Is Outsourcing Your Tenant Screening Process a Good Idea?

Is Outsourcing Your Tenant Screening Process a Good Idea?

Filling rental vacancies quickly is a top priority for property owners. However, the last thing you want to do is let critical details fall through the cracks in your search.

Lease renewals, timely rent, and pristine units are three points to prioritize. Ideal tenants provide all three. These factors prevent turnover, unpaid rent, compliance violations, and property damage.

The above points speak to the value of careful tenant screening protocols. You already know that background checks are a must, but is outsourcing to screening services the right path?

Learn more about the advantages of working with a property management company experienced in tenant procurement.

Start With Property Value

You'll be surprised by how many prospective renters will apply, especially if you own property in an in-demand area. This point speaks to the importance of pricing your property accurately to avoid an influx of applications.

Setting a higher price will filter out leads you don't need. PMI Space Coast begins its process with a rental analysis to help property owners understand value first. You also get a better idea of your property's income potential.

Conducting an analysis before tenant screening is something you'll only find with a property management company. Consider this when weighing your options.

Growing Your Portfolio

Responsibilities quickly pile up as you add more properties to your rental portfolio. Even one property generates more than enough paperwork for an owner.

Work with a property management company with its tenant screening services. Stand-alone screening companies offer limited services. You'll often get no more than a basic background check.

Never forget this point: tenant quality matters to revenue.

You'll get more value for your money by working with a management company that provides rental analysis, tenant screening, and placement. They're in the business of generating as much income as possible for owners. PMI Space Coast understands the value of a quality tenant.

The Tenant Screening Process

Don't settle for a simple background check.

PMI Space Coast asks four crucial questions when screening for tenants:

  • Is the applicant being honest about their identity?
  • Can this lead afford the property listing price?
  • How's the applicant's track record with paying bills?
  • Will they be a responsible tenant?

Property managers apply rigorous screening methods to uncover these answers.

First, managers verify applicants' identities with SSN numbers and government-issued ID cards.

Next, a pre-screening income process determines the ability to afford a unit. Both income and employment verification methods are applied.

Track records are reviewed with the following tools:

  • credit scores
  • rent history
  • public records databases
  • eviction searches

Managers also procure data from past landlords and criminal background checks.

It's important to remember that the screening process adheres to Fair Housing regulations. Good property managers prioritize compliance every step of the way.

Find Quality Tenants For Your Property

An exceptional tenant screening process is necessary for getting the most income from your property. Remember the points made in this guide as you get your property ready to rent.

PMI Space Coast is a leader in the property management space in Melbourne, Florida. We're serious about prioritizing the customer experience. We start every professional relationship with a free rental analysis.

Get your analysis today or call us today to learn more.