any workers in the real estate field have a real estate license according to Code 10130. They should also have the right insurance policies, such as general liability, property-casualty, and errors and omissions.
Ask for references and check review sites such as Yelp. The Better Business Bureau and Chamber of Commerce are more professional avenues to see if the service is experienced.
Ask previous tenants and customers about the service. See if they were quick to communicate and transparent about their fees.
2. Look Into Their Team and Software
Leasing managers need a strong team behind them. Find out if they have a group of quality maintenance workers available to come to your property.
They also need the right tools, and centralized lease management software helps automate the process. It should be able to efficiently report and analyze data while easily integrating with all related systems.
3. Find Out Their Fees
Working with a leasing management service is an agreement that needs to start with a contract outlining all their fees.
Start by looking at their fees. Ask for a full, itemized bill because "leasing manager" is a more complex job description than it seems. What do they charge for each of their responsibilities, and will they keep late fees?
After that, find out what they charge your tenants to renew their lease and if they'll keep their late fees. They may turn away if these fees are too high or come as an unpleasant surprise. That leaves your property vacant, forcing you to find a new one. It's a dilemma that almost defeats the purpose of having a lease manager in the first place.
Find Leasing Management and More
Trying to get and keep new tenants can leave landlords drowning in paperwork, but a leasing management service can be a lifeboat to prop them up.
Choosing the right one starts with looking at licensed, credible options in your local area. Research them to find out which ones have the most experience, a qualified team, powerful software, and reasonable fees.
Contact us for help managing real estate in San Jose today.