This is the age of the renter. In fact, there are more renters now than there have ever been in history.
It’s also a great time to be a property owner. You can rake in some serious cash if you have a few rentals filled. Of course, with so many kinds of renters out there today, a background check for renters is absolutely essential.
The last thing you want is to end up with a trashed property that costs you thousands of dollars in damages. Out of all the claims made to homeowners insurance companies in 2016, 97.1% of them concern property damage and theft.
If you still need convincing, check out this list of 5 reasons to perform a background check for renters.
Not only do you have to consider your own safety, but also the safety of your neighbors and other members of your community.
You certainly don’t want a tenant with a violent, criminal past, and neither do your neighbors. Eliminate this risk altogether with a background check.
If you blindly allow anyone to live on your property, you open yourself up to liability. This means that others in the community can sue you if something goes wrong.
A background check can provide you with more information, allowing you to make better-informed decisions. This information can also help prove that you are not a negligent homeowner.
Some renters try to hide information from their potential landlord. These are not the kind of tenants you want on your property.
With a background check, you can spot red flags more easily. If an applicant won’t authorize the background check or disappears after your request, you know that the process is worth it.
Honesty is the best policy, and this is especially true for any stranger you let into your home. The last thing you want is a liar living on your property.
Using a background check can help test your applicant’s truthfulness. When they authorize the check, they should sign that all the information given is accurate. If you find out otherwise, that saves you a headache down the road.
The best result you’ll get from using background check is that you will get better renters on your properties.
The background check will discourage the worst renters from even applying. Additionally, good renters will be attracted by your screening process because it conveys that you’re a thorough and competent landlord. It’s a win all around.
After weighing the risks, it’s easy to see that a background check for renters is absolutely necessary. It will help mitigate the risks of any potential property damage or theft.
When you mitigate risk, problems are less likely to arise, keeping your homeowner’s insurance premiums lower. This saves you money in the long run.
If want to completely save yourself a headache, why not hire a property manager to do everything for you? At Property Management Quotes, our team connects you with the best property managers around the world in the most convenient was possible.
Don’t hesitate to contact us for more information!