Your investment property business in Phoenix, while rewarding and potentially very lucrative, relies on two major factors to be successful. One, of course, is desirable and high quality property—but it’s the second factor we’ll be talking about today. Just as vital as the property itself, if not more, is the quality of your tenants themselves.
Want to know how to higher tenant retention rates, as well as better tenants overall? Follow along with the property management experts at Southwest Mountain Realty to learn about the importance of tenant screening!
Need help managing your property, or looking for the Phoenix area’s most relied upon property management team to meet your tenant screening needs? Contact us online today!
What Is Tenant Screening?
As with all good sources of information, we’ll start with a brief outline first. Put simply, tenant screening is a process of locating and learning more about prospective tenants, done through a sort of interview process, essentially. Tenant screening typically performs:
- Background checks
- Tenant history checks (rental history)
- Employment and income verification
- And a bit more
The purpose here is to find out of a tenant is trustworthy, reliable, and carries a good history of staying on good terms with previous landlords. In order to be effective, tenant screening needs to be complete and totally comprehensive.
Why Does Tenant Screening Improve Retention Rates?
It helps in two big ways. One, it helps because tenants with a history of successful and positive term renting tend to stay around longer, thus filling your rent spaces for longer, happier periods of time. Two, it helps because it ensures that you get tenants that are reliable and trustworthy, minimizing the risks of poor relationships and eviction.
Proper, professionally handled tenant screening offers a lot of big benefits, including:
- Higher tenant retention. Good renters want to stick around as long as your property is in good condition. High retention rates the the secret to truly lucrative and successful property investment business, so this is your number one goal!
- Higher quality tenants. When tenants are selected carefully, they tend to be more respectful, more reliable, and overall much easier to rent to. This helps keep stress down and business good.
- Less risk to your property. Poor quality tenants can obliterate your property, doing damage to furniture, the home structure, the lawn, and even worse. That’s why you want the best to fill your residential spaces!
- Lower risks of fraud or legal complications. Fraud isn’t necessarily common, but it’s not unheard of, either, and it only takes once for you to incur tons of loss. With a proper tenant screening in place, the risks of fraud are drastically reduced.
Tenant Screening & Property Management Services
Do you have a tenant screening process in place? If not, you should give the team at Southwest Mountain Realty a call! Our experts perform comprehensive tenant screening, helping you improve the quality of tenants, and the quality of your business. Contact us online today to learn more, or feel free to give us a ring at 480-237-9979 and speak with a property management professional directly to get your quote!