Did you know that 44.1 million properties in America are occupied by renters? If you're a landlord, you know how important it is to screen your tenants carefully before finalizing your agreements.
Today, you can handle the lease application process in various ways. You can rely on in-house staff, retain legal services, or check out tenant screening agencies.
Ready to reap the many benefits that come with outsourcing tenant screening? Or, wondering what you need to know about the pros and cons of screening tenants?
Keep reading for three reasons why outsourcing is a smart decision for your screening program.
1. Benefits of Tenant Screening Services
The benefits of outsourcing are undeniable. It allows you to create a streamlined system where one department's actions benefit the whole. Tenant screening is no exception to this concept.
When you outsource your tenant screening, you benefit from countless hours of experience. You also get an unbiased third-party review application. Plus, you reduce opportunities for discrimination in your screening practices.
Because you trust a dedicated professional service, you're building the best tenant pool from vetted applicants.
2. Efficiency and Turnaround Times
Depending on how thoroughly you check the candidate's background and financial situation, it can take anywhere from a few hours to a couple of days. It's an important part of the rental process, so landlords want to ensure they get the best person for the job.
If you don't have the time or the right tools, hiring a property management firm is best. Not only will they utilize the latest technology, but they can also provide landlord advice on selecting the right tenants.
3. Avoiding Costly Legal Issues
Screening tenants reduces your exposure to legal liabilities. As a property owner, you don't want to be sued because your tenant did something wrong. Tenant screening helps reduce the risk of being sued and protects you during the suing process.
Tenant screening also helps protect your current tenants. Screening people before they have the chance to cause harm to others on your property is important.
4. Meaningful Data-Based Tenant Assessments
Have you ever wished for a tenant selection process that took the human aspect out of screening tenants? SMART risk assessment tools help you determine your risk tolerance.
It's for each applicant based on your internal criteria. The data is analyzed based on common standards. The technology allows you to weed out the good applicants from the not-so-great ones. The process reduces risk for you and your property.
Plus, you get the data you need to make the tough decisions, all while staying compliant.
Achieve Better Property Management
Ensuring you only rent to qualified tenants can save you time and money in the long run. Plus, it can help you create better tenant screening processes to find the right tenants.
Reno Property Management, Inc., is the go-to source for tenant screening needs. We do everything from criminal background checks to credit reports and evictions.
Get in touch with us today for a free rental analysis and learn how we can make your property investments better!
