Chances are strong a property manager or landlord has had at least one troublesome tenant. You might have even had your own experience with a tenant who always paid rent late or who damaged your property investment.
Landlords are increasingly seeking the best tenant screening services to make sure they know who is moving into their rental unit. Information gathered when choosing the right tenant screening service — such as financial, criminal and eviction histories — can provide a better picture of prospective tenants.
Here are three of the many reasons you may want to follow their lead by searching for the best tenant screening companies:
1. Protects Your Business From Liability
Renting your property to a tenant with a criminal background can leave you open to liability. Running a criminal background check and validating references with previous landlords can safeguard your business. You will be less likely to rent to someone who may willfully damage your property or harm your tenants or neighborhood residents. With this strategy, your business remains a safe and welcome member of the community.
2. Save Money and Time
Sometimes when a property stays vacant for a month or more, you may feel tempted to bypass standard background check procedures and opt out of performing a tenant screening. Unfortunately, this choice can lead to costly and time-consuming consequences.
A tenant may stop paying rent or taking good care of the property, leaving you to deal with the fallout. This may include an eviction and making repairs on the property.
A thorough tenant background screening can reveal red flags regarding a person’s financial history and previous property offenses.
3. Increases Your Chances of Renting to Stable Tenants
With key details, such as payment history and screened landlord references, you stand a far greater chance of renting to stable tenants who pay on time and keep the premises in good condition.
What Goes Into Choosing a Tenant Screening Service?
You may not know just where to start when choosing the right tenant screening service. Take a look at these key components of this important task for better understanding:
- A high accuracy rate: Tenant screening services should have a high accuracy rate, showing how their algorithm matches your rental applicant, using key information such as a Social Security number or a previous address.
- The most comprehensive eviction and criminal history data: A tenant screening will rely heavily on data surrounding evictions and criminal history. It is vital that you know the character and tendencies of rental applicants. Be sure that your tenant screening company offers a reputable credit report, criminal background check, sex offender registry and eviction history check.
- Top security measures: The last thing you want is to compromise prospective tenants’ personal data, so ensure your tenant screening company uses technology that is up-to-date and secure.
Why Should Your Business Rely on Global Verification Network?
Global Verification Network is one of the best tenant screening services today that can help you learn all the crucial details about potential tenants.
Here are just a few reasons you can count on us when choosing the right tenant screening service:
- We monitor for updates regarding Fair Housing Act (FHA) and laws surrounding discrimination. It’s our goal to stay current to protect you from expensive lawsuits that could damage your business’s reputation.
- We provide Fair Credit Reporting Act (FCRA) and E-Signature-compliant forms that you can customize to suit your needs.
- We offer simple applicant-tracking tools that allow you to view or print applications, review tenant credit and background reports, and much more.
Do You Need Assistance From One of the Best Tenant Screening Companies?
Global Verification Network understands that many property managers may want help when figuring out how to choose a tenant screening service.
We know the value of tenant screening. Further, we can develop and implement a program that covers background screenings, credit checks, criminal record investigations and driving record checks.
Contact us today so we can help you determine the best tenant screening services for your needs right away!
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