The average employer looks at 7-10 applications before hiring for the job. They know that it's important to take the time to find the right person for the company. Landlords should take finding new tenants just as seriously.
These placements will make or break your rental investment, so you don't want to let just anyone live in your space. Tenant screening is the best way to make sure you find great renters.
Some landlords are more concerned about filling quickly than finding quality tenants. Check out these benefits you'll see by going through with tenant screening.
See the Tenant's Rental History
One of the main tenant red flags is a history of moving often. This usually means they don't finish their lease out because of their own choice. Or they have been kicked out of many rentals.
Either way, you don't want a tenant to repeat that history in your rental.
A low turnover rate is great for landlords. This means you don't have to spend the money looking for new tenants or lose income when your space is empty. Knowing what kind of renters they were before is very helpful.
Helps Create a Better Community
You definitely have to consider yourself when finding new tenants. But it's important to look at the community as a whole as well.
Neighbors have a big impact on overall living satisfaction (and how long you stay somewhere). So you want to screen for tenants who are going to fit in well with the community. This is especially important if you own several properties in the same area.
Find Out Other Details About the Tenant
A tenant screening will give you a great overview of who the tenant is. There will be obvious information like their credit history and income details.
You can also use it to find out other info about your applicant. Things like if they have kids, travel a lot, or live with pets can make a big difference for your property. The more you know about the tenant, the better prepared you can be.
Creates More Peace of Mind
Opening up your investment property can be a stressful situation. You have to put your trust in your tenants that they'll follow through on your agreements. When you use a tenant application to find a good fit, you can feel a lot more confident in your choice.
The peace of mind from a tenant screening is life-changing.
Benefits of Tenant Screening for Every Rental Property
Going through a tenant screening process will help you know what type of renters you're going to have.
For some landlords, this process sounds very overwhelming to start. And that's why working with a rental property management team is so great. Their experts can help walk you through the process until you've found the right tenants.
Our team at PMI County Line has been doing just that in Brea for all kinds of properties. We know how to find great tenants so you have low turnover and a positive experience.
If you're interested in seeing your rental's potential, get a free analysis today!