Why Is Tenant Screening Important?
Tenant screening is the most important thing that you can do as a landlord in order to protect yourself, your property and your other tenants. If you are a landlord and unsure on if or how you should screen your tenants then you should consider the following benefits to screening:
Tenant Screening Protects Your Property
Tenant Screening Safeguards Property Owners
Tenant Screening Protects Other Tenants & Local Community
Screening potential tenants can prevent losses of thousands of dollars in damage, unpaid rent, and court costs associated with evictions. However, if you do not screen properly or use the right metrics to evaluate potential tenants, you may waste your time and money and still be unprotected. It is important to include the right screening protocols in your tenant background checks.
Why Hire A Property Management Company?
When you are a landlord, one of the decisions you will have to make is hiring a property management company, or managing the property on your own. Property management companies deal directly with prospects and tenants, collect rent, handle maintenance and repair issues, respond to tenant complaints and can even help handle evictions.
When Should You Hire A Property Management Company?
Now that you have a better understanding of what a property management company can do for you as a landlord your next question might be, “when should I hire a property management company?”. You may want to start considering hiring a property management company when:
- You have multiple rental units
- You do not live near your rental properties
- You do not have a lot of time on your hands
- You have enough cash flow to spend on property management
- Your property is part of an affordable housing program
- You plan to bring on more properties
- You lack the experience to manage your property/properties
- You have a high vacancy rate or problems with cash flow
Ultimate Tenant Screening Guide
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