Renters make up nearly 50% of Philly's residents. With that many renters out there, tenant screening is key to understanding who will be living in your investment property.
If you're going to avoid bad tenants, you need to screen each and every one of your applicants. One of the simplest ways to do this is by hiring a tenant screening service. These services look into everything from criminal history to employment and financial stability.
Today, we're going to give you a short guide to tenant screening services. It's easy to feel overwhelmed by tenant screening, but read on, and you'll see how tenant screening services can help you find the perfect candidates to live in your investment property.
Why Is Tenant Screening Important?
It's important to screen your tenants for various reasons. The most important thing is that you're protecting your investment property.
Bad tenants make it difficult to collect rent. They can also cause damage to your property. In the worst-case scenario, you may end up having to evict a bad tenant, which is a time-consuming and exhausting process.
When you screen a tenant, you can separate the bad from the good. It allows you to move forward with the ideal candidates. With good renters, you'll boost tenant retention and maximize your profits.
What Do Tenant Screening Services Do?
When you advertise your property, prospective tenants will fill out a rental application. This application will ask for all of the necessary information to perform a tenant background check.
Tenant screening services will look into criminal history, perform a credit check and talk to previous landlords. In the end, they'll use all of the above criteria to find you tenants that you'll never have to worry about.
When it comes to criminal checks, the best thing to do is look at the Pennsylvania and Philadelphia laws on criminal screening. You don't want someone with a violent conviction endangering current tenants, but under the Fair Housing Act, you can't deny a tenant based on their criminal history.
Credit and other financial checks are also important. An applicant's credit gives you a sense of how financially responsible they've been. Looking into their finances and employment history gives you an indication of how financially stable they are right now.
They may also talk to previous landlords. If they've missed rent, been evicted, or damaged property in the past, a previous landlord will let you know.
How Property Management and Tenant Screening Work Together
A good property management company, like Home River Group, can help Philadelphia property owners screen tenants. With enhanced property marketing and thorough tenant screening services, we'll ensure that you only have the best tenants in your rentals.
With quality tenants, you'll protect your investment, as well as your revenue. In addition to tenant screening, we offer property maintenance, rent collection, and eviction services. Contact us today, and you'll be able to enjoy all of the perks of owning a rental property without any of the stress.