We all know how difficult it is to find ideal tenants. You may have several applicants to choose from, but not all of them are qualified. Sometimes you might even think that you found the perfect tenant, only to find out that they are not so perfect after all. As much as possible, you want to help the landlord acquire the best one out there, and what better way than tenant screening?
Tenant screening is one of the steps in filling in a vacancy. You can not let the first person rent the property. After all, when you use a website like Padleads to post property listings, you will expect that several applicants will attempt to take their chances. Another thing, those property listings are also syndicated to other websites. So do not be too eager to choose the first applicant you get.
You have to make sure that they are eligible. There are many ways to perform tenant screening, but the main goal is verifying if the applicant checks all the boxes. One of those ways is using an online tenant screening service.
Some landlords use this method to save them time, and leasing agents can use them too. Sometimes you might have a hard time keeping up with all the tasks you need to do, and you might find this helpful. But same with a lot of things, there are pros and cons to using this.
PROS
• Faster Processing
Screening tenants can use up all of your time, and time management is crucial in this business. Companies who have the sole purpose of doing the screening for you are expected to work faster because that is their only focus. They also have a systematic and effective way of checking the eligibility of potential tenants. Because they make the process faster, it will also mean that you can fill in a vacancy faster as well.
• Simplified
The process of screening applicants involves background checks, credit checks, and contacting previous landlords. Can you imagine how much time you will have to spend doing all those things for a single tenant?
By using a tenant screening service, you only have to fill up an application with the tenant’s details. The company will do the rest and come up with a result.
• Detailed and Thorough
Landlords and leasing agents know what to look for in a tenant’s application. They are also aware of the red flags that may indicate that the tenant is not qualified to rent a property. However, with all the applicants that they need to screen, they may overlook some details.
Tenant screening services will guarantee a more thorough and detailed screening process. After all, that’s their aim.
CONS
• Impartial Decision Making
The use of tenant screening services will only provide facts about the tenants. A person’s attitude and character are usually not included, yet the report will play a big part in your decision-making.
The problem is, you might miss out on a good tenant if your sole basis is the reports. They are impersonal and lacks other factors that can suggest that a tenant is qualified.
• Added expense
As much as possible, we avoid added expenses while we’re doing our tasks. It’s just that sometimes, a little help is needed. The only downside is that you have to pay for that help.
Landlords and leasing agents will avoid using tenant screening services as much as possible because they are aware that it will cost them money.
However, if it will save you from suffering a loss of income due to an extended vacancy, then go ahead. It may be one of the best investments you’ll ever make.