As a landlord, your dream scenario is having a rich portfolio of properties, filled with great tenants who pay rent on time, look after the property, and report any potential maintenance issues. Of course, this is easier said than done. Tenants here in Indianapolis are often late on paying the rent and often cause damage where the repair costs far exceed the funds in the security deposit.
That's why Indianapolis landlords usually do extensive tenant screening. By ensuring you only rent to people of good character, you can protect your investment. But should you outsource this process or try to do it yourself? Read on to find out.
Get the Expertise You Need
The process of doing tenant background checks is more complicated than you might think. You need to check your financial, criminal, and employment records. Each of these stages requires a different set of knowledge and skills. Attempting any of these steps without the right aptitude might lead to critical oversights.
Instead of spending hours becoming an expert in searching legal records, it probably makes sense to hire professional tenant screening services. These services also have access to advanced tools and resources. This means they can find information about a candidate that might be impossible for you to find yourself.
Fast Turnaround Times
Not only is doing the screening process yourself hard, but it's also very time-consuming. Chances are, if you're screening new tenants, your property is empty. If it stays empty for too long, it will seriously harm your investment returns.
By outsourcing property management processes to a professional company, not only do you get comprehensive results, but you'll also see a fast turnaround time. A good property management company can get you a detailed report on an applicant in a very short timeframe, allowing you to move great new tenants in as quickly as possible.
Ensure Legal Compliance
Landlords who try to do their own tenant screening can sometimes find themselves in legal hot water. There's more to screening than just uncovering tenant history; you also need to comply with the law. To ensure fairness, there are rules about what you can and can't do during the process.
For example, in the Indianapolis rental market, you absolutely can't discriminate in the screening process. If you ask a certain kind of candidate for more information than others, you could face fines or lawsuits.
You're probably not an expert in rental law, so it's best to entrust the process to a dependable company that knows what they're doing.
Protect Your Investment With Tenant Screening Services
If you want to avoid renting to bad tenants while maintaining consistent occupancy rates, it makes sense to enlist tenant screening services. The tenant screening process is incredibly complex, and without the right skills and knowledge, it's likely you'll make mistakes.
Are you looking for comprehensive background check services with an incredibly fast turnaround? PMI Meridian Management has your back. We have extensive knowledge of the tenant screening process and the local real estate market.
We'll put our skills to use to find trustworthy and reliable tenants. Contact us today, and let us help you get the best possible returns on your investment.
