As a new landlord, one of the key mistakes to avoid is making the assumption that money is the only thing that matters when it comes to choosing a tenant.
Yes, the ability to pay the rent on time is important, but there are a host of other factors that can affect the value of your investment. Cases of malicious tenants damaging properties have skyrocketed in recent years.
If you want to avoid choosing a tenant that could damage your property, you'll need a thorough tenant screening process in place. With that in mind, here are the five key benefits of tenant screening that every landlord should know.
1. Reject Low-Quality Tenants
Probably the most obvious one. Screening often involves a background check, meaning that you can quickly spot a potential tenant with a criminal history or a history of damaging properties.
You can also use common tenants screening tips such as credit checks and rent-to-income ratio checks to ensure that you always pick a tenant that will not have trouble making the rent.
By filtering out unsuitable candidates, you can find the best tenants and ensure an easygoing relationship for all parties involved.
2. Stay On the Right Side of the Law
Nevada, and America as a whole, is subject to rigorous Fair Housing laws. These state that you can not unfairly reject a tenant or do so without extensive grounds for doing so.
By implementing a proper screening process with the help of a property management firm, you can protect yourself against legal action.
We can help document your screening process so that there is a clear paper trail that you can use to justify rejection decisions in a legal manner. This could prevent a lot of trouble for you further down the line.
3. Avoid Painful Eviction Processes
Evictions are painful for everyone involved. They are costly, incredibly time-consuming, and cause mental and emotional anguish for landlords and tenants alike.
With a thorough screening process, you can reduce the likelihood of future evictions and find tenants that will stick around for the long haul.
4. Minimize Your Turnover
When landlord-tenant relationships sour, the monetary costs can last for years. A dispute or eviction can result in a number of direct and indirect expenses, such as:
- Lost or unpaid rent.
- Vacant properties.
- Legal costs from disputes.
- Liability costs from damage.
- Costs of re-listing.
You can maximize return on your investment property by screening beforehand, as this will help you to reduce tenant turnover and the risk of the potentially high costs.
5. Find People That Will Love Your Property
Most importantly, tenant screening will also help you find the right person, rather than just avoiding the wrong one.
You can use your screening process to talk to your potential tenants about why they want to live there, and why your property suits them.
This way, you can find someone who will give your property the love and care that it deserves, now and in the future.
We Offer Expert Tenant Screening to Las Vegas Landlords
If you're a landlord in the Las Vegas area, we are here to help. We know the value of high-quality tenant screening, for both the landlord and the tenant alike.
If you need help putting together a legally-sound and effective screening process, do not hesitate to get in touch with our friendly and professional team today.