Roughly half of the housing units in Vancouver, WA are occupied by renters. Many residential property owners are missing out on key opportunities by overlooking the importance of tenant screening.
Tenant screening offers you an opportunity to learn more about a potential tenant before approving their rental application. You can check things like credit scores, eviction and rental histories, and more.
Why are so many property owners skipping this step? Many assume that it's a waste of time when, in fact, it is a huge benefit.
Ready to learn more? Read on to find out why tenant screening is so important and why no experienced property manager skips it.
Finding Reliable Tenants
No property owner wants to chase down rent every month, deal with noise complaints or property damage, or evict their tenants. When you don't screen your tenants, you're running the risk of accepting tenants that have a history of causing trouble.
Background checks and credit checks help you to locate tenants that can afford the rent you charge and have a positive track record with previous landlords. Don't take chances when you can make a more calculated guess about the reliability of your applicants.
Increasing Tenant Confidence
When you screen tenants, you aren't just benefitting yourself. You're also benefitting your other tenants, especially if you own apartment buildings or connected row homes.
Your existing tenants want to feel taken care of. They don't want to live next door to someone who poses a threat or causes a disturbance. Implementing tenant screening shows that you are serious about filling your units with responsible, upstanding individuals.
Reducing Tenant Turnover
We're currently looking at a major housing shortage in the Pacific Northwest. What that means is that many renters are scrambling to find housing and often applying for units that aren't ideal for their needs. These tenants are likely to leave after their first lease is up or push for a short-term lease that will allow them to leave at a moment's notice.
Tenant screening can give you a better sense of what potential tenants are looking for and what price range suits their income. When you're careful and selective, you can fill your units with tenants who are more likely to sign a long-term lease or resign at the end of the year.
Need Help With Tenant Screening? Contact Invest West Management
If you're not using tenant screening to select your rental tenants, you're missing out on an opportunity to improve your success as a property owner. That said, we understand that not all property owners have the time to implement a new procedure or get involved with every applicant. That's where we can help.
Invest West Management is proud to offer our decades of experience to Vancouver, WA property owners. Our property management services allow you to turn your real estate investments into thriving passive income. To learn more about how we can help, contact us today.