As of July 2023, nearly 60% of home listings in San Diego are valued at over $1 million. The median home price in this city is approximately $910,000. While this makes it difficult for many people to purchase property, it serves as an amazing investment opportunity for others.
When renting out your San Diego property, it's crucial to find the best tenants. You can't always rent to the first person who applies.
Proper tenant screening is essential, but not everyone understands why it's important. Let's explore the key information you should know.
Find Quality Long-Term Tenants
Ideally, you'll find long-term tenants for your rental properties. This ensures you have a steady stream of passive income.
However, you can only get the most out of your tenants if they have been properly vetted. No matter how long your tenants stay, they can be inconvenient to deal with if they pay rent late or miss payments.
Proper tenant screening examines the applicant's rental history and financial history. These attributes help determine how financially reliable they are.
Prevent Crime and Vandalism
As a landlord, dealing with crime that occurs on your property can be a major headache. In some cases, you might be accused of allowing crime to occur while having knowledge of it.
People with criminal records could be more likely to vandalize your property. They may also be more likely to cause issues in the neighborhood.
It's best to avoid renting to individuals like these. Otherwise, you could deal with major property damage or legal issues.
Low-quality tenants are liable to leave unexpectedly or get kicked out of your rental properties. While these scenarios can be difficult enough to deal with, they also lead to vacancies. Even a single month of vacancy can cost thousands of dollars.
This is especially true in San Diego where homes are so expensive. The tenant screening process will ensure that everything goes smoothly. From here, the majority of your vacancies will be well-prepared for.
Peace of Mind
Managing a rental property is hard work. It can lead to unnecessary stress, and it's difficult to accommodate if you have a career.
The right tenants will drastically reduce the complications you encounter. Peace of mind will vastly improve your mental health, so don't neglect this attribute.
How to Get Started
Many landlords make the mistake of going with their gut when speaking to applicants. Instead, it's best to let a property management company screen tenants.
They have the tools and resources to ensure you get the best results. They'll also help you save time when looking for tenants.
Never Neglect Tenant Screening
Proper tenant screening can dictate whether you meet your rental income goals. It can also protect your property from unexpected damage.
Heartland Property Management specializes in the San Diego rental market. We are fully knowledgeable of local laws and regulations.
We also have a comprehensive list of service providers and local contractors to handle maintenance and repairs. Get in touch with us today to see how we can take your rental property to the next level.