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Are you thinking of outsourcing tenant screening but not sure if it's a smart move? Roughly 90% of landlords screen tenants - and it's easy to see why. Bad tenants can cause your rental property business to fail.
You don't want this to happen, but you also know that conducting thorough tenant background checks requires a lot of expertise and a keen eye for small details. Attempting a DIY approach when you lack the right tools is simply a big mistake.
What are your options? Outsourcing comes top of the list. This article discusses why letting a third-party provider do the job is ideal.
Let's get into it:
A Comprehensive Screening Process
Do you strictly adhere to your tenant screening checklist every time?
If you're like most landlords, you probably skimp on the process, especially when you're reviewing many rental applications. Some landlords also focus on just the credit score and employment information. As long as the applicant is able to pay the rent on time, they'll overlook other checks, such as a criminal background check.
Anything less than a thorough screening process increases your chances of getting a terrible tenant. When you outsource the process, that risk is very low or non-existent.
This is because tenant screening service providers don't cut any corners. They'll check everything that needs to be checked and verify suspicious information. By the end of the process, they're in a strong position to separate a good tenant from a bad tenant.
Save Time and Money
A thorough tenant screening process can take about a week or more depending on the availability of the information that's being sought. As a DIY landlord, you certainly don't have the luxury of time. You want to complete a screening as quickly as possible and fill up your vacant property.
Unfortunately, a DIY tenant screening can take even longer, extending the amount of time your property stays without a tenant. A screening company has the resources, including employees and technology, to collect and analyze all the information that's needed within a remarkably short time.
Consequently, you'll save time and as we all know, time is money. Outsourcing ultimately means a quicker turnaround for screening reports, thus your vacant units will find an occupant sooner.
Legal Compliance
Landlords have the right to screen a tenant during the rental application process, but there's a limit to what kind of information they can seek. The Fair Housing Act illegalizes asking renters about things like their religion, race, and gender. In some jurisdictions, there are severe limitations to conducting a criminal background check.
If you're not familiar with these laws and procedures, you can easily find yourself in court facing a discrimination lawsuit. Screening service providers are well-versed with these laws and are thus unlikely to violate a renter's rights.
Outsource Tenant Screening Today
The importance of tenant screening cannot be overstated. As the article has demonstrated, outsourcing is the best way to go about it.
In Sarasota Springs, look no further than Veno Properties for not just your tenant screening needs, but also other services such as accounting, property maintenance, and rent collection.
Get in touch and let's unlock the full potential of your property.
