Did you know that Section § 55.1-1204 of the Virginia Residential Landlord and Tenant Act (VRLTA) requires landlords to provide tenants with a Statement of Tenant Rights and Responsibilities?
The best way to get tenants who take their responsibilities as seriously as their rights is to do a thorough tenant screening. As a landlord, a bad tenant can do a number on your investment business.
Should you outsource this crucial aspect of your business to professionals? Learn more about outsourcing tenant screening benefits in Fairfax, VA. Keep reading to get the facts and make the best decision for your property.
Benefits of Outsourcing Tenant Screening
When you outsource this piece of business to property management, screening hits a new level. Property management companies have the tools and the resources to gather comprehensive tenant information.
Access to Reports and Databases
Property managers have the use of reports and databases that reveal much-needed information about potential tenants.
What is their credit score? Do they have any criminal history? What is their rental history?
It's important to know if they hold a steady job and if they paid their rent at previous rentals. All this information gathering is done for you.
Time-Saving
This is a job that property managers do routinely. Professional screening services are very efficient.
Leaving it up to a professional leaves you with the ability to focus on other aspects of your investment property business.
Legal Compliance
When you outsource tenant screening, it ensures adherence to fair housing laws and regulations. This reduces the risk of discrimination claims.
The professional management company knows the rules and regulations related to the Virginia Fair Housing Law and will stay within those guidelines.
Challenges of Outsourcing Tenant Screening
Challenges arise when it comes to outsourcing any part of your business. You have to weigh the benefits with the drawbacks.
How much does outsourcing cost? What will it do to your bottom line?
Another factor to consider is the reduced control over who moves into your rental. You'll have less personal interaction with potential tenants. The result may be a mismatch with your specific preferences.
Outsourced Tenant Screening Best Practices
Choose a reputable screening company to find the best tenants for your investment properties. At the same time, balance outsourced screening with personal judgment.
When performing a tenant screening, looking at someone's private information is part of it. You must use a reliable company that will ensure data privacy and security. This information should only help determine if someone will be a good tenant.
Tenant Screening Services
Now that you've learned some tenant screening tips and benefits for landlords, are you ready to turn the task over to a Fairfax, VA property management company?
We at PMI of Fairfax are locally owned and independently operated. We strive to increase the value of your assets over time. We will help you set the maximum rent possible and screen for the best tenants. We work to make your investment grow each month.
Contact us today by phone at 703.939.7523 or schedule a consultation through our website. We look forward to discussing what our services can do for you.
