It's that time of year again: it's time to look for new tenants for your rental property. But how can you tell when you've found a good tenant?
It is now time to begin the tenant screening procedure. Do you know all the benefits of tenant screening? If not, worry not.
We've come here to talk about it. Continue reading to find out why you should evaluate prospective tenants before approving their applications.
Avoid Low-Quality Tenants
Some tenants can be disruptive with paying rent.
Thus, screening applicants will help you know the tenants right from the start. This will help you save a lot of time, money, and headache in the future. Screening gives landlords a complete credit report about applicants’ financial problems.
Find High-Quality Tenants
Also, when leasing, it is essential landlords find tenants who will pay rent every month and not disturb neighbors.
Also, as a property owner, you must seek tenants with no criminal record. Renting tenants who have a criminal record on your property can threaten other tenants. However, property managers can ignore some minor convictions such as traffic violations.
Minimize Tenant Turnover
Every time tenants leave, landlords have a costly filing process for a vacancy.
Also, property owners have to make costly repairs and maintenance to make the apartment presentable. Thus, you must ensure that the tenants you are leasing will sign a longer lease and probably renew it once it expires. This will ultimately mean fewer vacancies and lower turnover.
Screening applicants will help you select tenants who are worth the effort.
Legally Deny Prospective Tenants
You can only deny applicants if you prove you have screened them and justify the denial.
Thus, screening gives you the freedom to lease only tenants that meet your standards. However, you cannot deny an applicant based on protected classes such as gender, sex, disability, religion, color, or national origin.
However, you can deny prospective tenants who don’t make enough money each month the cover rent.
The eviction process can be costly, and no landlord really wants to go through the process.
However, when you screen your potential tenants, you will know whether they are the right renters for your business. You want to be sure that tenants will pay on time, follow lease terms and respect your property.
You Now Know the Benefits of Tenant Screening
The tenant screening process may appear inconvenient at first, but it can prevent you and your tenants from future problems. Use the tenant screening benefits to find the best tenants that are willing to pay their rent on time.
Do you need assistance with the tenant screening process and every of the behind-the-scene labor that comes with becoming a landlord in the Denver metro area and surrounding cities?
Investor's Realty is a group of devoted and dependable real estate experts serving the Denver area with superior management and brokerage services.
Call us today to know more about our services.