Did you recently evict a tenant who paid rent late, damaged your property, or caused trouble? Investing in tenant screening services can help you avoid these situations. About nine in ten landlords already use these reports.
However, the information isn't always up-to-date. Instead of doing it yourself, outsource to a property management company.
Not convinced outsourcing to find Naperville, IL tenants is a good investment? Read on to discover the benefits first!
Follow Tenant Screening Laws
You're responsible for adhering to the rules of the Fair Housing Act when screening applicants. Failing to do so can lead to fines or legal trouble.
Outsourcing will ensure you follow the latest tenant screening laws. Your property manager will judge all applicants by the same standards. This consistency can help you avoid a costly lawsuit.
Choose an experienced property management company with legal expertise. They'll understand the relevant criteria and housing laws.
Outsourcing will protect your best interests. Screening tenants will minimize the chances of problematic renters. You can keep the neighborhood safe for your other tenants.
Comprehensive Reports
Screening even one applicant can take days. If you own multiple properties, the process can take weeks. A comprehensive tenant screening report should include:
- Tenant references
- A tenant credit check
- A criminal background check
- Employment verification
- Eviction histories
This information can help you make an informed decision when selecting renters. However, gathering multiple reports is labor-intensive and time-consuming. That's time you could spend building your investment portfolio.
Hiring a property management company can increase efficiency. Their state-of-the-art technology and proven processes will save time. They won't cut corners but will allow you to focus on other business matters.
Choose a company that already has tenant screening down to a science. They can complete this process in a fraction of the time you would.
The sooner you complete these reports, the sooner you can fill vacant units. The rental vacancy rate is almost 6.5%. If your properties remain vacant, you'll lose income.
Save on Tenant Screening Costs
Gathering reports for multiple applicants is costly. Property management companies receive bulk discounts. Their professional connections can save you money.
Outsourcing will put money back into your pocket. You can use this money to enhance your real estate investment portfolio.
Choosing great renters now can benefit you later. You can encourage lease renewals, knowing these tenants are trustworthy. This will maximize your profitability.
Avoid Costly Mistakes
After meeting an applicant in person, it's easy to develop a personal attachment. You may overlook some less-than-ideal qualities. Outsourcing tenant screening can help you avoid bias.
Otherwise, you may unintentionally choose renters who are unreliable. Your property manager can help you avoid this mistake.
They'll attract tenants who are an ideal fit. With their services, you can choose trustworthy renters and avoid future stress.
Request Tenant Screening Services
You don't have to screen applicants alone anymore. Instead, outsource to a property management company. Their professional tenant screening services will save you time and money long-term.
Our team at PMI West Suburban has 20 years of real estate management experience. Rely on our state-of-the-art technology and proven strategies.
Discover what makes us the number one property management company in the US. Contact us today to request our tenant screening services.
