A lot of things can go wrong when you rent out your house to a stranger. They could refuse to pay rent, cause property damage, and some tenants turn their rented properties into bases for criminal activities... the list can go on and on.
As a landlord in Boulder, CO, it's in your best interest to take steps to ensure you're renting out your property to responsible people you can count on to take care of the dwelling and pay rent on time. This is why over 90% of landlords do some level of tenant screening before deciding on a rental application.
Is this a service you should outsource, though?
Reduce the Risk of Tenant Screening Mistakes
There are several things you need to look at when screening a tenant. These include;
- Credit history
- Criminal background
- Rental history
- Employment status
You have to be thorough, otherwise a bad tenant can slip through the cracks.
For example, a person who has a stellar credit history and no evictions can look like an ideal tenant, and you might be inclined to give them a pass. But what if you dig into their criminal background and find out that they're a sex offender? Although you don't have to reject a rental applicant because of a conviction, you might be compelled to do so if there are many young families in your community.
When you're doing tenant screening in-house, the risk of making assumptions and overlooking some things is high. This also increases the risk of getting bad tenants.
A tenant screening service doesn't make such rookie mistakes. They don't leave any page unturned, which means there's a high chance you'll be getting quality tenants every time.
Save Time
As a landlord, where's your time best spent?
It's unlikely that you're most productive when scouring papers and interviewing prospective renters. Tenant screening is a time-intensive task, even when you're using tenant screening software. Now imagine how much time you'll be spending if you have to screen a couple of tenants every month.
Outsourcing tenant screening saves you time. These companies have the tools and manpower to conduct multiple screenings quickly, saving you time and ensuring a quick turnaround time for new tenants. You can use the freed-up time to attend to other important tasks, such as property marketing and rent collection.
Keep Tenant Screening Costs Low
Tenant screening has direct and indirect costs for landlords. Time is the biggest indirect cost, but you might also pay to use tenant screening software and other tools.
When you outsource, there's only one cost - the money you pay to use the service. Most providers charge a monthly rate, but it's possible to pay per screening.
Either way, you're likely to save money by outsourcing. The amount of time you'll save yourself is enough to justify the decision alone.
Tenant Screening Is Best Outsourced
Self-managing a rental property has its benefits, but there are tasks you need to outsource to professionals. Tenant screening is one such task.
PMI Flatirons Group, a property management company in Boulder, can handle all your tenant screening needs, and more. Take advantage of our full-service package and sit back as we run the show. Reach out to us to learn more about our services.
