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How to Choose a Tenant Screening Company: Everything You Need to Know

How to Choose a Tenant Screening Company: Everything You Need to Know

If you're trying to do what's best for your portfolio, getting into real estate is never a bad idea. You can do this by acquiring some real estate investment properties that you can rent out to tenants.

The business of property management is growing at a 2% rate today. It's such a big business market because investors always need quality tenants. You need to understand the best way to find a company that can match you with these tenants.

These tips will help you when you're trying to choose a tenant screening company that can look out for you.

Know Your Goals

First, make sure that you're entirely aware and up-to-date on your goals. Know what market you're trying to take advantage of and what characteristics you're seeking in a tenant.

Investing in real estate can help you accomplish a lot of your financial goals, and there are various models for making it happen. You may choose a company that can screen for long-term tenants, or you may decide to turn a property into an Airbnb or another model. Choose a pro that can help you find what you're looking for.

Research Their Background and Clientele

Next, make sure that the company you're interested in has tenant screening experience and a strong background. Look into how many years they have been providing these services, and ask for a list of their previous clientele.

Find out what other property management services they provide to make sure you're getting all-encompassing assistance. They can also help you with your property taxes, accounting, repairs, and other key details. Since you have so many options for screening companies, start reading online reviews and rank the companies based on their ability to help.

Explore Pricing and Contracts

Take the time to ask how much these pros charge. In comparing tenant screening costs, you're typically dealing with a locked-in percentage that these pros accept for their services. They generally keep a portion of the rent once they match you with a quality tenant.

Read through the contract and have your attorney look over it so that you understand all of the clauses that you're agreeing to.

Speak to Some Referrals

Finally, make sure that you reach out to some other investors or companies that they have worked with. Ask about the tenant screening process and their experience working with the company. When a company is highly regarded you will have more peace of mind about its ability to help you.

Put together a list of the top three companies available in your area and schedule some meetings to help you decide.

Choose a Tenant Screening Company

The tips above will help you when you're trying to choose a tenant screening company that can assist you. Do your due diligence so that your real estate investments can pay off long-term.

GC Realty & Development provides stellar management services to all sorts of clients in the Chicagoland area. Send us a message on our contact form or call us at (630)587-7400 to learn more.