32% of properties in Folsom, CA are renter-occupied.
There are good rental opportunities due to Folsom's desirability factor. If you're going to turn a profit though, you need reliable tenants. And those seem rarer than hens' teeth to find these days, so where do you even start?
With tenant screening, of course! Keep reading for these top reasons why it's so important to screen your tenants before they move in.
Reduces the Risk of Damage to Your Property
Tenants will have full access to your property as they move in and live their lives there. If you choose the wrong one, this could mean thousands of dollars in damage, leaving you to foot the bill.
A thorough tenant screening report looks into a person's eviction history. It will flag up if they've ever gone through eviction due to property damage. By doing criminal checks, you can further protect your home and your liabilities.
Saves You Money in the Long Run
You want to find a tenant that not only looks after the property but also pays their rent when it's due. Unfortunately, you don't always get what you want if you're not careful.
Without the help of tenant screening services, you might find a bad tenant in your home. You could end up going through the eviction process and all the costs that come with it fall on your shoulders. Evictions can fast become the reason a landlord goes broke.
As part of the tenant screening checklist, the service requests a credit report. This gives you an insight into the tenant's finances and how reliable they are at paying what they owe on time.
Let's You Know How Credible a Tenant Is
Let's face it, it's easy to fool someone into thinking you're credible by telling them what they want to hear. It's only too late when you find out it was all an act and by then the damage to your property and reputation is done.
Cross-check facts via tenant screening with what prospective tenants tell you. References from previous landlords and employers are vital. You're getting the truth and it gives insight into a prospective tenant's character.
Keeps Other Tenants and the Community Safe
Online tenant screening will keep the community safe. This includes other tenants if it's a house of multiple occupancies. Even if there aren't other tenants, there are neighbors to consider.
If you rent to someone with a violent criminal past, you could be putting people in real danger. A criminal history check goes a long way to protect other tenants and the community as a whole.
Reduces the Chance of a Lawsuit
As a landlord, you have to follow federal and state laws with regard to screening. If you don't, you're opening yourself up for a legal case and a lawsuit.
A tenant screening service does all the hard work for you. By using a trusted professional screening company you'll ensure compliance. This keeps you safe and gives you peace of mind that you met all your legal obligations.
Tenant Screening and How It Could Save Your Portfolio
Tenant screening and all the checks that come with it are vital for your portfolio. It could be the difference between financial success and going bust.
These checks prevent property damage, help get rent on time and protect you from the law. It's just not worth the risk to skip over tenant screening.
If you're looking for tenant screening you can trust, contact us today. At Residential Equity Management, we're here for all your Folsom property management needs.