The average rent in Chicago is $2,206. So, if you're a landlord and your tenant's not paying rent, you could be set to lose a small fortune!
Conducting a tenant background check is one of the best ways landlords can protect their property. But many landlords don't know how beneficial a background check can be.
If you want to know more about the process and how it can help you, read on. We've put together some of the biggest benefits to help you understand the process.
Give Yourself Legal Protection
As a landlord, you have certain responsibilities. For example, you could be in trouble if your property is used for criminal activities.
If you conduct a thorough criminal background check ahead of time, you give yourself a layer of legal protection. If your tenants were to use your rental property as a base for illegal acts, you could protect yourself by demonstrating you carried out a background check.
It's all about due diligence. A background check screens out potential tenants with a criminal history. It could save you a lot of hassle down the line.
Save Yourself Money
Some landlords are reluctant to carry out tenant background checks due to the cost involved. In today's financial climate, it's only natural that people are looking to save money. But a thorough tenant background check is likely to save landlords more money in the long run.
One of the biggest expenses any landlord has to face is maintaining a property when tenants aren't paying rent. Potential legal costs to win back money or have the tenant evicted are even more damaging.
A background check allows you to find out if your prospective tenants have a good record of paying rent in previous properties. Were they always on time with payments, or did they run up huge arrears that were never paid off?
A Tenant Background Check is Easy to Carry Out
Time is money, especially for landlords. That's another reason many landlords avoid screening tenants. They don't want to spend time checking out tenants when they're busy with other things.
But background checks can be carried out in a matter of days. Someone who knows what they're doing won't need to take an age to run through the process. It won't meaningfully hold up getting a tenant into your property.
Of course, the best background checks need to be carried out by experienced professionals with the necessary resources and know-how. Luckily, landlords can
Protect Your Property With Quality Property Management Services
A tenant background check provides a much-needed safety net for landlords. It's a relatively quick and easy process that can help you avoid so many future difficulties.
As a landlord, there's no need to deal with all the stress of screening tenants. Here at HomeRiver Group Chicago, we can handle your property for you so you can devote your time to more important things. Contact us today to find out about our screening services and different types of background checks.