In 2021, the tenant retention rate for apartments was around 57.2%. This shows that just over half the people renting apartments renewed their leases. The remaining tenants moved to different apartments.
Of course, landlords aim to increase their tenant retention rate. After all, landlords lose money each time a tenant moves out.
One of the best ways to increase this rate is to choose better-quality tenants. You can do this through proper tenant screenings. But first, you'll need to learn how to choose tenant screening companies.
That's because you need a company to handle your screenings. So here are some tips to help you choose the right company.
Find a Company That Offers Thorough Screenings
Tenant screenings come in all shapes and sizes. However, some are more thorough than others.
Thorough screenings are vital, as they reveal more information about a person. With more information, you can make a more informed decision.
For example, some screening services don't include a criminal background check. Yet, this screening is vital for the safety of your properties.
Thus, look for a company that provides multiple steps during the tenant screening process, including:
- Criminal background check
- Credit check
- Previous landlord check
- Income verification
Checking these things provides the information you need.
Look for One With a Convenient Platform to Use
Companies offering tenant screenings typically provide options for screening services. This means you can choose which screenings you get. Thus, you'll want a company with a simple platform to use.
You can use their platform to order screening services. Then, they'll use tenant screening software to complete them. The point is that you need a company that makes this process easy.
Ensure They Follow the Law
While you can screen tenants through several methods, you must follow the law. There are laws for screening and selecting tenants, and every state has these laws.
Failing to comply with these laws can result in legal problems. As a result, you must make sure you choose a company that knows and follows Texas screening laws.
Choose One With a Great Reputation
Reading online reviews is an excellent way to judge a company's services. So you might start there as you choose a company to handle your screening services.
When reading online reviews, you can learn:
- How thorough the screenings are
- How accurate the information is
- Costs for the services
- Level of difficulty requesting screenings
Of course, you can also learn if clients recommend the company for background checks for tenants.
Choose Tenant Screening Companies to Find Better Tenants
When you choose tenant screening companies, they'll handle this vital step. As you see, screening every candidate is essential to improve your tenant quality.
After all, better tenants might live in the units longer and cause fewer problems. Additionally, they'll pay their rent on time, helping you avoid evictions.
Contact us if you need tenant screening services in El Paso, TX. We can help with this duty and other property management services.