Most rental leases in the US last for a term of 12 months.
If you have someone staying at your property for that long, you need to make sure it's someone you're happy with. Finding the perfect tenants isn't easy, but with the right approach, you should be able to get someone suitable. One of the most important steps to take is tenant screening, and neglecting this can be a huge mistake.
Keep reading for a rundown of everything you need to know about outsourcing your tenant screening and if it's a good idea.
The Importance of Tenant Screening
Real estate investing is becoming increasingly popular as more people are realizing the profits that stand to be made. Through rental leasing, you can generate reliable, regular income. This will only happen, however, if you have tenants that you can work well with.
You may get a lot of applicants when you put a property up for rent. Through tenant screening, you can narrow these down to find those who are most suitable.
Tenant screening allows you to look at an individual's history as a tenant. It can show you any potential red flags, such as failure to pay rent, property damage, or anything else that you wouldn't want.
The Benefits of Outsourcing Your Tenant Screening
It's important to note that tenant screening is not a simple process, especially if you don't have experience in it. If you want your prospective tenants to be screened properly, you should outsource this service to a property management company. This can offer multiple benefits.
Perhaps the biggest benefit of tenant screening is that you'll get quality tenants. You'll have people in your home that won't cause any issues.
They'll be more likely to pay rent on time and take care of the property. Problem tenants can be very difficult to deal with, so finding quality tenants from the start will save you a lot of stress down the line.
Undesirable tenants will be more likely to leave, or you may even end up having to evict them. If this happens, you'll then need to go through the process of finding tenants again. This can involve a lot of work, so it's best if you can avoid it and keep the same tenants in your property for a long time.
All of the issues that bad tenants can cause will cost you money. While tenant screening services come at a cost, they'll save you more in the long run.
By outsourcing the whole tenant screening process, you'll save a lot of your own time. A professional tenant screening company will take care of everything to find you the best tenants.
Professional Tenant Screening Services
Tenant screening is vital if you have homes for rent and want to maximize your income. It's not something that's easily done on your own, so outsourcing to a professional property management company like PMI Central Oregon is your best bet.
Take a look at our Tenant Screening page to find out more about how we can help you.