Of the 122.8 million households in the US, 36% rent. Unfortunately, you can't trust every tenant. Neglecting to complete a tenant background check could lead to late payments, property damage, and disputes.
Avoid these stressful situations by outsourcing your tenant screening process. Not sure if it's worthwhile?
Read on to discover the benefits of paying for a tenant criminal background check today.
Convenience
As a property owner or investor, you're busy enough trying to build your portfolio and manage multiple properties. Screening tenants each time you receive an application takes time. This multifaceted process involves:
- Requesting and reviewing credit reports
- Talking to previous landlords
- Speaking with employers
- Verifying references
- Pulling public records
- Checking for criminal charges
For example, about 15% of American households are behind in their rent payments. Choosing renters with a history of late payments will affect your income.
It's important to do your due diligence when screening tenants. Taking shortcuts could lead you to choose undesirable tenants. They might damage your property or pay rent late.
Unfortunately, completely this process for one applicant could take a full day.
Outsourcing provides a convenient alternative. Look for a property manager company that offers tenant screening services. They'll complete this process, allowing you to dedicate time to more important matters.
Meanwhile, you'll have peace of mind knowing you're choosing the best possible renters.
Compliance
Before completing your tenant background check, make sure you're aware of the latest tenant-landlord laws. If you fall behind and ignore local or federal laws, you could receive a fine.
Hiring a property manager to complete your background checks ensures consistency and compliance.
They'll remain aware of new laws and regulations.
Allowing a property manager to complete this process will ensure you adhere to legal requirements. It will also help you avoid selecting criminals. Completing thorough background checks will give your current residents peace of mind.
They'll know your neighborhood is a safe place to live.
Avoid Bias
While meeting with and vetting applicants, some landlords get attached. As a result, they can develop a bias when reviewing applicants.
Outsourcing will help you avoid bias. Your property manager will act as an impartial third party. They'll complete background checks to find the best tenants for your listing.
If an applicant isn't an ideal fit, they'll keep searching to help you avoid high vacancy rates.
Cut Costs
While this might seem counterintuitive, outsourcing can help you cut costs in the long run.
Choosing the do-it-yourself route will take time from your already busy schedule. That's the time you could spend building your investment portfolio. If you own multiple properties, you'll spend time and money completing background checks.
Outsourcing can save you money and time.
Outsource the Tenant Screening Process Today
You don't have to continue screening tenants on your own. Instead, look for a property management company that offers tenant screening services. Outsourcing this process will save you time and money in the long run.
Eager to experience these benefits yourself?
Our property managers are here to help you succeed. Discover how we can help your investments grow.
Contact PMI Biscayne Bay today to learn more about our services.
