Apartment prices have climbed in Dayton, with one assessment indicating an increase of about 40 percent. More people have started looking for those homes, and those renting them out have gotten more selective.
You can do all the tenant screening yourself, but should you? If you have a high volume of rental applicants, you may want to look into outsourcing this necessary part of rental operations. What benefits do you get from outsourcing, though, and what potential downsides does it have?
We want to take the mystery out of the outsourcing process. Read on for outsourcing benefits when it comes to tenant screening.
Tenant Screening Outsourcing Basics
Unless you've become an accidental landlord, becoming a landlord starts with finding tenants. Choosing good residents requires tenant background checks and other tasks to ensure they can pay all rent and fees. You could do this work yourself, but property management companies and tenant screening companies can do it for you too.
Legal Compliance
Did you know that under Ohio law, you must get the future renter's permission before starting a check? Do you know the circumstances under which you can deny a renter's application related to the background check?
Partnering with a tenant screening company will help you remain on the right side of the law. These companies perform these checks regularly and know how to dig up all the information you need. They can also tell you what you'll need to tell prospective renters under federal law.
Time and Convenience
Unless you have a background in the process yourself, you'll save time by turning to property management in Dayton for your tenant screening needs. While some background checks take a few hours, tenants with more complex histories can take time to look into.
A landlord has a wide range of responsibilities. Unit inspection, accounting, and repair coordination all take time. If you farm the time-consuming ones out to experts, you'll have more time to handle everything else.
Comprehensive Screening
Tenant screening services can provide better checks than you could do alone. They often have existing relationships with databases that can speed things up, so you could get a report in a few minutes once the tenant gives the green light.
Less Control
You give up some control over the screening process if you leave it to outside tenant screening solutions. You may find things in a background check you do yourself that a larger organization would ignore, such as mitigating factors on a renter's poor credit history. Consider how much time you'd spend sorting through tenants before committing to doing it yourself or asking for help.
Passing a Screen Test
Tenant screening protects your investment in your rental properties and prevents you from being on the hook for potential delinquent renters. While you give up a little control by farming out the task, you gain time and expertise to which you wouldn't otherwise have access.
Whether you're looking for help with a new residential property, running an HOA, or getting into real estate, Bridgestream Property Management can help. Tenant screening, rent collection, and maintenance represent only a few of our services. Reach out today for a free rental analysis.
