.jpg)
Renters account for 36% of the nation's 122.8 million households. Without a screening process, however, you could choose unreliable tenants. They might pay late or trash your investment property.
Before that happens, consider outsourcing the tenant screening process. With help, you can find good tenants you can trust.
Not sure if outsourcing services are worth the investment? Read on to discover the benefits of outsourcing this process today.
Convenience
The tenant screening process can become time-intensive. If you own multiple investment properties, this process can steal time from your already busy schedule. Conducting a background check entails:
- Finding credit reports
- Verifying references
- Contacting employers
- Pulling public records
- Talking with previous landlords
Some landlords rush through this process, leading them to choose unreliable tenants. Unfortunately, the process could take a full day to complete for one applicant. If you manage multiple properties, this process could take the bulk of your time.
Instead of handling it alone, consider hiring a full-service property management company. Rely on their tenant screening services. They'll complete the process on your behalf, saving you valuable time.
Consistency
In order to find the best new tenants, you need to remain consistent by following tenant-landlord laws. New laws and procedures are put into effect every year. If you're not remaining up-to-date, you could receive a fine.
Outsourcing services will help you remain consistent. Your property management company will remain informed of new laws and procedures on your behalf.
For example, you might deny an application after finding something during a background check. An applicant might see this as a violation of the Fair Housing Act. They might take you to court.
Your property management company can complete thorough background checks while adhering to legal requirements. With their services, you can minimize the likelihood of problematic situations. You'll also guarantee that your neighborhood remains a safe place to live.
Professionalism
Being a friendly and fair landlord is important for retaining tenants long-term. However, it's easy to get attached to renters. Some people may take advantage of your kindness.
Outsourcing the screening process will help you avoid personal attachments with applicants. Your property manager will complete background checks on your behalf. If a renter isn't a good fit, they'll deny them while remaining unbiased.
Save Money
Outsourcing will save you money. Running credit and background checks isn't cheap. However, they're an integral part of every tenant evaluation.
If you own multiple properties, these costs can get out of control.
Screening tenants will also help you avoid problematic renters. For example, about 15% of American households (6 million) are behind on rent. Completing a background check will help you identify renters who have fallen behind.
Request Professional Tenant Screening Services
You don't have to continue screening new tenants alone. Instead, consider outsourcing the tenant screening process. With help, you can save time and money while finding good tenants.
With an efficient screening process, you can choose hassle-free, reliable tenants.
Need help finding good tenants? We're here for you.
Contact our team at PMI Cobb to learn more.
