Real estate is one of the best investments you can make, but it does require some work. With 11 million landlords operating in the US, filling vacancies is a familiar pain for many of them.
However, you can't just fill your vacancies with the first applicant. You need to thoroughly screen each prospective tenant before accepting them, which we can help you with. Let's talk about how to choose tenant screening services for your rental properties!
Do You Need Tenant Screening Services?
Before we begin, let's understand the tenant screening process and see the benefits of professional services. First, you will need to market your property and attract applicants. From there, you will need to screen applicants based on a number of factors, including:
- Credit history
- Rental history
- Criminal background
- Income verification
That's the minimum amount of screening to ensure that you find the right tenants for your property. Bad tenants are more common than you'd think, with over 3 million evictions each year. Otherwise, you could end up with tenants who can't pay their rent, treat your property poorly, or who may even pose a threat to your existing tenants.
Of course, this process takes time. If you have to fill more than one unit, it could be a full-time job to fill your vacancies. That's why tenant screening services are so valuable, but you still have to choose the right ones!
How to Choose Tenant Screening Services
When looking at your options for tenant screening services, you will need to look for a few key factors. You can always start by reading online reviews of companies in your area, but there's more to it than that.
First, and most importantly, you want to make sure that the team offers the services you need, including the ones mentioned above. If you have any specialized property management services you need along with tenant screening, make sure they offer those as well. This information is likely on their services page.
Second, you want to know how much experience the team has. Ask them about their tenant screening process and how successful they've been in the past.
If you want more information about their previous experience, ask for references! References are a great way to ask the questions you want to know about, unlike online reviews.
Finally, hire a team that can take the rest of the work off of your plate for a small fee. For example, an experienced property management team can help you screen your tenants, maintain tenant relations, collect rent, maintain your property, and so much more. From there, you can just sit back and watch the checks come in!
Find the Right Tenants Today
Now that you know how to choose tenant screening services for your property put these tips to use today. The sooner you do, the sooner you can fill your vacancies with the right people. Having an expert property manager on your side can go a long way!
Stay up to date with our latest tips for your investment property, and contact us with any questions!