Renters make up 44% of households in this country, which is nearly half of all households. As a landlord, you can capitalize on this fact by aiming to keep your units occupied.
To achieve this goal, you'll need to find tenants. However, you won't want bad tenants, just good ones.
But finding good ones is daunting unless you know how to perform effective screening procedures. Unfortunately, many landlords don't know how to do this, so they turn to a company for help.
Hiring tenant screening services is one of the best property management tasks to hire out, and here are five benefits of hiring a company to handle this task.
1. Transfer the Duties
Hiring a company to handle the tenant screening process reduces your workload. If you normally handle this vital duty, hiring it eliminates your work, as they'll do it for you.
You can hire this duty out and others, but you'll need to look for a property management firm that offers it. You can screen companies to find the best one for the job before hiring them.
2. Receive Expert Services
Property management firms offering this service use tenant screening software. This software helps them know what steps to complete and ensures they choose the best people.
Screening tenants provides information about the person's background, credit score, and more. For example, background checks for tenants help you determine if they have a criminal record.
3. Find Better Tenants
The main reason to hire a company for tenant screening services is to find better tenants. However, there are many differences between good tenants and bad tenants.
One difference is good tenants stay longer. Therefore, you'll reduce the vacancy rates and tenant turnover rate with your properties.
Additionally, good tenants abide by the lease rules, pay their rent, and require fewer evictions.
4. Experience Fewer Problems
Tenant screenings help you select the best tenants, which means you'll have fewer problems to address if you have great tenants.
Great tenants don't destroy their units. Instead, they care for them. Additionally, good tenants won't call you with petty issues. They'll only call when they have major problems that require assistance.
5. Collect More Rent
While there is a cost of screening tenants, you'll collect more rent when you have better tenants. After all, one key characteristic of a good tenant is paying their rent on time every month.
You'll collect more money if every tenant pays their rent on time each month. This improves your cash flow and increases your profits.
It also means you can reduce the number of evictions you file for your properties.
Hiring Tenant Screening Services Is the Way to Go
Hiring tenant screening services results in finding the best tenants. As a result, you'll experience fewer problems and collect more rent. Additionally, you'll relieve yourself of one of the most important landlord duties.
Are you ready to learn more about tenant screening services? Contact us to learn more or to request a quote for services.
