Gen Xers, born between 1965 and 1979, make up the largest amount of homebuyers. With real estate numbers rising, that can make more landlords feel as though they're in a hurry to get tenants into their properties.
To help them reduce the time it takes to get tenants into properties, some people are outsourcing tenant screening. But, is this really a good idea?
Let's take a look at the answer in this guide.
Outsourcing Can Save You Money
One of the main reasons why outsourcing your tenant screening process can be a good idea is because doing so can save you money. In fact, outsourcing these types of processes can actually save you as much as 15% of total costs!
Now, while that number might not seem like a lot, it can quickly add up.
In the rental property world, running credit and background checks can get expensive. When you have to run tons of them as part of a rental evaluation, you can quickly start throwing away thousands of dollars.
Working with professional property managers, on the other hand, can save you some serious bucks thanks to the bulk discounts they offer. By outsourcing those processes, you can get wholesale rates on background checks and tenant screenings saving you a lot of money in the long run.
You're Detached from Decisions
Another reason why outsourcing tenant screenings is such a good idea is that you're not invested in your renters. As a hands-on landlord, it can be easy to get attached to your renters.
This can lead to skewed judgment when it comes to screening tenants in order to rent out a property!
Property managers have no personal relationships with your tenants. When you outsource your tenant screening process through a property manager, you know that you're getting unbiased tenant screenings.
You Steer Clear of Red Flags
If you're new to the world of property rentals, you may not have the know-how to spot tenant red flags. Now, while this might not be the end of the world, it can certainly cause you to let unworthy tenants in the door.
This is where outsourcing comes in.
When you hire a property management team, you hire a group of professionals that's used to working with all types of individuals. They'll know how to spot red flags in a tenant's application and how to make sure that you don't accidentally approve tenants who could cause you problems down the line.
In the long run, that will save you a ton of time, money, and effort.
Work With Property Managers to Tackle Your Tenant Screening
Now that you have a better idea of whether outsourcing tenant screening is a good idea or not, you're ready to take that step yourself! Doing so can make it much easier for you to manage your properties.
If you're ready to get help managing your properties, our team can help. Get in touch with us and we'll help you manage your rental properties the right way.
