Are you a seasoned property owner who's sick of tenant turnover?
It's time to reexamine your tenant screening process.
Start by imagining the ideal tenant in your mind, and write their qualities down. Ideal traits would include good rent payment habits, low noise level, great communication, and long-term potential. Next, tailor your screening process to meet these standards.
When you consider all of your responsibilities as a property owner, screening can get lost in the shuffle. That's why more people are outsourcing their screening, but is it the right decision for you?
Learn more about background checks and more.
Types of Outsourcing Services
Outsourcing is a convenient way to conduct tenant screening quickly and efficiently, but there are pitfalls you'll want to avoid.
The first thing you may want to do is google for background check services. However, this can lead to hundreds (even thousands) of dollars down the drain.
Often, these types of services aggregate data from various sources like social media, company profiles, and personal websites. Thus, the data you're paying for isn't reliable.
These services often yield incorrect phone numbers, addresses, and email addresses. They don't screen for government IDs or social security numbers. You won't receive reliable eviction history, past landlords, or financial documents.
However, you can still outsource your tenant screening to a property management company. This is your best option.
A property manager will take the time to screen tenants' information with a fine-toothed comb.
This process includes:
- Checking national criminal databases
- Eviction history
- Rent payment history
- Financial statements
- Current and past employers
- Rental references
- Past residences
- Identification
Property managers will also call references to ensure top applicants fit your ideal tenant profile.
This process starts with the application process. The right application form helps managers identify top applicants. This way, potential long-term tenants don't fall through the cracks; the ROI on these types of applicants is worth the extra steps.
Lease Renewal Strategies After Tenant Screening
Tenant screening is part of a comprehensive tenant procurement process.
It's important to tailor your marketing strategy to attract the ideal tenant, but low turnover rates also depend on excellent lease renewal strategies. These approaches should be customized to meet the needs of individual tenants.
First, ensure that your maintenance protocol is on point. This means never missing a maintenance service request and being as prompt as possible.
You need a 24-hour maintenance request service, luckily something you can receive by working with a property management company. For example, PMI Northeast Atlanta provides online tenant portals where tenants can submit requests at any hour of the day, communicate with property managers, and view important documents and resources.
Revising lease documents to better meet the needs of your best tenants is another service you can only receive from a property management company.
You should also consider providing kitchen upgrades like new appliances and granite countertops.
Revamp Your Entire Tenant Placement Process
Keep your tenant turnover rate as low as possible. Integrate a new tenant screening process into your strategy and consider the possibilities of lease renewals to retain top tenants.
PMI Northeast Atlanta is an expert in quality tenant screening. Learn more about our process or contact us today to talk in person!
