Renting out a property requires extending a certain degree of trust in the renter; when renters allow landlords to perform resident background checks it helps to instill trust. The ideal tenant will respect the property and abide by the rules and guidelines set forth by the landlord. A less than ideal tenant can become a nightmare on many levels.
Here are five of the top reasons landlords should always perform resident background checks and tenant screening:
1. Increase the Odds of Timely Rent Payments
First and foremost, renting property is a business. Professional tenant screening that includes a credit check can help to paint a clear picture of the applicant’s financial history. Verifying that a potential tenant has a good credit score offers evidence that they will likely be a reliable renter in terms of paying the rent on time going forward. A credit check combined with verifying income can assist with choosing the ideal tenant.
2. Lower the Risk of Property Damage
Resident background checks along with tenant screening can reveal quite a bit about a person’s character. Someone with a criminal background is far more likely to be careless, neglecting and disrespectful of the property they rent. Screening applicants ahead of time can help landlords to avoid renting to the persons most likely to cause tenant property damage.
3. Keep All Tenants Safer
A tenant with a violent past or a criminal record can put all other renters at risk. Resident background checks can show if a potential tenant has had violent criminal behavior in their past, allowing the landlord to avoid renting to someone who might pose a risk to everyone else living in the property.
4. Avoid the Need to Evict
The worst-case scenario and outcome for a landlord-tenant relationship is an eviction. It is a final straw that no landlord wants to go through, but it can unfortunately be necessary in some cases. Resident background checks and tenant screening can assist in choosing tenants least likely to lead to this outcome.
5. Reduce Stress
Lastly, not having to worry about problem tenants can go a long way in lowering a landlord’s stress levels. While financial motives are compelling enough, a less-stressed, higher quality of life is another top reason for performing tenant screening.
Renting property is not without its risks; however, with proper screening, the likelihood of connecting with quality tenants is much higher. Landlords should strongly consider these top five reasons for screening all potential tenants.