What are the advantages and disadvantages of using online tenant screening services?

1 Benefits of online screening

Using online tenant screening services can offer several advantages, such as saving time and money, reducing errors and biases, and improving your reputation and retention. You can access the data you need in minutes, and pay a reasonable fee per report or per month. This way you can avoid mistakes or inconsistencies in your screening process, as well as personal judgments or prejudices that might affect your decision-making. Moreover, by showing that you use a professional and transparent screening process, you can attract more applicants and tenants, as well as reduce turnover and vacancies by finding tenants who are more likely to pay rent on time, respect the property, and follow the lease terms.

2 Drawbacks of online screening

Online tenant screening services can be beneficial, but they also have some drawbacks. These include limiting your options and flexibility, as you might not be able to customize the criteria or reports to your needs. Additionally, you might face legal issues or disputes if you use incomplete information or fail to follow proper procedures. Cyberattacks or data breaches could also occur if the service provider does not have adequate security measures or policies. Furthermore, you may miss out on building rapport and trust with the applicants and tenants, and lose some control and involvement in the screening process.

3 How to choose an online screening service

If you decide to use an online tenant screening service, you should do some research and comparison before you sign up. You should look for a service provider that has a good reputation and positive reviews from other property managers and landlords, as well as credentials, accreditations, and affiliations with relevant organizations or agencies. It is also important to consider the features and options offered by the service provider, such as credit reports, criminal records, eviction history, income verification, tenant score, and the ability to customize screening criteria or reports. Additionally, you should check the pricing and terms of the service provider for reasonable and transparent costs. Furthermore, you should look into any hidden fees or charges, cancellation and refund policies, as well as data protection and privacy policies. Online tenant screening services can be a useful tool for property managers; however, they also have some advantages and disadvantages that need to be taken into account before use. Therefore, research and comparison are necessary when selecting an online screening service that meets your needs and preferences.

4 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?