In 2022, landlords filed 22,000 evictions throughout the state of Minnesota. Landlords tend to evict people who fall behind on their rent or cause damage to their rental properties.
Evicting a tenant is always an option when you want to get rid of bad tenants, but avoiding evictions is the better choice. Performing tenant screenings is the best way to avoid renting to bad tenants.
A tenant screening provides details about a person before you approve their application. You can perform these yourself or outsource them.
Continue reading if you're wondering if you should outsource this vital aspect of your business.
Outsourcing Provides Comprehensive Information
A tenant screening tells you vital details about a person. These details help you determine whether to approve an application for a rental property.
For example, you'll learn:
Criminal record
Property managers research a person's criminal history. You'll learn about criminal charges the person has on their record and other criminal history.
Credit score
You can find out if the person is creditworthy by looking at their credit score. Higher scores generally reflect on-time payments.
Previous rental history
You can learn if they rented in the past and if they ever experienced an eviction. The company will talk to previous landlords to learn as much as possible about the person.
When you outsource this to a property manager, they do the work. Property managers spend a lot of time researching applicants, making them experts at performing tenant screenings.
You'll Save Time and Effort
Outsourcing provides you with background checks about people who apply for your rental properties. One key benefit is that you'll save time and effort, as you won't have to complete them.
This benefit translates into less stress. If you regularly experience high stress levels, you may need to outsource some of your duties.
High stress is hard on your physical health, and outsourcing some of your duties may relieve this stress.
Better Tenants Provide Benefits
Outsourcing reduces the risk of discrimination lawsuits. Property managers know and follow all Fair Housing laws to prevent legal issues. Therefore, outsourcing reduces your legal risks.
Additionally, outsourcing yields better tenants. Better tenants cause fewer problems and tend to pay their rent on time. Great tenants make your job easier.
Great tenants also help your finances. When you don't have to worry about collecting rent, your cash flow will improve.
These are a few reasons to hire a property management company for tenant screenings. When hiring a company, ask them about their other services. After all, you may want to outsource other duties, too.
Improve Your Business Through Outsourcing Tenant Screenings
Performing a tenant screening helps you improve your tenant quality, but it's a lot of work. Outsourcing gives you more information about a person without the work, making it ideal for most landlords.
Do you want to improve your tenant quality and reap the benefits of better tenants?
PMI Lakeshore can help. We are locally owned and operated with over 20 years of experience. Our expert services can help you find better tenants through comprehensive tenant screening services.
Reach out today to learn more.
