Good tenant screening is meant to deliver a reliable tenant, which will lead to a better and more profitable investment experience. You’ll have less stress with a well-qualified resident living in your Atlanta rental property, and you’ll also earn more money.
Here are a few of the ways that you’ll see your ROI increase when you screen your tenants thoroughly.
Lower Eviction Risk
The most obvious benefit to having a well-screened tenant in place is that you’ll be more likely to collect rent on-time every month, without constant reminders, phone calls, texts, and follow-up. Qualified tenants will understand when rent is due, follow the rent collection policy, and make this an automated part of the rental experience.
You won’t have to waste time and money chasing down those late rent payments. You also won’t have to worry about the cost of eviction. Removing a tenant for non-payment of rent is going to take a lot of your time. It’s going to cost you money in court and legal fees, and there will also be at least a month or two that you’re not collecting any rent at all.
Tenants who pay rent on time increase your ROI. It doesn’t cost you anything to collect rent when it’s due. Make sure you’re screening for credit, financial stability, and a rental history that includes timely payments to former landlords and property managers.
Better Property Condition
Well-maintained rental properties have a higher rental value, and a good tenant won’t damage your property. They also won’t allow deferred and unreported maintenance to deteriorate the condition and value of your investment.
A bad tenant who has not been properly screened can cause a number of problems. You might find property damage that exceeds the security deposit at the end of the lease term. You may notice that minor maintenance issues weren’t reported, and that has led to larger and more expensive repair problems.
You need a tenant who will help you take care of the property and take pride in living there. This saves you money during the turnover period, and it also increases your rental value and your long term returns. Talk to former landlords to find out if the tenant you’re considering received their full security deposit back or if there was a lot of damage left behind.
Fewer Lease Violations
A good tenant will follow the terms of the lease agreement and not try to get away with anything. Well-screened renters will not break the lease and will be likely to renew the lease agreement year after year, providing you with consistent rental income and stable ROI.
With a communicative tenant, you can easily discuss the lease in detail and share your expectations for the tenancy. It will make for less conflict and fewer disputes, leading to better financial outcomes as well as a better rental experience for everyone.
You have to screen rigorously and in compliance with all state, local, and federal fair housing laws. If you’d like some help in finding the tenant who will contribute to your ROI, please contact us at Property Services of Atlanta. We’d be happy to serve as your Atlanta property management resource.