One of a rental property owner’s worst fears is having a vacant unit that requires ongoing carrying costs. In fact, the longer a property sits empty, the more expensive it can get both from a monetary standpoint, as well as the likelihood of vandalism.
Even worse than a vacant unit, though, is filling a property with a terrible tenant. Bad tenants can end up costing real estate investors in terms of time and money – both before and after they leave the premises. In addition, the eviction process can be long and tedious.
Certainly, requiring all rental applicants to be screened is a necessity. That way, you can get a much better idea regarding how the individual(s) treated their former living space, as well as whether or not they paid their rent on time…or at all!
So, how can you do a thorough job of screening potential tenants without breaking your budget?
There are actually a number of different, and cost-effective, options available for doing so, including:
- MyRental – For under $20, MyRental from CoreLogic will provide you with information such as previous address and eviction history, as well as whether the individual has a past criminal record.
- E-Renter – E-Renter provides details regarding an applicant’s Social Security number validity, as well as reports on the individual’s criminal record, evictions, bankruptcies, and other liens or judgments.
- TurboTenant – TurboTenant offers free tenant screening, and includes both a background and a credit check on applicants.
Finding and screening tenants can be a time consuming task, as can marketing your properties for rent. So, if you would rather delegate these duties, it may be wise to consider bringing a property manager on board.
In addition to filling your investment properties with paying tenants, most property management teams will also take care of regular and emergency maintenance, as well as monthly rent collection.
If you own rental real estate in Orlando and / or the Central Florida area, give us a call today to find out more about how we can help.