Is Outsourcing Your Tenant Screening Process a Good Idea?

Is Outsourcing Your Tenant Screening Process a Good Idea?

Before the COVID-19 pandemic, there were 3.6 million eviction cases filed in the U.S. in an average year.

After the eviction moratorium that was enacted in response to the pandemic expired, evictions have started to tick up.

What are the best strategies to help you attract good tenants, avoid bad ones, and keep you from having to evict someone?

Tenant screening is an effective strategy to avoid bad tenants, but is outsourcing the screening process a good idea? Keep reading for helpful information to guide you in making that decision.

Why Tenant Screening Matters

When you rent out one of your properties to new tenants, you want to have a feeling of confidence about who is going to live there.

It's a win-lose situation and tenant screening can put you in the win column. It gives you the information you need about potential tenants to make an informed decision before handing over the keys.

Will the tenants pay rent on time? Will they take care of the property? Looking at their track record and past tenant information will give you a clear picture of what kind of tenants they'll be.

Advantages of Outsourcing

Outsourcing tenant screening to a professional property management service has its advantages. Let's take a look at a few:

1. Improved Occupancy Rates

The pros know the red flags when performing a tenant screening. This helps them weed out potential problem tenants. When you get a good tenant in your property, they tend to stay.

2. Fewer Late Payments and Evictions

If you leave it up to the pros, you'll limit problems such as late payments and even evictions.

Tenants who pass the tenant screening process tend to pay their rent on time and follow the rules. You won't need to worry about needing to file an eviction.

3. Protect Your Property

Good tenants recommended by a property management company are more likely to treat your property like their own. This limits damage and keeps your rental properties in good condition.

4. More Flexibility

Tenant screening is a time-consuming process. Outsourcing gives you the flexibility to run other aspects of your business.

You can focus your energy on other important tasks while the professionals find the right tenants for you.

5. Convenience

A property management company has the knowledge, experience, and resources to conduct background checks efficiently.

Parts of the process consist of things like pulling public records, running credit reports, verifying references, contacting an employer, and checking with past landlords.

This would take the property owner a lot more time than a professional with experience.

Best Property Management Strategies

When it comes to filling vacancies in your rental property, tenant screening should be a top priority to protect your investment. Outsourcing the process to professionals will add to the success of your business and boost your income.

Do you know who can help? We at PMI Lighthouse specialize in residential property management services for the Suffolk County, Long Island area. Our team of professionals provides top-notch services that end up saving you, the property owner, money in the long run.

Contact us through our website today to schedule a consultation or call us at 631.600.3616.