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There is a lot of effort that goes into finding a tenant. You must market your property, write listings, do tours, and complete all the lease paperwork.
So imagine the frustration you feel when, after doing all that, you find yourself left with a bad tenant who doesn't pay the rent and causes endless problems.
That's why landlords use tenant screening.
Learn about the four essential benefits of formally vetting potential tenants in New Jersey.
1. It Will Help You Avoid Bad Tenants
Tenant screening is there to lower the risks of being a landlord. You don't want to be stuck with a bad tenant who causes you time, stress, and money.
You risk issues like late rent payments, property damage, or refusing to leave your property once the lease ends.
Tenant screening provides background checks, so you have some reassurance you are accepting a reliable and trustworthy tenant.
This screening will also check the tenant's financial background so you will have the assurance they can afford your property and keep up with the rent.
2. It Protects You Legally
As a landlord, you must abide by all housing and tenancy laws and regulations. If you don't, you could face fines or a court proceeding.
A formal tenant screening process using a professional team will protect you against future legal problems from tenants. For example, a standardized screening check will ensure no potential tenant can claim discrimination.
Tenant screening is also a transparent process, so every party during the vetting will see that it's a fair and ethical way of checking a tenant before signing a lease.
3. You'll Secure Long-Term Tenants
Screening will also help you find the tenants most likely to remain in your property for an extended period.
That's financially beneficial because it means you won't have to pay money for remarketing your property or all the other administrative work you face at the start of a tenancy agreement.
A long-term tenant is often good in different ways, too. For example, they will look after your property and keep it in excellent condition.
4. You'll Look More Professional
As a landlord, your professional reputation is important. It leaves you more likely to secure good tenants and get tenant referrals for your properties.
When you use formal vetting or outsourcing tenant screening, you'll present yourself as reliable and trustworthy. It puts you in a good light.
Dependable tenants will feel comfortable choosing a property when they know the landlord does a thorough screening. It means you'll take the same diligent approach with other priorities, like maintenance work on the property.
Tenant Screening: Protecting You and Your Property
Tenant screening is more than a luxury extra in the world of property management.
It's a crucial step that you must get right. It will protect your property from bad tenants who could leave you with hefty costs and repair work to resolve.
PMI Central New Jersey has a streamlined and effective process for screening tenants. To find out more about how our property management company could help you, head here.
