The cost of evicting a tenant can be anywhere from $4,000 to $7,000. This eviction bill can be prevented by finding the best tenants to move into your rental units.
As a landlord, you should have a rigorous tenant application and screening process to avoid bad tenants.
Not sure how to conduct tenant screening? Keep reading to learn the reasons to outsource these services.
1. Saves You Money
Landlords love to save money. One way to put some extra cash into your pocket is by outsourcing tenant screening services. What might seem counterintuitive to your goals can save you money in the long run.
Running credit and background checks aren't cheap. Many property management professionals can get you bulk discounts and memberships to help you save on tenant screening.
Instead of spending dough every time you need to screen a tenant, you are charged by the package. If you own multiple properties, this will be especially beneficial.
2. No Personal Attachment
The tenant screening process has to be fair to everyone for it to work. If you have personal attachments to applicants, you might overlook some of their less-than-great qualities.
Selecting the perfect renter comes with challenges. It involves denying renters that aren't a good fit.
When you outsource tenant screening services, your personal attachment cannot cloud your judgment. A non-biased third party will complete the screening process and provide their professional opinion given the facts of the results.
3. It's Convenient
After a prospect fills out a tenant application, they can agree to undergo the screening process. While this process can be time-consuming, you don't have to worry about taking that time out of your day.
Conducting background checks is intensive because it involves these steps:
- Pulling credit reports
- Talking to past landlords
- Contacting employers
- Verifying references
- Finding public records
Tenant screening services have this process down to a science. What might take you all day to complete will only take the professionals a fraction of the time.
Best of all, you are provided with a comprehensive report without having to lift a finger.
Consistency is important when you find new tenants. Not only will it make the screening process run smoother, but it will keep you compliant.
For example, the Fair Housing Act might prevent you from denying a tenant's application because of something that came up on their background check.
While you might not know all of the laws and regulations, tenant screening services do. You can count on them to conduct investigations in an equitable manner for all applicants.
As an added bonus, their consistency reduces the number of errors that you would likely cause trying to screen every tenant on your own.
Should You Outsource Tenant Screening?
Tenant screening is a necessary process for property owners and landlords. Although you can decide to screen tenants yourself, hiring tenant screening services is the more convenient option.
When you work with professionals, you reap all four of the above benefits.
Our property management experts have experience with tenant screening. Contact us today to learn how we can help you.