According to Consumer Reports (an online publication that provides consumer insights and research), nine in 10 landlords use tenant screening reports. Unfortunately, these reports aren't always accurate. If you're following a do-it-yourself process, screening tenants effectively could steal time from your already busy schedule.
Instead, consider outsourcing to save time, find reliable renters, and fill vacancies. Finding reliable tenants can boost your occupancy rate and ROI.
Not convinced you need to outsource your tenant screening process? Read on to discover the benefits you can experience firsthand!
Get Detailed Reports
As a landlord, you're likely juggling rent collection, maintenance, and marketing on top of tenant screening. You may feel rushed to screen applicants to fill a vacant unit. Rushing through this process could leave you without the information you need to make an informed decision.
Outsourcing your tenant screening process will ensure you gather detailed, accurate reports. These reports may include:
- Rental histories
- Eviction histories
- Criminal background checks
- Employment verification
- References
- Credit checks
If you use a do-it-yourself platform, you may gather inaccurate information. You could choose a renter who has a history of damaging properties or paying rent late. Choosing one of these renters can hurt your ROI.
Between 2019 and 2022, the Consumer Financial Bureau received 26,700 complaints about tenant screening issues. About 65% of complaints mentioned inaccurate information appearing in the reports.
To avoid choosing problematic renters, outsource. A property management company will help you select reliable renters you want to retain long-term.
Follow an Efficient Tenant Screening Process
Screening multiple applicants could take days. During that time, your vacant rental properties won't generate income. Outsourcing will ensure you start screening tenants effectively and efficiently.
A property manager will save you essential time. They'll have access to professional tools that can minimize delays. The sooner you screen applicants, the sooner you can select renters and fill vacancies.
Cut Costs
Screening multiple applicants can become time-consuming and costly. A property management company can screen multiple applicants at a fraction of the cost. You can dedicate these funds to marketing or other important tasks.
Remain Compliant
You may struggle to adhere to tenant screening laws if you're a new landlord. Outsource to an experienced property manager to remain compliant. Relying on their services can help you avoid anti-discrimination lawsuits or fines.
Fill Vacancies
Hiring a property management company gives you access to effective Hendersonville renting tips. For example, your property manager can develop a marketing strategy. Marketing your available properties can help you generate more applications.
Their services will help you fill vacant properties with reliable renters. They can also help you develop a tenant retention strategy.
Retaining renters will improve your occupancy rate and ROI. You'll have peace of mind knowing you have renters who have always paid on time and respected your property.
Outsource Your Tenant Screening Process Today
Developing a tenant screening process alone can become time-consuming, stressful, and costly. Instead, outsource to a property management company. We can maximize your efficiency and occupancy rate.
PMI Blue Ridge uses state-of-the-art technology to provide owners with real-time access to how their investments perform. Trust our record of success, award-winning services, and professional guarantees. Contact us now for a free rental analysis.
