In today's rental market, there is no shortage of people who need affordable housing. According to the US Department of Housing and Urban Development, there are 43.6 million rent-based households in America. As a landlord in Virginia, that means an excellent opportunity to earn passive income through a rental property.
While there may be many tenants in the market for a rental property, not all aren't good tenants. To have the best experience as a landlord, you should always perform tenant screening activities. Yet, the tenant screening process can be lengthy if you are a landlord with a few different rentals.
One of the best and most effective solutions for tenant screening is outsourcing it through a property management company. Here are some things to consider if you want to learn about the benefits of outsourced tenant screening.
Benefits of Tenant Screening
There are so many benefits to having a tenant screening process in place. For starters, it provides insight into what type of tenants will stay on your property.
You want tenants that respect your property, pay on time, and follow the terms of the lease agreement. Having a tenant screening process can also help you avoid going through an eviction procedure.
Another benefit of tenant screening is ensuring the tenants are reliable to avoid turnover. If a tenant leaves or breaks the lease, it could leave you scrambling to try and find new tenants.
Screening a tenant beforehand will allow you to understand the likelihood of that happening. You can also learn if your tenants are law-abiding citizens to avoid damage or other crime-related activities on or around your property.
How to Outsource the Tenant Screening Process
There are two easy ways to outsource the tenant screening process. The first is to hire a property management company. Since property managers are experts in the tenant screening process, they will have the necessary experience and resources to get the job done quickly.
The second way to outsource tenant screening is through an automated service or software tool. This can be a great secondary option, but you should do your research first to determine the reliability of any platform that offers tenant screening.
Finding the Right Property Management Company to Handle Tenant Screening
While each company has its requirements for handling tenant screening, you want to find a company that makes the most sense for your needs. To find a property management company, you can start by doing an online search. Next, you can ask your friends or colleagues who they use.
Understanding the service provided and how they manage their processes is critical. Lastly, you want to ensure the property management company has the proper licenses and certification. This helps further solidify their reputation.
Ready to Find New Tenants?
Being a landlord shouldn't be difficult. The key to making this a good experience starts with the right processes. Tenant screening will help make owning a rental property a better experience.
You should choose a trusted property management company. If you need help outsourcing your tenant screening process. Reach out to our dedicated staff and take the stress out of finding new tenants for your rental property today!