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Tenant Screening: A Cost-Benefit Analysis

Oct 9, 2020By TransUnion SmartMove Infographic, Resources, Landlords, Tenant screening

As an independent landlord, a huge chunk of your rental income can be put at risk due to property damage, tenant turnover, extended vacancies, and non-payment of rent. Luckily, most of the risks that you encounter along the way can be reduced by running a comprehensive tenant background check.

And, running a renter check doesn’t have to break the bank. It is relatively inexpensive to access important information that can protect yourself from expensive, renter-related issues—a $40 background check can help you avoid renting to someone who may end up costing you $3,500 in eviction expenses (the average price of having to remove a tenant).

By examining a renter’s credit, criminal background, and eviction history, you can be better informed to select a renter that fits your property best. And, by ordering an Income Insights report to analyze applicant income before signing a lease, you can lower your risk of renter payment problems, too.

A complete tenant screening through an on-demand, online service like SmartMove can provide you with the reports and insights needed to make an informed choice about who you can trust to live on your rental property.

The following info-guide reveals just how beneficial it is for you to run online tenant background screening. From a few dollars to a few thousand, see how the costs break down when you compare screening costs to potential damage to your property and income.

Tenant Screening: A Cost-Benefit Analysis [INFOGRAPHIC]

Tenant Screening Gives You Invaluable Insights To Protect Your Bottom-line

Tenant screening fees are a small cost to pay when you consider the thousands of dollars you could potentially lose if you end up with the wrong tenant.

Millions of landlords have used SmartMove to make more informed leasing decisions. Landlords receive FCRA-compliant tenant background screening reports and get that information delivered within minutes. Starting at $25, SmartMove tenant screening even includes a ResidentScore ResidentScore is built to look at the outcome of a lease, using the compelling data and analytics of TransUnion. It is proven to reduce eviction risk by 15% compared to generic credit scores and identifies 19% more skips.

With near-instant scanning of credit data, criminal records, and prior-evictions across TransUnion databases, SmartMove shares critical information that you need to make more confident tenant decisions quickly.

Great Convenience. Great Reports. Great Tenants.