Rents in Portland are finally on the rise after a sharp decline in 2020. The pool of applicants is also bigger than ever, as many people choose to rent rather than buy a home in a difficult market.
One vital aspect of selecting the right applicant for your property is the tenant screening process. You must ensure they'll care for your property and your other tenants and pay their rent on time.
When it comes to tenant screening options, you could outsource the job, but should you? Here's what you need to know about outsourcing tenant screening so you can decide what's right for your Portland property.
What Are the Benefits of Outsourcing Tenant Screening?
Screening tenants requires performing a criminal history background check, a credit check, and a look into their rental history.
Here are the advantages of outsourcing the job to find potential tenants.
Saves You Time
The tenant screening process can take time, and it's labor-intensive, more than many landlords expect. This is especially true if you're a new landlord and you're unfamiliar with the most efficient ways to perform background checks.
It's convenient to outsource these tasks to a professional team that can handle them quickly and efficiently. It's also less stress off of you, and it gives you more time to focus on other aspects of being a landlord.
Acting quickly is also valuable if you want to keep ideal applicants interested. If you take too long during the screening process, they may have moved on to another apartment!
As an owner or investor, you have a lot on your plate. You might not have the time to dedicate to mastering the screening process, as we mentioned above. As a result, screenings may not be perfectly consistent when you do it yourself. It's possible to make mistakes or to miss something.
A professional property management company assesses every application in the same way. They know how it's done.
Follow the Rules
When screening potential tenants, you need to be very careful to adhere to the rules of the Fair Housing Act. Failure to do so could get you in legal trouble.
All applicants must receive the same rental requirements. You must judge all applicants by the same standards.
That might sound easy to do, but one mistake can result in a costly lawsuit.
A property management company understands the criteria and laws around housing.
Are There Downsides to Outsourcing?
As an owner or investor, you should understand that trading money for convenience is a fact of life. It's true that property management is an added expense. However, it's a professional service that takes many tasks off your hands.
A well-run property will attract more tenants. Desirable properties also get higher rents.
Therefore, you should consider outsourcing the tenant screening process as an investment.
Is Outsourcing Tenant Screening Right for You?
There are many benefits to outsourcing tenant screening, as we've listed here. You save time, you don't have to worry about breaking any Fair Housing Act laws, and you receive a consistent and professional service.
It's an excellent investment for any property owner.
If you need help screening your tenants, you can leave it to us! Kerr Properties, Inc makes Portland property management easy. Simply call us or get your free rental analysis today.