From Chaos to Control: Why Every Landlord Needs the Best Tenant Screening Application

 

In the current hectic rental industry, it is not as easy as being a landlord and having someone to pay rent. Among false tenants, poor credit and tenants, late payments and misuse of property, landlords have never been in greater danger. A simple juggling act of trust, paperwork, and verification, what was once a simple process, has now turned out to be a complex juggling act.This is where the best tenant screening application like GoodTenent come in — turning chaos into order and helping landlords verify tenants quickly, efficiently, and securely.

The Secret Trial of Being a Landlord.

Certainly, it is usually regarded as a secure investment to own a property, which can become quite stressful to rent it out. Think about spending months to collect rent that is overdue or finding out that a tenant left your premises in a mess. Most landlords get to know this at their own expense not because their property is not good but since they did not research well on the person occupying their property.

The old procedures of verification, such as making a call to an employer or viewing references are no longer sufficient. Any person can create references or documents with the simple access to digital tools. A business level tenant screening application does away with such uncertainties by delivering validated and fact-based information concerning prospective tenants.

What exactly is a tenant screening application?

Tenant screening application application is an online system that assists landlords to gauge possible tenants by automatic background checks. These applications bring together information of other trustworthy parties in order to give a full account of the background of the tenant; his/her financial stability, and past rental habits.

They typically include:

• Identity authentication (Aadhaar, PAN or passport authentication)

• Credit score check to determine financial discipline.

• Checking and verification of employment and income.

• History of rental and any eviction history.

• Background screening of criminals.

• Tenant scorecard which gives a summary of the results to be assessed in a brief manner.

Using digital tenant screening applications streamlines identity verification, credit checks, and rental history assessment. To understand why landlords are choosing apps like GoodTenent, check out our blog on the: Top 5 Benefits of Using a Tenant Scorecard App for Landlords.

Why Every Landlord Needs It

Minimizes Risk

Risk minimization is the greatest benefit of tenant screening. Poor credit history, late payments of rent or evictions are the red flags that can be easily spotted right away. Sifting through high-risk candidates proves to be less expensive than dealing with such candidates down the road.

Promotes Payments in Rent.

Rental income is based on constant payment of rent. The screening applications check the source of income and the employment stability which assists landlords to select financially responsible tenants. This is to guarantee a constant flow of cash and reduced missed payments.

Saves Time and Effort

The time spent in the verification manually can be days or even weeks. Digital screening results in the creation of reports in minutes. The landlords will be able to attend to the properties rather than pursue references or paperwork.

Protects Against Fraud

Counterfeit documents and false identities are very prevalent in the rental business. The sophisticated screening systems triangulate information with those of the official databases decreasing the chances of renting a person with such false information.

Enhances Tenant-Landlord Relationships.

Trust will naturally develop when the parties involved are authentic and transparent. Both the landlord and the tenant are assured of safety and the value of being trusted respectively and this makes the process of renting to be easy going.

Paperwork to Digital Power: Toolkit of the Modern Landlord.

Gone were the days when landlords would have had to make decisions by intuition or word of mouth. In the modern time tenant screening applications are integrated in a full fledged eco-system of rental management.

Most of these sites also provide:

• Online renting and notifications.

• Rent agreement generation: Digital.

• Maintenance tracking tools

• Long-term record keeping-tenant review reports.

These tools make the whole renting process easier by making everything to be handled on a single platform, especially the landlords dealing with a number of properties.

The Price of Lax Tenant Screening.

Evading the tenant screening can be initially viewed as time-saving, but the consequences of such a step can be even more significant in the future:

• Housing or legal problems, no rent.

• Property damage or misuse

• Unlegal or unauthorized subletting or illegal activity.

• Hard evictions and loss of money.

Several minutes on checks of a tenant will save months of frustration. Screening tenants is not merely a process, but a valuable protection to your investment.

The Future of Smart Renting

With the transformation of the rental market to be more digital, the landlords who adopt technology will never be left behind. Tenant screening apps do not only involve a check of records, but rather make data-driven, assuring choices. Regardless of whether you have a single flat or multiple properties, these technologies make the process of renting out a property professional and enjoyable.

Conclusion

The first smart choice of getting out of chaos into control is the utilization of a tenant screening application. It converts uncertainty to confidence by assisting the landlords to check tenants to minimize risks as well as sustain stable rental incomes. A time of distrust and transparency has never been more widespread than it is nowadays and with that said, tenant screening is no longer a luxury - but a necessity.