As a landlord in Saratoga Springs, New York, tenant screening can make or break your business. However, statistics show that, on average, landlords only screen two applicants per property. We get it; it’s time-consuming.
On the one hand, not taking adequate precautions when choosing tenants may lead to financial losses and headaches. But on the other hand, having an effective and thorough tenant screening process can help you sleep easy at night (well, maybe not with all those students partying hard around town).
Regardless, we’re here to walk you through everything you need to know about protecting your property and maximizing your rental success by ensuring that you're setting yourself up for rental success through thorough tenant screening.
What is the Tenant Screening Process?
And, more importantly, why is it so important? Tenant screening involves a tenant background check to verify the following:
- Rental history
- Criminal records
- Credit reports
Overall, the screening helps landlords like yourself to avoid tenants who may:
- Be financially unstable
- Have a history of evictions or criminal activities
- Cause potential damage to the rental property
You might also interview prospective tenants during the screening to understand their personalities and behavior. While that might sound time-consuming and stressful, carefully screening tenants can help ensure you find tenants who are responsible and trustworthy.
Benefits of Tenant Screening
Finding responsible tenants who pay on time is great. However, those aren't the only benefits of tenant screening in Saratoga Springs. Here are a few more to help convince you it's time to invest in tenant screening services.
Screening tenants can help reduce liability for landlords in several ways. Namely, it may help you identify renters with a history of criminal activities or those who may pose a threat to other tenants or the property. It's also a good way to ensure that renters have stable employment and can pay rent regularly.
Ultimately, screening for the best tenants allows landlords to select renters more likely to follow the lease agreement and take care of the property, reducing the risk of legal issues and financial losses.
Property maintenance can be a pain, especially if you have frequent maintenance issues. However, screening tenants properly can reduce incidents of vandalism or property damage.
During the process, you can identify tenants with a history of property damage or vandalism. By excluding them from leasing, you'll save time and money on repairs and maintenance. It'll pay off in the long run; trust us.
Finally, screening tenants properly can help you avoid renting your properties to tenants who cannot afford the rent. Over time, this leads to fewer missed payments and evictions. This can ensure that the property continues to generate income. It also reduces the likelihood of frequent vacancies.
Get Property Management Services
Need help with tenant screening? Hiring a property management company in Saratoga Springs can make all the difference in your rental income.
At Veno Properties, we offer comprehensive property management services that save you time and money. More than that, they help ensure your tenants are happy. Click here to learn more about our exceptional management services.