Why Is Tenant Screening Important for Landlords?

Why Is Tenant Screening Important for Landlords?

In the United States, approximately 36% of the population lives in a rental property. That means that there is a huge demand for this type of home. Landlords stand to make a steady income.

But on the flip side, there are 1 million evictions in the US in a regular year! With costs running into thousands for landlords, getting the wrong tenants in place is an expensive business. 

Let's take a look at how tenant screening can help you find the right tenants the first time.

Find Long-Term Tenants

The best tenants pay on time and stay a long time. They keep the property in good order and they keep costs low because you don't have to pay for evictions!

Renewing leases is a much simpler and lower-cost exercise than marketing and showing your rental. Plus, vacancies are often unavoidable. That means times when you have to bear the cost of financing out of your own pocket.

And when those long-term tenants do decide to leave, it can help to draw in new ones. The fact that they stayed for a long time says that it's a great home with a good landlord.

Protect Yourself from Losses

Tenants who pay late or miss payments are a landlord's nightmare. You have to chase them every month and eviction is stressful and expensive.

Finding tenants who will keep up with their rent is easier with tenant screening. You get to take a good look at their finances before they sign up and can feel confident that they can afford the payments. 

Protect Your Property

When you allow tenants to rent your property, you're entrusting them with one of your most valuable assets. Pretty much the only comeback you have is using their deposit to cover the cost of any damage. You need to feel confident that they'll keep the home in good order. 

Screening tenants can give you a good idea of their character before they move in. References tell you about their track record of making payments and caring for their previous homes.

Keep the Neighborhood Safe

It's in everyone's interests to know who's living in the community. It keeps people safe and it helps to protect the value of your property.

You can check a person's criminal record as part of a tenant background check. According to Oklahoma state law, you must request their permission via a signed consent form before you run the check.

But it's important to be familiar with the law regarding discrimination. You can only turn down an applicant on the basis of certain criminal convictions. 

Trust Home River Group with Tenant Screening

If you're worried about how to find tenants that will pay and stay, professional tenant screening is the answer. It also ensures that you follow the law to the letter and don't inadvertently discriminate against any applicant.

At Home River Group Oklahoma City, our experienced property managers are here to help. Tenant screening service is part of our property management service, which can give you complete peace of mind.

Call us at 855.744.4268 or click here to learn more about tenant screening.

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