Choosing the right tenant is extremely important. However, as a property manager, finding the right candidate as a tenant is not easy. To ensure a smooth operation process and maintain the value of the property, one must use an efficient tool and property management software. Without the right tools and techniques, tenant screening can be an extremely daunting task. That is why today, there are many tools and softwares available in the market that have been specifically designed to make the tenant screening process easy. In this process, we will share some of the best tenant screening tools and techniques that property managers can leverage to their aid.
Benefits of Tenant Screening
Tenant screening does more than just protect your money and property. It has lots of important benefits. Making a good first impression is key to getting great tenants. Top-notch property managers screen tenants to make sure everyone involved—investors, tenants, and managers—has a great experience. Let’s quickly go over why screening tenants is so beneficial.
1. Benefits for Investors:
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People who invest in properties want to make the most of their money by finding suitable tenants to live in all their available houses or apartments. They need tenants who get along well, pay their rent on time, and plan to stay for a while. It’s also important for investors to find new tenants fast for any empty places because if no one is living there, they won’t make any money. By checking potential tenants carefully through the tenant screening process, property investors can find good ones quickly and get them moved into empty spaces.
2. Benefits for Property Managers:
A good property manager always looks out for the best interests of the property owner, tenants, and the property management team. They use tenant screening, which is a way to check who’s applying as a tenant, to make sure everyone has a great experience. This process is easy to use, reliable, and benefits everyone involved. By using special tools for screening tenants, property managers can work more efficiently and make fewer mistakes when choosing the right tenants.
3. Benefits for Tenants:
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Tenants like to get quick approval for a rental without too much trouble or a long wait. The tenant screening process helps property managers because it makes things easier and attracts good tenants. This way, both the tenant and the property manager can quickly agree on the rental contract and finish any other necessary paperwork without a lot of problems.
Best Tools and Techniques for Property Managers to do Tenant Screening
Handling property and getting suitable tenants is not an easy task. The process of looking for good tenants till onboarding them with paperwork is very complicated. Often manual resources fail to consider the most necessary factors while selecting a tenant. With the right tools, however, you will never have the chance to overlook any important details during the tenant screening process. We have provided you with some of the best tools below that can help you in every aspect of tenant screening from scratch.
1. CreditLink:
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One of the most reliable tools that any property manager could rely on for the tenant screening process is CreditLink. There is a reason why this tool tops our list. With the help of CreditLink, landlords and property managers can now save their money and effort from lengthy processes. Professional property managers can turn to this tool to carefully analyze and go through the profile of every potential renter. Within a span of a few minutes, the property manager will get a complete report on the criminal background check, credit check, and eviction record of the applicant.
2. MyRental:
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MyRental is one of the few tools that enables property managers to handpick some of the best tenants. The tool comes with various plan types. Depending on the plan the property manager will choose, they will receive a report accordingly that will help property managers make the right decision. With the premium plan, property managers can even check the full background and credit of the applicant.
3. National Tenant Network:
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If you are someone who prefers to pick the exact reports of your applicants, then the National Tenant Network will be an amazing choice for you. This tool offers an array of different types of reports. With the help of this tool, you can dig deep into your applicant’s details and extract critical reports like checks of the store’s credit or business’s credit of the applicant.
4. RentPrep:
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Like any other tenant screening tool, RentPrep also offers a basic tenant screening package and comes with a more refined version. However, the tool comes with a lot of flexibility. It gives property managers the freedom to add extra reports with any package they opt for. Although the charge for RentPrep can tend to get a bit higher as per the plan package and additional reports, the investment is worth it. The information it provides is extracted from the database that the tool verifies independently.
5. RentRedi:
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With RentRedi, property managers can get their hands on the criminal history, credit report, and eviction details of the applicant at an affordable price. The applicant will have to agree to undergo a credit check which is the basic requirement for almost every tenant screening process. This will ultimately ensure property managers and investors that their property is in good hands.
End Note
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Tenant screening is a critical part of property management. However, it doesn’t have to be complicated. With the right tools and techniques, property managers can efficiently find the best tenants for their properties. By utilizing credit, criminal, and eviction reports, verifying income, and employing pre-screening questionnaires, you can streamline the screening process. Remember, the goal is not just to find a tenant but to find the right tenant.
