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There are 36% of American households accounted for renters. Many great people and families choose to rent for a multitude of reasons. However, there are also many people out there who are not such quality individuals.
As a landlord, you should always screen tenants before you enter into any agreements. Read on to learn why you should get a tenant background check every time you rent to someone new.
Protect Your Property
One of the biggest concerns when renting out your property is trusting a tenant to keep it safe. Some wear and tear from normal life can be expected, but many times a tenant can cause serious damage.
This is why it's essential to look for potential renters who show no previous property damage or criminal charges. These can be key indicators that they may be more likely to cause damage to your rental.
A property management company can conduct these background checks for you if you are unsure about the process. Any professional management company will likely require a check before they will rent a property.
Liability Protection
The Fair Housing Act prohibits landlords from denying applicants due to age, sex, race, and more. However, you can deny an individual based on a criminal background check.
Background checks also protect you from lawsuits that may arise in numerous situations. You need to be able to prove that you took the correct steps to ensure the safety of other tenants as well.
Reduce Tenant Turnover
When you know how the past leases of potential renters went, then you can make a prediction about how yours would likely go. Tenants who have a long history of breaking leases or other negative ticks on the screening checklist are usually going to make the same mistakes in the future.
Tenant turnover is best kept at a low because vacancies waste time and money for you. Quality tenants typically stay longer. You can find tenants like these by running a thorough a background check.
Safety and Happiness of Other Tenants and the Community
It's important to keep your other tenants safe and happy as well. When you have multiple units, these individuals have to put up with each other every day.
Allowing someone with a bad background check to live next door to good tenants can cause the good tenants to leave. You not only put yourself and your property at risk but your other tenants as well.
The people who you rent to are a reflection of the business that you run. Remember to take your current renters into consideration too.
Always Conduct a Tenant Background Check
These are just a few reasons that you should always conduct a tenant background check. Overall, it's one of the best ways to ensure that you are renting to a quality tenant. Ensuring that this is the case protects you, your property, and your current tenants.
Do you need help screening potential tenants? Contact our Tampa property management experts to get help with your rentals!
