According to the U.S. Census Bureau, approximately 34 percent of the U.S. population are renters. That amounts to about 44 million households and over 100 million people.
Renters are also more likely to move, which makes competition for good tenants a little tricky. This is why tenant screening is so important for any business involved in real estate in Indiana.
This article covers the advantages of hiring a property manager to carry out the process. Keep reading to determine if hiring a property management company in Hammond is right for your real estate venture.
Time Savings
Tenant screening involves several different steps. These can include:
- Application review
- Credit check
- Criminal background check
- Rental history verification
- Employment verification
These evaluations are meant to determine if a tenant is trustworthy, has reliable income, and is not a danger to neighbors or other tenants. Gaining access to all of this information can take a great deal of time and hassle.
One of the biggest advantages of hiring a property management company is that it alleviates this work for landlords or property owners. They will have access to programs for running credit and criminal background checks. They will spend time contacting employers, former landlords, and references to ensure the renter is reputable--so that you don't have to.
Legal Requirements
When conducting tenant screenings, property owners must be mindful of fair housing laws that prohibit discrimination based on protected characteristics. A unit cannot be denied to someone based on their:
- Race
- Color
- Religion
- National Origin
- Sex (which includes gender identity and sexual orientation)
- Familial Status (including the presence of children)
- Disability
It is important to conduct tenant screenings that are fair and consistent for all applicants. Failing to do so can result in fines, lawsuits, and even injunctions that prohibit the landlord from renting. An experienced property management company can help ensure you are operating within full compliance of the law.
Minimal Risk of Problematic Tenants
Property managers have tools and techniques they can use to run thorough checks on prospective tenants. They will be skilled at identifying red flags in applications and know the steps to take to address them.
This can help weed out tenants that could potentially cause problems. Hiring an eviction lawyer can cost several thousand dollars (or more), depending on the circumstances of the case. Hiring a property manager helps limit this risk.
Conversely, outsourcing these services to the pros increases your chances of getting residents who pay rent on time and take good care of the property. It can give landlords the peace of mind that they are getting a good tenant.
Find Tenant Screening Services Near You
There are many advantages to hiring a property manager for tenant screening services. By doing so, you can save time, reduce stress, and increase the likelihood of finding responsible, reliable tenants for your rental property.
PMI NWI is a full-service property management company serving Hammond and Lake County, Indiana. We provide both residential and commercial expertise, including tenant placement services, and leverage the most innovative technology to keep our clients informed and ahead of the game. Reach out to us today to schedule a free consultation to discuss real estate services in Hammond.
