Are you thinking about getting into rental property management? If so, what's stopped you?
If the answer is bad tenants, you are not alone. This is a common worry among many new landlords who invest a lot of time and money into rental properties.
Luckily, you can avoid quite a few potential bad tenants with tenant screening. Here are some of the key benefits of putting potential tenants through a screening process before agreeing to lease.
No Property Damage
Bad tenants often do not care about keeping the property in good shape. Therefore, there is a higher likelihood of damage without tenant screening.
Property damage can cause major problems after your tenant has left. It can even keep new tenants from moving into the unit if you need to perform extensive repairs.
During your tenant screening, you can also ask about the tenant's lifestyle or see if they have pets. These won't necessarily rule them out, but it will give you a better idea if they are likely to damage your property.
Find Long-Term Tenants
Filling a vacancy in your unit every year or so can be an absolute pain. Tenant evaluations are great tools for finding tenants who will stay on your property for longer periods.
For instance, someone who is in college may not be looking for the same stability as a family or an older renter. You will spend less money and time in the long run by simply having to renew the lease periodically, rather than searching for new tenants.
Avoid Evictions
Having to evict a tenant looks bad for both the landlord and the tenant. It is easy to find out if a potential tenant has been evicted in the past, by running tenant evaluations and background checks.
If you work with property management services, they can handle all of the tenant screening for you. They are often experts in choosing the right people to rent, so you will not have to worry about evicting your future tenants.
Run a Background Check
With today's technology, it is even easier to find out if any applicants have a nefarious past. You can find out about their renter's history and do credit checks to ensure they will pay their bills on time.
It is an easy way to weed out tenants who do not fit your list of requirements. With the competition in today's rental market, you may be faced with reviewing hundreds or even thousands of applicants for one of your openings.
Tenant Screening: A Necessary Step
If you want to be successful in rental property management, tenant screening is a must to protect your property. Using these tips, you can find wonderful tenants who will take care of your assets.
Have you thought about property investing in Florida? If you live in Miami, PMI Sunshine State is the perfect company to help you with all of your rental needs.
Contact us today if you are ready to get started or have any questions about our services.
