Only 45% of landlords manage their properties, which shows how popular outsourcing your needs are.
Quality tenant screening is crucial for protecting your investment and choosing trustworthy applicants. If you don't know how to run a background check, there's a higher chance of property damage and missed payments.
If you're on the fence about hiring a third party, we're here to help. Here's why you should outsource your tenant screening needs.
Saves Time
Most landlords juggle a full-time job and multiple properties, which means there's little time for a thorough rental history check. Note, that you must sift through credit reports, conduct a tenant criminal check, and collect tenant references, making it a labor-intensive process.
Instead of spending hours screening tenants, contact a property management company who can do the heavy lifting for you. As they are routine, professionals can complete a background check in no time, so you can start earning.
Cost-Effective
Although it sounds counter-productive, outsourcing the screening process saves you money in the long run. Sure, there are upfront tenant screening costs, but paying for a lengthy eviction process is far more expensive. Plus, if there's property damage or your property is unoccupied for an extended period, you'll lose out on thousands.
Convenient
When you outsource tenant screening, you'll be amazed at the convenience. Your property management company will hand out applicants, candidates will fill it, and the company will finish the background check promptly. As a result, you'll receive a list of potential tenants days after advertising your property.
Consistent
The beauty of using a third party is that they use screening criteria. Regardless of the property, landlords know that each background check is thorough and fair to tenants. This streamlines the process, making it easier for you to choose a renter.
Use the Latest Tools
Property management companies have the latest tools so that they can deliver quality results. Getting access to their software and databases means the process is more efficient. It's a bonus for landlords to get peace of mind knowing that property managers have done a deep dive into each candidate.
Fewer Vacancy Rates
Vacancy rates are a landlord's worst nightmare. But by using a company's screening criteria, you're guaranteed a stable tenant base, which slashes vacancy rates. Additionally, you get a steady flow of rental income, so you earn a hefty profit.
Understands Tenancy Laws
Unless you're a real estate professional or lawyer, you likely don't know how tenant laws work. For instance, landlords must follow the Fair Housing Act as it stops certain demographics from being discriminated against. If this happens, you could face a costly lawsuit and a bad reputation.
Luckily, you can avoid this by hiring a property management company as they know tenant screening laws inside-out.
Is Tenant Screening Right for You?
Outsourcing your tenant screening process saves time and ensures you find the perfect renter for your property.
Our employees at PMI St. George understand and take tenant screening seriously and, with years of experience under our belt, know what to look out for. If you're interested, contact us today to learn more.
