Is Outsourcing Your Tenant Screening Process a Good Idea?

Is Outsourcing Your Tenant Screening Process a Good Idea?

About nine in 10 landlords use some form of tenant screening report. However, these are only a simplified summary of a renter's history. Some only show a "thumbs-up/thumbs-down" recommendation.

Instead of using these tools, outsource your tenant screening needs to a property management company. Their resources can save you time and money.

On the fence about outsourcing to a property manager? Read on to discover the benefits before deciding!

Comprehensive Reports

Remember, some tenant screening reports only provide a simple yes or no recommendation. These tools won't give you the full picture. You may struggle to make an informed choice when selecting applicants.

Some landlords only select renters based on their ability to pay rent. You could end up with someone who has a history of evictions. Maybe the tenant damaged the rental property or conducted illegal activity in the unit.

Outsourcing will give you access to comprehensive reports. These reports include:

  • References
  • Employment verification
  • Eviction histories
  • Criminal background checks
  • Rental histories
  • Credit scores

Reviewing comprehensive reports will ensure you choose the right tenant for your rental property. You'll have peace of mind knowing you can trust them with your investment.

You'll receive accurate, up-to-date information about each renter. The Consumer Financial Protection Bureau receives many tenant screening complaints. About 65% of these are related to inaccurate information in reports.

Allow a property manager to gather up-to-date, accurate information on your behalf. They can even help you select applicants based on your requirements.

Save Time

Screening multiple applicants for one rental property can take weeks. That's time you could spend on other projects. Perhaps you're managing properties while working a full-time job.

You can save time by outsourcing this process to a property management company. They'll gather reports without cutting corners. Their resources can complete the process efficiently and accurately.

The sooner you screen applicants, the sooner you can fill vacancies. You can start generating rental income as soon as possible.

Make More Passive Income

Choosing the do-it-yourself route can get costly if you're screening multiple applicants. Your property manager can minimize your spending.

If you own multiple properties, they can screen applicants in batches. You can save money and improve your operating costs. Your ROI will improve, allowing you to generate more passive income.

Avoid Costly Mistakes

Outsourcing this process can help you avoid legal liabilities or compliance issues. Otherwise, you may receive a fine.

Your property manager will complete the process while following screening laws and regulations. They'll help you navigate complex laws to help you avoid making costly mistakes.

Find Great Renters With Tenant Screening

Outsourcing your tenant screening needs will save you time, money, and the stress of doing it all alone. Consider partnering with a property management company this year. Relying on their experience and expertise can ensure your success in Topeka's real estate industry.

Our team at PMI Advisory Group is part of the fastest-growing management franchise in the US. We've been perfecting property management for nearly 20 years.

Rely on our experienced team and state-of-the-art resources. Contact us today to request our screening services.