It's the worst when you rent out a property to a new tenant who seems like an okay person, only to find out that they have a history of trouble. Appearances can be deceiving, but there are certain parts about a person's background that they can't change.
Tenant screening involves looking into a person's background, such as their credit score, housing history, and any criminal record. This information helps a landlord determine whether or not they can bet on this applicant to be a good tenant.
Here are some benefits you can look forward to when you do a tenant background check for your San Juan properties.
Consistent Payments
Rent collection can be difficult enough if a landlord is juggling multiple tenants at the same time. The last thing you want is for a renter to pay late or fail to pay at all.
Tenant evaluations allow you to see if an individual has a good credit history. If so, then that tells you that they often pay their bills on time and don't have any significant debt. You may also be able to see if they have had any evictions in the past due to lack of payment.
Avoid Problem Tenants
A problem tenant is someone who pays their rent later or only partially. They may create excessive noise at late hours of the night. You may also find that they mishandle your property and cause damage to it.
If you don't catch a problematic applicant before they sign the lease, then you may be forced to evict them later on. This process could take weeks and cost you until you find a new tenant.
Reduce Tenant Turnover
Tenant turnover can be a big problem for landlords that aren't prepared for it. Even short-term rentals have made Puerto Rico's housing crisis worse by increasing median rental pricing.
To prevent this issue, you'll want to find tenants with a history of stable housing. That will suggest they don't cause unnecessary issues and can afford to pay rent every month. It also helps if they lack a criminal background or significant debt.
More Peace of Mind
One of the most important reasons to perform tenant screening is to give yourself peace of mind. A piece of real estate is an investment, whether you rent it out or not. You don't want a bad tenant trashing that investment and reducing its value.
A property management company can help monitor your property and keep all tenants in line. They can even reach out to tenant references on your behalf before they sign a lease.
Protect Your San Juan Properties With Tenant Screening
Tenant screening should be a basic ritual undertaken by any prospective tenant. Even if someone comes in with a lot of money in their bank account, they could have skeletons in their closet. You never know what a simple background check will bring to light.
PMI Puerto Rico provides property management you can trust in the San Juan area. Our services cover both residential and commercial properties, as well as short-term rentals. Schedule a consultation today to learn more.
