When you hand off the keys to your property, you want to make sure the person you have rented your investment to is reliable, trustworthy and financially stable. Gut feelings and sixth senses may be valid decision-making factors when choosing a flavor at the ice cream shop, but when making a financial decision that affects your bottom line, hard data is often more reliable.
Once that For Rent sign goes up on your front yard and calls start coming in from prospective tenants, make sure you have a reliable online tenant screening company you can depend on to provide you with criminal background checks, evictions records and other valuable information about an applicant. So what are some things you can expect from a tenant screening company?
1. Thorough research: Tenant screening companies have access to various national and local databases in order to obtain the most accurate and up-to-date information on an applicant. Most counties report to the National Database of Criminal Records on a regular basis, so you can obtain localized records on an applicant from one source. In addition, a tenant screening company is also able to provide state and county records.
2. Fast results: Tenant screening companies have access to records that can be released instantaneously. You no longer need to wait days to review a potential tenant’s credentials. Instant results mean you can make a decision about an applicant much quicker, thus cutting down your vacancy costs.
3. Easy to understand reports: There are tens if not hundreds of databases containing an applicant’s background information. Tenant screening companies will comb through the various databases including national databases for criminal records, FBI records, OFAC searches, national sex offender registries, eviction records and more, and place the results in an easy-to-understand report. All the information, in one place, for you.
Your rental property is one of your most valuable assets, treat it as such and make sure every potential tenant undergoes a thorough tenant screening so you can make an educated and informed decision about them.