Landlords in Florida have to operate with caution when selecting their new tenants. Florida currently has the second-highest rate of eviction in the entire country. If you want to avoid the prolonged stress and expense of evicting a tenant, then solid tenant screening strategies are a must.
Should you choose tenants on your own or should you outsource the job? Hiring a professional to find reliable tenants is one of the best moves you can make as a landlord. Read on to learn why!
Save Serious Money
There are multiple components to tenant screening, including a credit check, background check, and income and rent verification. Some of those costs are covered by potential tenants, but some come out of your pocket.
Professional tenant screening services have access to these services at reduced costs, which means more cash in your pocket as you hunt for the perfect tenant. Remember, you may have to run several applications before you find the right tenant. Even if you're only saving 10 percent on each application, over time, that savings adds up!
Avoid the Emotional Pressure
It's only human to make emotional connections to potential tenants. The only problem with that is those connections can cloud your judgment when it comes to selecting qualified tenants. One of the best ways to alleviate that emotional pressure is to take yourself out of the equation.
Professional tenant screening services have set requirements that applicants must meet to rent an apartment, including the rent-to-income ratio. If an applicant doesn't meet the requirements, they're declined. Some services may permit tenants to move in with less-than-desirable credit scores if they pay a higher security deposit and have a positive rental history.
Get Professional Experience
If you're new to the realm of property management, it can be tough to determine exactly what to look for in a tenant. Things like allowing pets or what to include in the screening process are ambiguous if you don't have the experience to back up your decisions.
Hiring a professional to develop your tenant screening strategies means you don't have to second-guess whether your new renter is a good fit for your property. They'll take your wishes and combine them with industry best practices to create an optimized ideal tenant profile. In the end, you'll have a highly qualified renter who'll treat your property with care.
Looking for a Tenant Screening Pro?
Finding responsible tenants for your rental might seem like an impossible task, but with the help of a professional tenant screening company, it's a snap! Professionals know what to look for in terms of credit scores, rent-to-income ratios, and potential red flags. Knowing that you have tenants who'll pay the rent and take care of your property is the best peace of mind you can get!
Do you want to make sure that your property stands out in the Orlando, Florida rental market? Property Management Inc. has experts to help you manage everything from rental property to homeowners associations. Contact us today to take your property to the next level!