Part of renting your property is ensuring that you secure reliable tenants. According to data from Swiftlane, the average apartment turnover rate is approximately 36.02 percent.
Tenant screening is an effective way to make sure that all of your tenants are reliable and trustworthy.
Read on to learn more about outsourcing the tenant screening process, and whether or not it's the right move for you.
Thorough Screening Processes
One of the most important benefits of outsourcing your tenant screening is that property management companies have software and tools to ensure a thorough process. This typically includes things like running a background check, looking at rental history, and employment verification.
Outsourcing the screening process lets someone else to handle the heavy lifting of not just running the screening, but also analyzing the results. It can also help you get faster results, which is especially important if you have multiple applicants all at once.
Tenant Screening Lowers Risk
A thorough tenant screening reduces your risk of late payments or rent payments that are missed altogether. When you outsource this task, you'll get all the information you need to make a sound, informed decision.
By lowering your risk of getting a "dud" tenant, you'll get more on-time payments and security knowing the people you've chosen are reliable. This provides you with peace of mind while you make money on your investment property worry-free.
No Worries About Fair Housing Laws
Another of the many important benefits of outsourcing your tenant screening is that it ensures you're abiding by state, local, and federal laws. Professional property management companies are constantly on top of the latest rules and regulations, including fair housing laws.
When you do things by the book, you're not only protecting your prospective tenants. but you're also protecting yourself. These laws are in place to ensure that everyone is treated fairly, but it also ensures that you're doing things correctly as a landlord.
You'll Save Valuable Time
Although you're a landlord, you likely have plenty of other important things to do besides dealing with collecting rent, finding new tenants, and property maintenance. Outsourcing your tenant screening frees up your time, so you can spend it focusing on other more important tasks.
Letting someone else do the screening gives you the freedom to spend time with your friends and family. It also takes the burden off your shoulders whenever a prospective tenant inquires about their application status. It also improves the quality of the application process for them, and the rent collection process for you.
Outsource Your Screening Today
There are plenty of great benefits of outsourcing tenant screening, which include getting thorough data about potential tenants and more. When you outsource this task, you'll also save time while having a better chance of securing high-quality long-term tenants.
PMI Property Management in Columbia, MD is here to help you with all of your tenant screening needs and more. Get in touch with us today to schedule a consultation and find out how we can help you.
