So you have an investment property that you’re looking to rent out. Sounds easy, right? Well, contrary to popular belief, finding good tenants is perhaps one of the most difficult parts of owning a rental property. Bad tenants can be a nightmare — from not paying rent on time to causing a lot of property damage, having bad tenants can significantly hurt your finances. This is why so many property owners rely on apartment rental agencies to help them find and manage good tenants. But why is screening for good tenants so important?
You want tenants that last: One of the most frustrating things about being a property owner is having tenants who don’t stay for long. While tenants will be signing a lease, they may not stay in the property for the entire length of the lease. Or you could have tenants who leave as soon as the lease is up. Once tenants leave, you have to spend time and money finding additional tenants. But when you use property management services, you’ll have a better chance of finding tenants who will stay for a long period of time. Apartment rental agencies have defined processes of screening tenants and finding the best ones for your property.
You want to keep your property damage-free: If you don’t have a proper screening process and simply hand the keys over to the first tenant you like, you could be putting your property and other tenants at risk. Without a background check and defined screening process, you don’t really know who you’re allowing to stay on your property. Tenant screening can help ensure you find tenants who won’t do any damage to your property, or your other tenants’ property. By utilizing the help of an experienced property manager, you’ll be able to know if someone has a history of damaging properties or not so you know what you’re signing up for.
You want them to be reliable: You need to find tenants who are reliable and responsible. When it comes to paying rent, taking care of the property, and simply being courteous to other neighbors, you want tenants who are dependable. Hiring a property manager can help find you reliable tenants — by checking rental history and asking for references, apartment rental agencies can ensure your new tenants will be as dependable as possible.
People are moving all the time — in fact, between 2000 and 2010, Denver had 38,522 adults added to the city population. So when you receive applications for an open tenant slot, make sure you screen them properly and make sure they’ll be reliable tenants.