Is Outsourcing the Tenant Screening Process in Chicago a Good Idea?

Is Outsourcing the Tenant Screening Process in Chicago a Good Idea?

Dealing with bad tenants is an irritating and stressful situation. Unfortunately, even the best landlords find themselves in this position sometimes. Professionally outsourced tenant screening can luckily greatly reduce the likelihood of destructive or non-paying renters.

Here, we're going to discuss the benefits of leaving Chicago, Illinois background checks to a third party. Read on to learn how outsourcing can decrease vacancy rates and give your passive income a boost.

Thorough Background Checks

Individual landlords often don't have the online tools to perform background checks professionally. Quality, thorough tenant screening requires paid databases and screening tools that would cost a lot of money to buy. You'd also need to spend several hours learning to use it and run the risk of doing so incorrectly.

An outsourced tenant screening professional will already have access to these tools. They'll be seasoned in using them so you can get all the information you need to make decisions on who to rent to.

This is especially important because tenant screening goes beyond income and credit scores. It also looks into past eviction records, references from previous landlords, and criminal records that could cause problems for your property. You'll get all the knowledge needed when you work with a property manager.

Save Time

Naturally, outsourcing your tenant screening in Chicago can save you hours of arduous research. Someone else will go through the process for you, and it will go pretty quickly since they're seasoned in performing credit screenings and criminal background checks.

You can use your time to keep pre-existing tenants happy and collect rent payments. You can rest assured that you'll get quality information within just a day or so. You won't even need to lift a finger.

Property managers who perform tenant screening can also draft up leases. You can have new, reliable tenants on your property without even talking with them directly. The property manager will do the dirty work for you and provide an online dashboard where you can collect rent and view requests.

Lower Vacancy Rates for Chicago Properties

Fast screening means fast tenant turnaround. When one person's lease ends, you'll have the means to perform quick background checks and get a new tenant into the vacant unit. You won't miss out on months of rental income that you could be collecting.

Plus, since you'll find tenants who are likely to foster a positive community on your rental property, you'll have happier renters all around. You'll find that more people are willing to re-sign and renew leases if they have good relationships with their neighbors. This means lower vacancy as well as the potential for making more money with rent increases in new leases.

Find Reliable Tenants the Right Way

Now that you know why you should outsource tenant screening in Chicago, IL, it's time to get started. Our property management team can help you find reliable tenants and reduce vacancy rates with quick and effective background check tools. Get in touch with PMI Windy City to learn more about how much you can realistically profit from your rental unit.