You may have heard or experienced horror stories about tenants who refuse to pay rent, disrupt neighbors, or destroy property. Yet certain laws protect prospective tenants. These include ones that keep landlords from discriminating based on race, religion, age, and other criteria.
Property owners, however, have a right to know about the credit, employment, rental, and criminal history of would-be renters. Obtaining comprehensive information can be vital to your livelihood.
The article covers the benefits of outsourcing the tenant screening process. Keep reading to find out the many advantages it can afford, so that you can protect your real estate investment.
Time Savings
One of the biggest advantages of outsourcing tenant screening is that you do not have to do it yourself. You will not waste time shopping for the best screening programs or determining how to get a criminal background check. (In many locations, this still requires an in-person visit to corrections department offices).
It also frees you up to focus on other aspects of your business. It keeps you from dropping everything to get an applicant screened.
Cost Savings
Outsourcing tenant screening can also save you money. Most property management companies roll this service into one package. This you are not paying any additional fees every time you want to screen a potential renter.
It can also help get quality tenants into a rental agreement faster, which also can translate to more money in your pocket. Experienced property management companies will have access to software that can crank out reports and get them to you in the blink of an eye.
Comprehensive Information
Another benefit of outsourcing tenant screening is that it ensures you are getting the most accurate, up-to-date information available. Management companies will do thorough searches. They can will pick up things like criminal convictions in other states or red flags on credit reports for failure to pay rent or other bills.
This will give you the confidence that you are getting a comprehensive picture of the type of person who wants to rent from you.
Liability Protection
Another huge advantage of outsourcing screening is that it shields you from potential lawsuits. As mentioned, the Fair Housing Act prohibits landlords from using certain information to rule out applicants. The most common ones are race, religion, sex, age, and disability.
There are others though. These include marital status, national origin, and whether they have children. Obscure or obvious, an experienced property manager will know what questions they are allowed to ask tenants and which they are not.
It ensures that you get the information you need without trampling on an applicant's rights. This protects you from allegations that you unfairly rejected an applicant.
Find Tenant Screening Services Near You
Now that you understand the benefits of outsourcing tenant screening, you can determine if it is right for your real estate business. It can save you a lot of time and money, so you can limit stress while getting the most out of your investment property.
PMI Daytona Flagler is a comprehensive real estate management company serving Daytona, Flagler, Palm Coast, and the surrounding areas. We provide a range of services, including tenant screening. Reach out to us today to learn more or for a free rental analysis.
