As a rental property owner, your primary goal is to have a steady stream of income from your property while ensuring minimal stress and headaches. Easier said than done, right? One of the biggest challenges that property owners face is selecting reliable, responsible tenants who will pay rent on time, take care of the property, and avoid causing any legal or financial troubles. This is where tenant screenings come in.

In this blog post, we’ll discuss the importance of tenant screenings, how they can be done, and how Millers Mutual Insurance can help with our tenant screening service.

5 Reasons Why Tenant Screening Is Important

Preventing Financial Losses

Tenant screenings are crucial for preventing financial losses for rental property owners. By obtaining information about an applicant’s credit score, financial history, and rental history, you can make an informed decision about whether to rent to the applicant or not. This screening can help avoid the risk of renting to someone who may cause damage to the property or not pay their rent on time, which can lead to significant financial losses. By selecting reliable tenants, you can ensure steady rental income and avoid the stress of dealing with late payments or nonpayment.

Minimizing Legal Troubles

Renting a property comes with various legal obligations and responsibilities for both the tenant and the landlord. A tenant with a history of legal troubles, such as evictions, can be a potential legal headache for landlords. Tenant screenings can provide you with valuable information about an applicant’s legal history, which can help you avoid renting to individuals who have more than a passing acquaintance with the law. By minimizing potential legal troubles now, you can avoid costly legal fees and headaches later.

Ensuring Property Care

One of the most significant risks associated with renting a property is the possibility that tenants will neglect or damage the property. Tenant screenings can help you avoid these risks by providing information about an applicant’s rental history and references, which can help you determine whether an applicant has a history of taking good care of their previous rentals. By selecting tenants who are responsible and take good care of the property, you can maintain the value of your investment.

Building a Good Relationship With Tenants

Tenant screenings can also help landlords build a good relationship with their tenants. By selecting reliable tenants who are financially stable and responsible, you can establish trust and respect with your tenants. This can lead to a better tenant-landlord relationship and a more positive rental experience for both parties. Additionally, tenant screenings can provide you with valuable information about an applicant’s employment history and references, which can help you select tenants who are likely to stay in the property for a longer period. This stability can lead to fewer turnovers and a more consistent rental income.

Providing Peace of Mind

Knowing that you’ve selected reliable tenants can provide you with peace of mind. By preventing financial losses, legal troubles, property damage, and tenant unreliability, you can reduce your stress levels and focus on other aspects of your property investment. With the help of tenant screenings, you can enjoy a more relaxed and enjoyable experience. As a rental property owner, you’re at risk of financial losses if your tenants don’t pay rent on time or damage the property. Tenant screenings can help you avoid such losses by providing you with crucial information about an applicant’s credit score, financial history, and rental history. This information can help you make an informed decision about whether to rent to an applicant or not.

Screen Simply and Securely With Millers Mutual

With SmartMove, tenant screening has never been more convenient for landlords. This service allows you to easily run an online credit check, eviction history, and criminal background check on potential tenants in just minutes.

All you need to do is email a screening request to the applicant, who can then authorize the screening by providing their personal information online. SmartMove then sends you the tenant’s credit check and criminal, eviction, and Income Insights reports – no need for you to compile each of these reports separately or worry about protecting the applicant’s personal information.

Plus, signing up for a SmartMove account is free, and you can take advantage of pay-as-you-go rental screening services. The cost can even be passed on to prospective tenants. By using SmartMove for tenant screening, you’ll likely enjoy more time, better profit margins, and a happier experience for everyone involved.

Personalized Protection

At Millers Mutual, we understand the importance of protecting your rental property investment. To learn more about our tenant screening service and other insurance products for rental property owners, contact an independent Millers Mutual agent today. Our agents are dedicated to providing personalized support and guidance to help you protect your investment and achieve your goals as a landlord.