Though nine in 10 landlords rely on tenant screening reports, they're not always accurate. Some mention long-resolved issues while others feature false information. How can you make an informed decision using these reports?
You can't! Instead, consider outsourcing your tenant screening needs. With help from an Irvine property management company, you can simplify the process.
On the fence about outsourcing? Read on to discover the benefits!
Look Beyond Tenant Credit Checks
To choose the best tenants, you need to look beyond tenant credit checks. Some do-it-yourself platforms only provide financial information. Others only offer a "yes" or "no" recommendation without reasoning.
A property management company will leave no stone unturned. Instead, they'll gather comprehensive reports that include:
- Eviction histories
- References
- Tenant credit checks
- Criminal background checks
- Employment verification
- Rental histories
This information will allow you to evaluate each candidate thoroughly. You can make a more informed decision when choosing renters.
Otherwise, you may choose someone with a history of property damage, evictions, or criminal activity. Protect your investment property. Doing your due diligence will ensure you make the community safer for everyone.
Adhere to Tenant Screening Laws
Some counties and cities in California prohibit landlords from requesting an applicant's criminal history. Others don't allow landlords to run a background check. Are you aware of Irvine's tenant screening laws?
If not, consult a property management company. They'll ensure you comply with these laws and regulations.
They'll consider federal anti-discrimination laws, allowing you to avoid fines. They'll also ensure you disclose environmental health hazards. Their legal expertise can minimize future legal trouble.
Reduce Tenant Screening Costs
Screening even one applicant can cost around $100. Screening multiple applicants can get costly fast. Reduce tenant screening costs by outsourcing.
Experienced property managers have access to databases at a fraction of the cost. Their property management software will save you time and money.
Save Time
Screening a single applicant can take a day. If you rush through the process, you won't gather accurate, detailed reports. If you need to screen multiple candidates, it could take weeks.
Each day the task isn't done is a day you're not generating revenue. Outsource to save valuable time.
Your property manager will leverage their experience to avoid time-consuming mistakes. They'll ensure efficiency without cutting corners. They can get the job done in a fraction of the time.
Improve Your Vacancy Rate
The sooner you screen potential tenants, the sooner you can fill vacant units. Improving your vacancy rate will ensure you generate more revenue. You can boost your ROI and make the most of your investment properties.
The best property managers know how to retain tenants. Keeping tenants in your investment property will further improve your earnings.
Outsource Your Irvine Tenant Screening
Don't waste time and money screening rental candidates alone. Instead, outsource your tenant screening needs. Partner with a property management company to improve your ROI.
Our team at PMI Orange County is part of a fast-growing property management franchise. We have a strong track record of success and the awards to prove it.
Trust our state-of-the-art property management software and 20 years of experience. Contact us today to request our tenant screening services.
