San Antonio has one of the hottest rental markets in the country. That is great news for property owners and investors, but it also means increased competition. This makes it harder to identify and lease to quality tenants.
That is where tenant screening comes in. It ensures that you are renting to someone who will pay rent on time and maintains the property.
Tenant screening is an in-depth process involving many steps. For this reason, more property owners are outsourcing it.
This article covers the advantages of doing so. Keep reading to determine if it is right for you.
Time Savings
One of the main reasons to outsource tenant screening is that it takes a great deal of time to conduct background searches. These usually include pulling a tenant credit check and rental history, as well as criminal background reports. It can also involve contacting tenant references, such as past landlords.
All of this can suck up a ton of time. Outsourcing these tasks can alleviate this hassle. It frees you up to focus on more important aspects of running your rental property.
Heightened Accuracy and Reliability
To do tenant screening well, you will likely have to go through a third-party provider anyway. Otherwise, you run the risk of missing potentially valuable information.
For instance, with criminal history alone, you would need to request reports from almost every place the applicant has lived. This is not feasible, and it still does not guarantee that you would not miss certain jurisdictions.
A property management company will have readily available software that can run thorough, nationwide reports. This gives you a more accurate picture of the person to whom you may be renting.
Legal Compliance
There are federal and state laws that regulate various aspects of tenant screening, such as those spelled out by the Fair Credit Reporting Act. First, you must receive written approval in order to run a tenant background check. There are also Texas laws that lay out renters' rights.
Outsourcing tenant screening guarantees that you are complying with these regulations. It shields you from any risk of legal repercussions, including discrimination claims.
Cost Effectiveness
Conducting tenant background checks can get expensive. Outsourcing them to a property management company can be much more economical, especially over time.
Also, you can often bundle tenant screenings with other property management services. If you require these, it can drive down tenant screening costs even further.
Faster Placement and Improved Tenant Satisfaction
The advantages of outsourcing tenant screening discussed above can lead to a smoother and faster application process. That translates to you getting tenants into a unit faster, which decreases vacancy losses and increases your profits.
This is beneficial for the prospective renter as well. It helps create a better experience for quality tenants, while weeding out those with red flags.
Find Tenant Screening Services Near You
Now that you understand the benefits of outsourcing the tenant screening process, you can determine if it is the best option for you. A professional management company can help you achieve the best results for identifying quality tenants.
PMI Navigate is a full-service property management company serving San Antonio and the surrounding areas. We provide a range of services, including tenant screening. Reach out to us today to schedule a free consultation.
