With rents increasing over the last few years, it's been a profitable time for landlords who serve 44 million rental households in America. It's not all pie in the sky, however.
What happens when you have tenants that don't pay the rent? Or tenants who have destroyed your property? The eviction process is not easy, nor is it cheap.
Using a property manager and outsourcing your tenant screening process can prevent problem tenants. Keep reading as we lay out the advantages of doing so.
Outsourcing Can Save You Time and Money
When a property management company takes this burden off of you, you can focus on other aspects of your business. While you're taking care of one thing, they can find someone to fill a vacancy.
Though you pay for this service, it will save you money by getting good quality tenants in your properties. There will be less turnover and fewer problems with which you need to deal.
You also get the benefit of having access to tenant screening software, credit checks, and background checks. The cost of running those checks can get expensive.
A More Objective Process
Using the same criteria for every applicant, as tenant screen software does, makes the process much more objective. As a landlord, you will be detached from your tenants and have a strictly business relationship.
Property managers can remain objective and unbiased. They will choose the tenant that will be the best choice to maximize your profitability.
Can Spot Red Flags
The property management company has the experience to spot red flags. They deal with tenant applications on a regular basis and know how to spot things that could mean trouble down the road for the landlord.
There might be things on the application that you as a landlord would not recognize as a potential problem. The professionals will pick up on it.
Efficiency
It's an efficient process. The screening process does it all: background check, credit check, criminal check, eviction history check, employment history check, rental history check, and references.
Legal Compliance
The Fair Housing Act lays out the rules and regulations for renting and buying homes. It protects people applying to become tenants in a rental property as well as other housing-related activities from discrimination.
The professionals carrying out the screening process will be familiar with what's prohibited and allowed under the FHA when it comes to selecting tenants.
Being in compliance limits your liability related to discrimination and privacy violations. Mitigate the risk of legal issues.
Importance of Tenant Screening
Now that you know more about outsourcing the tenant screening process, will you choose that option? Professionals will fill your rental property with responsible and reliable tenants. You can sit back and enjoy a steady stream of rental income.
Do you know who can handle this process and many others for you? We at PMI County Line are a full-service property management company dedicated to providing our clients with the best customer service.
We work to maximize owner profitability on investment properties. Visit our website to learn more or call us at 562.955.4022.
