The rate of Las Vegas evictions rose from 2022 to 2023, leading to more legal action from struggling tenants. High eviction rates are typically framed as a problem for tenants alone, when the truth is that evictions are bad for landlords, too.
If you're looking for ways to cut down on evictions, it's time to weed out bad tenants from the start. The question is, how can you improve your tenant selection overnight?
The answer is to invest in quality tenant screening services. Tenant screening services can protect you from key tenant screening mistakes.
Read on to learn about the three biggest mistakes you can avoid when you opt for professional tenant screening services.
1. Missing Key Credit Information
If you're conducting tenant screening yourself, you may be overlooking certain credit bureaus and other consumer-reporting companies. Without significant professional experience conducting credit checks, you may not realize that there are three major credit bureaus and several other companies that compile consumer information.
When you outsource credit screening, you can rest assured that you're getting a comprehensive look at your applicant's credit. Credit scores vary from bureau to bureau because each one uses different models to evaluate credit. While one bureau might rate an applicant's credit favorably, another may paint a less attractive picture.
2. Failing to Verify Income
When you work with tenants one on one, you may develop a trusting nature. If someone tells you that they have a job and make a certain amount of money, you may feel inclined to believe them.
The problem is that some applicants do lie about their source of income or exaggerate how much they're making. When you don't verify income, you run the risk of renting to someone who can't consistently afford rent. With tenant screening services, you'll gain reliable insight into your applicant's financial stability.
3. Overlooking Rental History
Comprehensive credit reports tell you more than just the state of an applicant's debt. Some consumer reporting companies and credit bureaus also take into account important tenant information. This can include:
- late rent payments
- evictions
- court cases pertaining to leasing disputes
Failing to pay rent isn't the only thing you should be wary of as a landlord. For example, if a tenant has a history of trashing rentals or breaking the rules of the lease, renting to them could jeopardize the state of your property.
Let Oaktree Management Take Care of Tenant Screening Services
If you are looking for ways to lower your eviction rates, don't wait until your tenants have already moved in. Start from the very beginning by screening tenants to improve your tenant selection. Outsourcing your tenant screening services guarantees a thorough, professional credit and background check.
Looking for property management services for your Las Vegas rental properties? Contact us at Oaktree Management to find out how we can help. We look forward to making your real estate dreams become a reality.
Bonnie is the visionary that has driven the company and culture of Avalon since 1993. Her passion is improving procedures and practices; incorporating technology and value added services for both our clients and tenants.