As a landlord, there are many things you must juggle to be successful. It's often why some landlords allow new tenants onto their property without a tenant background check.
The problem is that you're giving up a lot of benefits when you try to save time by avoiding background checks.
Unconvinced that it's worth the extra effort? Keep reading and we'll explain how much a Colorado Springs tenant background check can help you achieve greater success!
1. Avoid Future Problems
One of the biggest benefits of tenant screening is the fact that you'll begin a landlord-tenant relationship with honesty. Sometimes a tenant will try to lie about certain things on their application, but a professional screening will bring out the truth. These things include aspects such as:
- Criminal record
- Credit score
- Employment status
- Past evictions
Knowing you can trust a tenant goes a long way in building a thriving community. If a tenant lies about a certain aspect of their background, it might be a sign that they're not the right choice for your property.
With screening, you'll have a better understanding of who that person is and what to expect when they rent from you. You'll have the chance to decide whether a person's background might cause problems you don't want to deal with in the future.
2. Protect Your Rental Property
Another beneficial reason to do background checks is that you'll gain access to the tenant's history with other rental properties. You want to know that your rental property won't get damaged during a tenant's stay.
Your property is your livelihood, so you must do everything you can to protect it.
3. Save Money
If you ignore a background check, it could end up costing you more money than the initial check itself.
For example, if an unruly tenant causes damage to your Colorado Springs real estate, you'll end up paying for the maintenance. Even with insurance policies in place, it'll still cost you to refurbish the property for your next tenant. Plus, you'll lose out on the rent income from any other tenant renting that property since it'll be out of commission until the fixes are complete.
The kind of information a background gives you will also help you gauge whether or not the tenant will likely be on time with their rent. This provides you with an extra layer of protection because you ensure that your income doesn't falter due to a bad tenant.
Conducting a Tenant Background Check
The only way to get the benefits of a tenant background check is to make sure you use a local management company you can trust.
Colorado Casa PMI works with residential and commercial landlords in the Colorado Springs area. By being part of a larger franchise, we have access to over 20 years of experience in the real estate market.
If you need help with tenant screening, we've got you covered. Contact us today and we'll set you up with one of our expert property managers to aid you in finding the best tenants around!
