How much will your home rent for?
With the increased difficult that many homeowners face when trying to sell their home, more and more Americans are becoming landlords whether they really want to or not. But renting out your home can be a stress-inducing nightmare, especially if you get the wrong tenants. For this reason, the importance of properly screening potential renters cannot be overstated. There are numerous methods used for screening, but many accidental landlords may simply want to hire a property management company to handle the job. Skilled professionals, they can usually complete a much more thorough screening than you can handle on your own.
The most obvious of the issues that can come about for you if you fail to undertake proper screening is failure to receive rent. You’ll likely be depending on monthly rent payments to help you meet bills such as your mortgage. Background checks on potential tenants usually involve a credit history and comments from previous landlords. While this may sound complicated, it can be simplified with the help of a property management company who have screening programs in place to uncover this information. While you never know what a tenant may do, knowing that their rental history is clean is a good way to confirm that you’ll get your money when it’s due.
Some tenants are every landlord’s worst nightmare. From destroying your property to undergoing criminal activity inside, there is really no way to predict what your tenants might decide to do with your home. A worst case scenario would even involve America’s new scourge, crystal meth. A meth lab in your home can render it uninhabitable and cost a fortune to renovate. Criminal background checks are an absolute must when screening rental applicants. While you may pay a bit to conduct them, the truth is important to know. Again, a property management company will not only handle all aspects of your property once it is rented, they’ll also ensure that your tenants have a clean criminal history.
Your property is simply too valuable to take unnecessary risks with. While renting may be your only option at the moment, you don’t have to rent to just anyone. Although the housing market is still languishing, the rental market is actually still very strong. Sorting through your applicants to find the best renter is important. Screening helps ensure that you get tenants who will respect your property and pay their rent on time. If you don’t feel up to the task, the seasoned pros at a property management company will handle the job for you. All you’ll have to do is enjoy your rent payments each month.