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Over the past few years, we've seen major leasing corporations buying up rental properties across California. Not only is this stressful for tenants who worry about rental price gouging, but it also presents problems for independent landlords.
It might feel as if major corporations have resources you simply can't compete with. How can you continue to find great tenants when multi-billion dollar companies have a leg up in marketing?
The short answer is that you don't have to do it alone. Even independent landlords can outsource steps like tenant screening to professional property managers.
How do you know if outsourced tenant screening is right for you? Read on to find out.
Your Applicant Pool Is Decreasing
With such a low number of renters, property investors in Livermore already face a tight rental market. When your old tenants move out, finding new ones to replace them can prove difficult.
If your applicant pool is even smaller than normal, it may be time to consider outsourcing. At PMI, we can bundle property marketing techniques with tenant screening to maximize results for our investors. Plus, we can find reliable tenants in limited applicant pools thanks to our diligent tenant screening process.
You Don't Have Time for Thorough Tenant Screening
Finding tenants with a reliable income and a history of paying bills on time will make a big difference to your overall ROI. To do so, you're going to need to perform credit checks, criminal history checks, and referral interviews. If all you're doing is taking a tenant's word, it's likely that you're leasing to tenants who can't actually keep up with your rent.
One of the biggest myths in investing is that real estate is a passive source of income. If you have a full-time job or live far from your investment property, you probably aren't giving it the due diligence it needs to thrive. By outsourcing the tenant screening process and more, you can get much closer to earning a passive income.
You're Overwhelmed By Property Management
Being a landlord can create a lot more stress than investors realize. Tenant screening is only one of many steps you're in charge of, which also include:
- Property marketing
- Property maintenance
- Tenant relations
- Accounting
If you've become so overwhelmed with property management that you're letting one or more of these steps fall through the cracks, it's time to outsource. By handing over some or all landlord responsibilities to the pros, you can reduce stress without losing your ROI.
Call PMI for Livermore Tenant Screening
As major corporations become the biggest stakeholders in California rental real estate, independent investors need professional help. Outsourcing your tenant screening process can make finding tenants (and decreasing turnover) a breeze. With PMI, tenant screening is only the tip of the iceberg.
PMI real estate professionals have experience with buying, marketing, and managing rental properties. Together, we can customize a property management package that works best for your needs and your schedule. Let us know where your rental property strategy needs improvement to get started.
