There are an estimated 10 to 11 million individual investor landlords in the United States, with the average managing two units. There are many benefits to investing in rental property, including generating passive income and property appreciation over time.
Being a landlord can also be challenging. One of the biggest challenges that many landlords face is finding high-quality tenants, which is why overseeing a thorough tenant screening process is so important.
In this blog post, we will highlight the importance of tenant screenings in Jacksonville, FL. This includes finding reliable tenants, reducing the likelihood of short-stays, and reducing the likelihood of crime and vandalism. Let's get started.
Find High-Quality Tenants
There is a big difference between a high-quality tenant and a low-quality one. For example, a high-quality tenant is someone who:
- Pays their rent on time and without issues
- Tends to stay longer
- Doesn't cause any issues
- Takes care of your property while living there
By comparison, low-quality tenants are defined as those who pay rent late, are disruptive, are careless with the property, and cause issues within the building or neighborhood.
In order to find the best tenant for your rental property, a tenant screening process will include a number of checks. These include:
- Criminal record check
- Rental history check
- Employment history check
- Credit check
- Proof of income
Partnering with a property management company is your best option when it comes to conducting a thorough tenant screening check.
Shorter Vacancy Periods
As we have highlighted above, high-quality tenants are more likely to stay in a rental property for a long period of time. There are a number of benefits to this, including steady rent collection and a reduction in the amount of money, time, and effort it takes to find new tenants.
By analyzing an applicant's rental history, a landlord is able to gain an appreciation of how long a tenant is likely to stay in their property. Taking the time to perform a tenant screening will minimize turnover in the long term.
Reduce Crime and Vandalism
The above-mentioned criminal record check helps landlords to understand the backgrounds of applicants and reduce the risk that crime and vandalism will happen on their property.
Crime and vandalism cost landlords across the country millions of dollars each year. By performing a tenant screening, landlords are able to have confidence in the tenants that they choose and rest assured that their property is in safe hands.
Importance of Tenant Screening in Jacksonville, FL
If you are a landlord, it is highly recommended that you screen applicants before making a decision. The more thorough the tenant screening process, the easier it will be to choose a tenant that you can trust in your rental property.
Here in Jacksonville, FL, your premier choice for tenant screening services is Round Table Property Management. Contact our team to learn more about how we can help you find the best tenants for your property.