Not all tenants pay their rent on time. Statistics show that only eight out of 10 tenants pay their rent on time and in full each month. While those may seem like good odds, they can end up being very costly to you as a landlord if you end up with a tenant that doesn’t pay their rent on time or not at all. If you want to make the most out of your rental property, you need to find the best tenants. One way to be proactive in selecting and finding the right tenants is to use a tenant screening service.
What is a Tenant Screening Service
Unfortunately, many tenants fail to be honest about the past, especially concerning their criminal, rental, and eviction history. A tenant screening service allows landlords to check a potential tenant’s criminal background, income, credit history, eviction history, and rental history to make more informed decisions about leasing and property management.
Being a landlord is a full-time job, especially when you also wear the hats of the property manager, maintenance person, and groundskeeper, to name a few. To be successful as a landlord, you must maximize rental profits by keeping costs low and receiving your rent fully and on time.
Tenant screening services should be a part of any savvy landlord’s property management regimen. Still, many landlords forego using screening services to save money, but that can lead to disaster when a tenant fails to pay their rent and an eviction suit must be filed.
Managing a rental property requires time, dedication, and proactive and innovative thinking. Property management cloud software is an excellent tool for landlords to maximize their rental incomes and gain peace of mind. According to MRI Software, “Whatever the portfolio or the profile of the customer you serve, your stakeholders now want instant access to accurate, real-time, easy-to-digest information – and they require the capability to then drill further into the detail. Innovative technology can give you the platform to meet and exceed these expectations while enabling you to keep tight control of your day-to-day business processes, financial obligations, and legislative requirements.
With the right software, landlords and property managers can reduce costs by conducting tenant screening, applications, and onboarding of new tenants all from one platform. Using the right software is beneficial to you as a landlord or property manager, and it also benefits your tenants. Here are some benefits of using property management software.
Trying to contact an applicant’s previous landlords or searching through public records can be very time-consuming and a real hassle. The application and leasing process is more streamlined and convenient with the right property management software and tenant screening services.
Property management cloud software is very affordable and is lower in cost than using a screening service or hiring a management company to manage your rental properties, which are costs you have to pass on to your applicants and tenants nor pay for out of your own pocket.
Knowing that you’re selecting the most suitable tenants for your rental properties will give you great peace of mind. Renting to the wrong tenant can damage your bottom line, and it can also ruin your reputation as a landlord and set you in a bad light with your other tenants who pay on time.
As a landlord or property manager, it’s crucial that you rent to the right people. One wrong renter can cost you thousands of dollars in unpaid rent, eviction fees, property damage, and court costs, so property management software and tenant screening make good sense.