In July 2024, Chattanooga saw the filing of 403 eviction cases, the most in any month in eight years. The key issue is fairly common: bad tenants.
If you want to find not just good renters, but great tenants who will care for your property, you need to invest in tenant screening. The big question is: should you handle this process yourself or outsource it to a property management firm?
We can help you answer that question right now! Read on to learn more about the importance of tenant screening and why it pays to get the pros involved!
Understanding Tenant Screening
Tenant screening involves evaluating prospective renters to ensure they possess the necessary qualifications to be good tenants. This can include anything from a background check to landlord references.
The aim is to minimize the risks associated with renting out your property. By taking a systematic approach, you can protect your rental property from:
- Late payments
- Potential damages
- An unfulfilled lease agreement
You can screen tenants yourself, but this isn't always the best idea. If you don't already have a thorough screening process in place, you'll likely need some time to coordinate every aspect of it.
Benefits of Outsourcing Tenant Screening
Opting for a full-service property management company offers several tangible benefits. First, these companies specialize in protecting your investment. They have resources and knowledge that you as an individual may lack.
Secondly, outsourcing saves time. Property managers can quickly run comprehensive checks, streamlining the screening process. They also have access to various screening tools and databases that provide thorough insights.
And don't forget about compliance! Legal requirements for tenant screening vary by state and locality. Professional companies are up-to-date on current laws and regulations, ensuring compliance to avoid potential legal issues.
Considerations Before Outsourcing
While there are several advantages, it's important to think clearly about your needs as a landlord. Here are a few potential downsides of hiring a property management company for your screening needs:
- Cost: Hiring a property management service comes at a price
- Loss of Control: You won't have the final say in who rents your space
- Less Personal Touch: Knowing tenants may lead to better relationships
Whether you want to handle the screening process yourself or outsource it, the key is to be proactive about your concerns. If you find a solution that works for you early enough, you'll create long-term stability for your business.
More on Tenant Screening in Chattanooga, TN
Quality tenant screening in Chattanooga is crucial for the safety and well-being of your property and investment. Whether you choose to manage it yourself or seek help, ensure that the process you opt for aligns with your goals.
At PMI Chattanooga, we will help you secure the right tenants rather than fast tenants. We also offer an Eviction Guarantee: if a tenant we've screened ever needs evicting, we'll handle the eviction process and the fees associated with it up to $2,000!
Contact us here to see how we strive to create a win-win experience for both landlords and tenants!
