Whether you're a property owner, a real estate investor, or part of a REIT (Real Estate Investment Trust), you'll want to rent to the right people. Otherwise, your property could be put at risk for damage, nonpayment of rent, and other serious issues.
Stop problems before they start with thorough tenant screening. This process will help you find the ideal renters and avoid problem customers upfront.
So, just how important is it to screen potential tenants before renting to them? Extremely! Read on to find out why.
Protect Your Property
Screening your tenants can help you avoid renting to people with a criminal history of violence, property damage, and other crimes that could pose a risk to your property. This reduces personal and professional liability as well, creating a safe and welcoming community for all your different renters.
The reports available during screening will also include information like past evictions to help you avoid renting to someone who won't pay or who might damage the rental property they're living in.
Professional property management companies can assist with screening as well as tenant placement, helping connect you with the ideal renter for your space.
Safeguard Other Renters
Have you ever heard the saying that one bad apple spoils the bunch? The same is true of renters.
Keep your rental community safe by avoiding tenants who might bring an unsavory element to the property. This will give your other renters peace of mind, knowing that their homes and families are safe and surrounded by other responsible tenants. It will also help you avoid serious conflicts with potentially criminal elements.
Hiring a property manager can help with this process, allowing you to weed out potentially problematic renters that could downgrade the community while staying on the right side of the law. Other owner resources may include marketing, help with drawing up contracts, and on-site assistance like inspections upon move-in.
Avoid Future Issues
Proper screening and tenant placement will help you retain renters who are trustworthy and responsible while adhering to the FHA (Fair Housing Act). This law protects renters from discrimination by asking landlords to make decisions on who they rent to based on facts like credit scores and monthly income rather than unfair factors like skin color or religious beliefs.
Proper screening will ensure that your tenants pay their rent on time, avoiding difficulties with rent collection, lease enforcement, and eviction. It also helps you avoid nasty FHA lawsuits, should you turn a prospective client away.
Tenant Screening Made Easy
Now that you know a bit more about the importance of tenant screening and how it can help protect your precious real estate investment, it's time to put the knowledge into practice.
If screening your renters sounds like a challenge, consider this: a property management company can lighten the load by handling this essential process for you! Hiring professional help will also take tasks like creating contracts, showing your property, rent collection, and tenant relations off your hands.
Contact Wolfnest Property Management or call 801.523.4230 to learn more.