Oh, no. It happened again. The most recent tenant for your commercial real estate property moved out and left behind a mess. Stained carpet, holes in the wall and let’s not even talk about the state of the bathrooms. Did we mention they still had several months left on their lease and were hiding a keg dispenser in the back office? Talk about a headache.
For commercial property managers, this should sound like a familiar situation (or a nightmare). It’s also why tenant screenings are a must. But what if there was a better way to do tenant screenings? What if you could get more accurate data about prospective tenants and organize that data more efficiently to make better decisions? Rental leasing software makes it possible.
Why Commercial Tenant Screenings?
Before we get into the benefits of rental leasing software and tenant screenings, it’s important to stress the importance of tenant screenings in general. Here are a few general reasons why commercial tenant screenings are important:
- Commercial tenants are just as likely to cause problems as residential tenants.
- If a commercial tenant doesn’t pay rent, it causes a huge hit to your cash flow.
- You’re better able to forecast business incomes with quality tenants.
- Poor tenants often cause higher end-of-lease administrative costs.
- You lower your property risks with prospective tenants who pass your screening.
- The more data you can gather in the beginning of the lease administration process, the better protected you are at the end of the lease (or during evictions).
Again, tenant screenings are crucial if you want to reduce your lease administrative costs. Fortunately, rental leasing software can maximize their effectiveness.
How Rental Leasing Software Makes Tenant Screenings Better
Rental leasing software like Quarem Vantage is more than just a checklist. It helps you easily manage and automate certain aspects of the entire leasing process, starting with tenant screenings. You’ll be able to efficiently record valuable data about your prospective tenants, see them on an easy-to-read dashboard and evaluate whether applicants are worth the risk.
Specifically, Quarem lets you track critical points you evaluate in commercial lease applications, such as credit references, monthly incomes and expenses, assets and liabilities. The best part? It’s all conveniently based in the cloud. Basically, lease administration software will help organize, control and simplify your tenant screening data to help you make better decisions about your incoming commercial tenants.
If you’re interested in rental leasing software that can help with tenant screenings, contact us today to learn more.