Did your last tenant pay rent late, damage the property, or cause you unnecessary stress? Don't rush to choose your next renters. Instead, outsource your tenant screening process.
According to Consumer Reports, nine in 10 landlords use tenant screening reports. However, many only provide a vague "yes" or "no" recommendation. Others are littered with errors.
Outsourcing tenant screening can save you time and money. Not convinced you need help? Read on to discover the benefits of tenant screening services!
Detailed and Accurate Tenant Background Checks
The Consumer Financial Protection Bureau received over 26,700 complaints about inaccurate tenant screening reports. Relying on inaccurate information may lead you to choose an unreliable renter. If you rush to fill vacancies, you may not learn important information about the renter until there are problems.
Outsourcing tenant screening will give you access to accurate, detailed tenant background checks. A comprehensive report can help you make an informed decision. These reports may include:
- Eviction histories
- References
- Rental histories
- Employment verification
- Credit checks
- Criminal background checks
You can feel confident choosing a reliable renter. Otherwise, inaccurate reports may cause you to reject applicants. Your rental may stay vacant, costing you potential earnings.
Save Time
Vetting every potential tenant can take time. If you own multiple rental properties, it can become a demanding process. Instead, outsource to a property management company.
An experienced team that uses state-of-the-art technology will have an efficient process in place. Using their professional tools will save you valuable time.
Quickly screening applicants will allow you to fill vacancies without delay. You can generate income from your rentals while dedicating time to bigger tasks.
Cust the Cost of Tenant Screening
Screening multiple applicants and gathering detailed tenant background checks can be costly. The costs will increase as more people apply. Outsourcing to a company that can screen multiple applicants simultaneously will save you money.
Stay Compliant
Before screening applicants, review Virginia's landlord-tenant laws and federal tenant screening regulations. Otherwise, you may neglect anti-discrimination laws.
Outsourcing will ensure you stay compliant and mitigate landlord risk. You can avoid fines, lawsuits, and other legal consequences.
Fill Vacancies
According to US Census Bureau data, the rental vacancy rate in the US is 6.6% and rising. Letting a rental property sit vacant can cost you thousands in potential earnings. Relying on tenant screening services can help you fill vacancies quickly.
Choose a full-service property management company that can pair property marketing and tenant screening services. Their proven strategies can help you find reliable renters quickly.
With their help, you can increase lease renewals. Retaining renters will boost your earning potential and ROI while reducing the stress of vacancies.
Outsource Tenant Screening in Richmond, VA
Don't waste valuable time, money, and energy on tenant screening. Instead, outsource this task to a property management company like PMI James River.
We use state-of-the-art technology that allows owners to track their investments in real time. Trust our 30-day guarantee that ensures we'll find you a quality tenant for your rental property. Contact us now for a free rental analysis!