You may already know how convenient online rental applications are, but what about tenant screening services? If you think these reports are overkill, absorb these eye-opening facts and think again.
Do you really know who’s living in your home? Most landlords have already begun streamlining their search for the perfect resident by moving to an online rental application. However, without a qualification process in place, a landlord is often left hoping the details on that application are accurate. Professional tenant screening services can help remove the guesswork and give you objective evidence of who applicants are, where they’ve been, and whether they’re worthy of your trust.
Property Insurance & Tenant Screening: Do Landlords Need Both?
Property insurance can help protect your investment from damage caused by renters, but it's a smart move to minimize risk from the outset by screening each online rental application upon submission. Tenant screening services help you weed out bad renters. Prescreening all applicants and getting good landlord insurance coverage are complementary ways to protect yourself and your investment.
Odds are high that many of your applicants have been evicted or fought to stop an eviction. Each year, approximately one million evictions are filed and 1 in 40 renters get evicted. Some of these renters bounce back from the eviction process and become reliable tenants, while others couch hop for years before applying at your property.
There are some 22.5 million rental properties in the United States encompassing a whopping 48.5 million leasable units. That represents a lot of potential income for enterprising landlords, but only if they know how to sign up the right tenant. When it comes to sifting through virtual stacks of online rental applications to find the ideal candidate, tenant screening services can help.