Renting out property can be a lucrative business. It gives the owner a means to earn recurring income from an investment that is certain to appreciate in value over a period of time. If purchased on loan, leasing the property makes it self- liquidating while still generating a fair amount of income. But like all ventures, there are risks to property leasing because you are entrusting the care of your asset to a 2nd party whom you are not familiar with. This is why you need to use tenancy screening services.
Why did you select this particular property to invest in? Given the size of the investment, you surely had bases for deciding on the property you eventually bought. You must have done research, visited other prospective properties until you were able to come up with a short list of choices.
Finding a tenant for your property should follow a similar process. You should do all you can to make sure you find a tenant to whom you can entrust your property to. By selecting the right tenant, you effectively reduce the risks that come with leasing property:
- Late payments
- Foregone payments
- Damages to the property
- Frequent repairs
- Complaints from neighbors
- Lower assessed value to the property due to poor reputation or unfavorable public perception
- Frequent violations of contractual provisions
- Poor landlord- tenant relationship
- Constant stress
- Dealing with legal issues during tenant evictions
Ideally, you would want to lease out your property to a party you trust will pay the rent on time, take care of the premises and generally not give you problems. It all becomes a question of “Who do you trust?” But trust is a quality that can only be validated by time.
In business, time is money. In the same way that a tenant needs to find a place to rest his or her weary head, it would be to your best interest to have your property leased out right away and generate income.
The most expedient and effective way is to use tenancy screening services. There are many proprietors of tenant screening services you can find online. Availing of these services can give you the following benefits:
1. Easy to Use
Many of these online based services are easy to use. All you have to do is upload the tenancy application form that was filled out by a prospective tenant. The agency will proceed to do a tenant application check and conduct professional due diligence work on the references and information that were provided.
2. Reliable Services
These agencies are owned and operated by highly- experienced realtors and/ or property managers who know the challenges of renting out homes and apartments. They are well- versed with the process and know the importance of having strict and accurate screening procedures done on tenants.
3. Fast Results
Efficiency is the name of the game. These online tenant screening agencies outsource services to professionals who have done these types of jobs before. They are highly- organized, have a proven system in place and are experts in what they do. Typically you can get results within 4 hours after submitting the tenant application form.
4. Greater Value- Added
What services are included in tenant screening? The process includes the following:
- Identity verification
- Tenant TICA and Veda screening
- Bankruptcy and court record checks
- ASIC company directorship check
- A cross check done across 22 data bases
5. Thorough Screening Procedures
You can find out if your prospective tenant has a criminal past or pending criminal case lodged against him or her. You will know if the person has a poor reputation or a history of bad behavior.
6. Get More Done in Less Time
Your property may secure more than one interested party. At a time when demand is high but availability of vacant properties is scarce, you may attract multiple interests from people of diverse backgrounds.
Once the parties have fully filled out their tenant application forms, just upload these at the tenancy screening website portal and wait for the results. In 4 hours, you will have clear bases for selecting which party you will award exclusive rights to.
Remember that when you lease out your property, in effect, you are giving exclusive possession of your asset to the tenant. You cannot just enter the premises without permission or due notice. That can be a bitter pill to swallow for those who have issues relinquishing control over an asset that may have cost them an arm or a leg to acquire.
And looks can be deceiving. A fraudulent or untrustworthy personality does not always reflect on the outside. Similar to a home that looks beautiful from the outside, you should always have its interiors inspected by a professional such as an architect, engineer or general contractor.
When you use tenancy screening services, you will be able to see how a future arrangement with a prospective tenant would turn out. These services are very affordable, will ensure the upkeep and condition of your property and most of all give you peace of mind.