How often are you stressed out over late rent payments or complaints about your tenants? Without a thorough tenant screening process, you could select troublesome renters.
About nine in 10 landlords use some form of these reports. Unfortunately, not every report is accurate. Instead of operating as a DIY landlord, consider outsourcing to a property management company.
They can streamline this process to help you find great new tenants. On the fence? Read on to discover the benefits of outsourcing this process today!
Detailed Tenant Background Reports
To select reliable new tenants, you need to get a comprehensive picture of who they are as renters. As a DIY landlord, you may only focus on an applicant's ability to pay rent. Instead of only focusing on their financial status, you should also review their:
- Eviction history
- Criminal background check
- Credit score
- Rental history
- References
- Employment verification
An experienced property management company will gather these reports for you. Having this information will make it easier for you to choose reliable renters.
If you choose the DIY route, you may gather outdated information. Inaccurate reports are driving moving costs. Between 2019 and 2022, the Consumer Financial Protection Bureau received 26,700 reports about tenant screening issues.
About 65% featured complaints about inaccurate information in these reports. You won't make an informed decision without up-to-date data.
Save Valuable Time
Gathering comprehensive tenant background reports can take hours. If you're reviewing multiple applicants, it could take days. That's time you could spend building your real estate portfolio or working on other tasks.
If you're stretched thin, hire a property management company. They can save you time by using efficient processes. Their tools and resources will give you immediate access to the information you need.
The best property managers work quickly without compromising quality. They won't cut corners.
Avoid DIY Landlord Mistakes
As a new landlord, you may unintentionally make mistakes when reviewing an applicant's reports. You'll need to follow tenant screening laws to avoid fines or legal trouble. To remain compliant, hire a property management company.
Their landlord advice can help you follow anti-discrimination laws. They'll protect your best interests by ensuring you gather the information you need.
Save Money
Gathering comprehensive tenant screening reports can become costly if you're a DIY landlord. Outsourcing will save you money. You can review multiple tenants at once at a fraction of the cost.
Finding reliable renters can save you money later. You can encourage these renters to renew their leases, improving your occupancy rate. If you have to evict unreliable renters, it could become costly.
Invest in Tenant Screening Services Today
You don't have to worry about screening applicants or selecting new tenants on your own. Instead, consider relying on professional tenant screening services. The best property management company can save you time, money, and stress.
Look no further for help than PMI Bay State. Our team uses state-of-the-art technology to help clients maximize their profitability.
Rely on our 20 years of real estate management experience. Contact us today to request our tenant screening services.
