Rental property management has become difficult. One thing that's been clear since 2020 is that there are more renters than homeowners.
The housing market is so bad that a May 2023 survey showed four U.S. cities with better home buying vs. rental prices.
You may have seen an increase in potential renters reaching out. It makes sense that you've become concerned about the amount of tenant screening you've done recently.
"Outsource tenant screening" may sound like helpful landlord advice. But is that the right course of action? Leaving screening to someone else is more complicated than it seems.
Here are the pros and cons of outsourcing the tenant screening process for your Coachella Valley property.
Pros of Outsourcing Tenant Screening
The advantages of outsourcing include access to a broader talent pool and allowing landlords to focus on other things.
Outsourcing gives you a team of experts that can connect you with potential renters. Outsourcing frees up time and lets you do other property management duties like maintenance or marketing.
Another advantage of someone else screening tenants is that you have access to an unbiased third-party application. A professional screening service can avoid discrimination, no matter how unintentional.
A tenant background check can take a few hours to a few days. Background checks are vital to finding tenants. A property management agency will have better tools and more time to complete them.
Screening tenants also helps avoid legal liabilities. Some tenants can be troublesome and can get you sued because of their wrongdoing. This protects your current tenants from annoyance and danger as well.
Cons of Outsourcing Tenant Screening
The point of screening tenants is to control who you allow at your rental property. Outsourcing screening can reduce how much control you have over chosen renters.
Sometimes, the landlord may not have the final say in who the management company selects. You may find this frustrating if you prefer to be more hands-on during screenings.
Communication issues may happen. Finding renters is a two-party job -- even if one does most of the work. Sometimes, it's hard to keep each other updated.
Cost is unavoidable when outsourcing anything. You must pay the people looking for tenants on your behalf. Consider if you can afford to have an outside firm source tenants.
Property management companies can reduce your workload, but you still should commit time to finding a good one. You risk poor quality screenings if you settle for an unreputable firm.
Get Good Tenant Screening Services in Coachella Valley
Outsourcing tenant screening has its advantages and drawbacks. It leaves you more time for your other duties. In exchange, you have less input and must spend extra money.
Proper screening is crucial no matter how you decide to get it done. PMI Coachella Valley is an independently owned property management company that provides a host of services to our customers.
You can trust us to handle tenant screening, marketing, rent collection, maintenance, and evictions. Contact us if you want to bring out the best in your rental property.