Tenant Screening needs to be done, but how? If you don’t have the first idea how to make it happen, what should be your best approach to go after it? Rather than learning it all by yourself, it is probably wise for you to hand the task off to a specialized company so you can focus on more value-add jobs, such as developing new properties and attract tenant flow.
So how do you choose the right company? Here are some tips for landlords and property managers.
1) Make a list. What do you want to accomplish? Are you most concerned about having clients with solid credit histories , or having a stable job with regular incomes? Do you want to be able to advertise a safe environment for college students or small families? It is important to Figure out what you need before you boil the ocean to find the best tenant screening company.
2) Get referrals. Word of mouth is typically the best way to find a service provider. Tenant screening is no exception. Ask other property managers and landlords if they have tips, and if they’ve worked before with a tenant screening company that they like. Do not stop there. Find out what in particular they liked and how the service differentiated from other companies.
3) Go fish. You learned how to match when you were child. Blue fish to blue fish. Same principle applies for engaging a tenant screening company. Take the list you made previously and go through it, item by item, when you contact each tenant screening company. Don’t be afraid to ask questions. Interrogate them on each point of your concern. Moreover, learn from each session so you ask more questions for the next session. You will become an expert in what matters most in tenant screening, and you will pick the best company to do the job for you.
4) Get a Quality Assurance guarantee. Everyone will make a mistake. What policies does each company have in place to check its findings and provide you the most accurate information possible? What recourse do you have if they get it wrong?
5) Think Outside the Box. While you don’t want a tenant screening company who will fully derail your goals, be open to any suggestions they might make.
6) Think about cost and benefit. Different companies provide different services for different fees. The comparison is often opaque to say the least. You should have a point of view of what information you need. It is not always the more the better. On the flip side, think about cost. Tenant is typically paying for the cost, so be considerate about what they have to pay for your benefit.