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Are you a real estate investor in the Miami area? If so, you may have noticed an 8.7% increase in home prices over the last year. The median home price is now $625,000.
With investments like this, you want to make sure you're filling your rental properties with the right tenants. The best way to do that is with tenant background checks.
Is outsourcing tenant screening in Miami, FL the right move? Tenant vetting services can be a big help.
Keep reading as we outline the pros and cons and show you how PMI Miami Lakes can help with your property management needs.
Pros of Outsourcing Tenant Screening
Should you leave tenant screening up to a real estate management company? Let's look at the plus side.
Time and Resource Efficiency
When you leave your rental applicant screening to the professionals, it saves you time and resources. You will be free to focus on other parts of your real estate business.
You don't have to worry about vacancies because the professionals will be ready to fill them with qualified candidates.
Access to Expertise and Tools
A management company has the tools to do more accurate screening. They have access to specialized databases and resources to do things like:
- tenant employment checks
- tenant credit checks
- tenant rental history
These tools help you achieve thorough and accurate tenant screenings. Tenants will be completely vetted.
Reduction of Bias and Legal Risks
A management company is very familiar with fair housing laws and other local regulations. Outsourcing tenant screening to one helps you avoid discrimination claims by ensuring compliance with fair housing laws.
Lower Vacancy Rates
When you allow professionals to fill your rental property vacancies, you get better tenants. Good tenants tend to stay longer, which is better for your bottom line.
Cons of Outsourcing Tenant Screening
There can also be a downside to outsourcing. Let's look at three reasons to think about it before jumping in.
Loss of Control
Landlords may feel like they don't have any control over the selection process and may not have the final say in tenant selection. This may be fine for some, but others may have a hard time with it.
Cost Implications
Do you have the budget to hire a screening company? Figure out the financial costs associated with tenant screening and analyze the impact on your budget.
Potential for Communication Issues
Challenges in communication between landlords and screening companies might lead to misunderstandings or delays. You don't want to end up with a missed opportunity.
Making an Informed Decision
Outsourcing tenant screening can free up time and result in the perfect tenant, but you also have to weigh the financial commitment. Make an informed decision based on your individual needs and circumstances.
If you need Miami property management, we can help. We at PMI Miami Lakes have 40 years of experience in the area and will deliver on our promises of effective communication, honesty and integrity, accurate accounting, and availability.
Contact PMI Miami Lakes today to benefit from our proven expertise and efficient tenant screening processes tailored to the Miami market.
