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Successful investors fully understand that a vacant unit translates to lost profit. This is the reason why having a sound tenant sourcing strategy is so important. Simply renting vacant units is not enough – a holistic view is needed to develop cost-effective strategies that enable you to find and screen potential tenants while reducing the risk of making the wrong choice.
Screen Tenants Tips
Selecting a marginal or potentially bad tenant out of necessity can come back to haunt you. The cost of balance due administration, court filings, evictions, turnover, repairs, and collections can be time-consuming and demoralizing. As a result, more property owners are turning to Web-based solutions, such as Craigslist, to find pre-screened and qualified renters before they call. Online classified ads on Craigslist allow you to post much more information and details, including photos, to better pre-qualify potential renters.
Craigslist users will find your ad only if your rental property and rental unit meet their search criteria. This, combined with carefully placed words and detailed descriptions, will help eliminate questionable applicants.
The importance of effective tenant screening cannot be overstated. It is an important tool that allows you to safeguard your property, your income, and your existing tenants when you know the background of those who apply. There are a number of e-renter screening services designed specifically for independent rental owners and smaller property management groups that deliver a number of important benefits:
• An online database of credit and criminal background information offers you the same technology used by the largest property management firms.
• Send renters with data privacy because they provide their identifying information directly to the major credit bureaus in a secure, online environment.
Fully Fair Credit Reporting Act (FCRA) compliant, these online solutions can reduce your concerns about credit reporting regulations, and ease the complicated and often difficult process of obtaining credit information.
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. Tips on How to Source and Screen Tenants Online is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
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