As a rental property owner, your biggest fear might be renting to a problematic tenant. Dealing with delinquent payments, property damage, and other problems is not what you signed up for.
So, what if we told you there was a way to mitigate these risks? Tenant screening services can help you find quality tenants to rent to.
Keep reading to find out why utilizing these services is a must.
1. Reduced Liability
Tenant screening reduces a property owner's risk of liability. When you screen tenants, you reduce your chances of being sued by someone who had their personal information stolen or was injured on your property.
Property owners can be sued for something that a tenant does, in some circumstances. Not only are you protecting yourself from liability, but you help protect your current tenants from harm.
As you reduce the risk of liability, you also reduce crime and vandalism. Tenant screening can involve a thorough background check on a prospective tenant.
Screening tenants allows you to weed out the people most likely to engage in criminal activities while living on your property.
Although you cannot discriminate, you can hold all tenants to a certain standard. If you choose not to allow a tenant with a felony to rent, you have to keep this rule for all potential renters.
2. Fewer Vacancies
The great thing about tenant screening services is that they can also provide you with a tenant credit check and employment verification. This can help you reduce your vacancy rate and avoid lost rent.
Renting to qualified tenants that can afford monthly rent payments is key. A tenant credit check will show you how a tenant has paid their bills in the past, including providing you with a full rental history.
With employment verification, you can ensure tenants are making a stable income.
Property management companies offer tenant screening services for a small fee. Over time, you'll find that you are getting a return on investment.
With quality tenants, you don't have to worry about them breaking the lease and you'll continue to receive rental income.
3. Speed and Convenience
To find the best tenants in the Inland Empire, you'd have to call previous landlords. It seems simple, but getting ahold of them to find the information you are looking for can take time that you might not have.
Searching for public records and verifying rental history and employment takes time as well. With a tenant screening service, you don't have to worry about these tasks.
You can continue making real estate investments with the peace of mind of knowing that the tenant selection process is consistent and unbiased. This way, you avoid housing discrimination and stay compliant.
Utilize Tenant Screening Services
There are no cons to utilizing tenant screening services when you hire a property management team.
As a property owner, you likely don't have the time to screen every applicant and find quality tenants you would be happy to rent your property to. Luckily, you don't have to dedicate time to this at all.
Our Inland Empire property management office is here to help. Connect with us today to start screening tenants and learn what else we can do for you.
