What information did you receive the last time you screened a potential tenant? Most computer-generated reports only provide a thumbs-up or thumbs-down recommendation. Though 90% of landlords rely on these reports, many are inaccurate.
They also don't provide a full picture. Instead, start outsourcing your tenant screening needs. A property management company can streamline the process for you.
Is outsourcing a good idea? Read on to discover the benefits!
Look Beyond the Tenant Credit Check
Many landlords rush to fill vacancies. They only focus on a potential tenant's ability to pay rent. However, these recommendations won't tell you why an applicant is a good choice.
You may not realize a tenant has a history of delinquent payments or evictions in Lake Havasu City. These renters may cause more trouble than their rent payments are worth.
A property management company can gather detailed, comprehensive reports. They'll consider:
- A tenant credit check
- Employment verification
- References
- Eviction histories
- Rental histories
- Criminal background checks
Reviewing these detailed reports can help you make an informed choice. You can select a renter knowing they won't cause trouble.
Remember, many do-it-yourself platforms provide brief assessments. They don't always contain accurate information.
Between 2019 and 2022, the Consumer Financial Protection Bureau received 26,700 complaints. About 65% of complaints related to tenant screening were due to inaccurate information. Relying on these reports could cost you later.
You could choose a renter who ignores your rules, damages the property, or upsets neighbors. Gathering thorough reports can help you avoid future landlord stress.
Adhere to Tenant Screening Laws
In your rush to find tenants, you may unintentionally ignore tenant screening laws.
This includes the Fair Housing Act. It prohibits landlords from discriminating against applicants. You can find actions prohibited under the Fair Housing Act here.
Hiring a property management company will ensure you remain compliant. You can avoid the risk of a lawsuit or fine. This will reduce your exposure to risk and potential expenses.
Save Time
Screening one applicant can take days. If you receive multiple applications, the process could take weeks. Outsourcing will save you valuable time you can spend on more important tasks.
Your property manager will use tenant screening software to ensure efficiency. They'll assess each applicant without cutting corners.
If you choose the do-it-yourself route, you may rush through the process. This could cause you to miss red flags.
The sooner you screen applicants, the sooner you'll fill vacancies. You can start generating more revenue from your rentals.
Reduce Tenant Screening Costs
Gathering detailed reports can become costly, especially if you're screening multiple applicants. Hiring a property manager will save you money. They can review applications at a fraction of the cost.
You can use these funds to market vacant listings or upgrade your properties. Meanwhile, you can find great tenants you want to retain. Retaining tenants will reduce the cost of future tenant screening and marketing.
Start Outsourcing Your Tenant Screening Process
You no longer need to screen potential renters yourself. Instead, start outsourcing your tenant screening process. Relying on a property manager will save you time, money, and stress.
Trust our team at Arizona Living Rentals & Property Management. We have 21 years of experience helping over 160 happy owners.
Rely on our exceptional degree of customer service and ethical standards. Contact us today for tenant screening services.
