As a property manager, you depend on credit scores to help you make the best rental decision, but how much do you know about credit scoring models? With this guide, you’ll not only learn some of the differences between FICO™ and VantageScore® 3.0, but how to use credit scores to uphold your rental standards and protect your community.
As you get ready to market your new vacancy, take some time to familiarize yourself with the two biggest groups of applicants: Millennials and Generation X renters. Millennial renters (ages 18-34) and Gen X renters (ages 35-50) consist of 85% of the renter population, and are a big driving force for mobile usage (also known as “Generation Mobile”). While these two renter groups continue to depend on online resources, you might want to migrate your leasing process online. Take a deeper look at what the difference between Millennial & Gen X renters is in our infographic below.
For most new, inexperienced renters, figuring out what they need before move-in can be extremely stressful. Whether its sponges, dish soap or trash can liners, it can be easy to forget the little things and underestimate how long you can go without the big things. I can’t tell you how many times I ate dinner sitting on the floor when I first moved out, and I’m sure you have a few first move-in stories of your own.
Thanksgiving is well on it’s way, and before you start planning your own family feast, consider taking the time to show the residents in your community that you’re thankful for them. Simple gestures like these 3 will not only help build your relationship with your renters (potentially leading to a renewed lease), but will take a weight off your back come next year. Take a look at our tips in our infograph below.
For property managers who work with tenant screening applicants regularly, you are bound to run into people who don’t have a social security number (SSN). This can sometimes complicate the process when needed to review their credit history in order to make an informed decision. Many applicants may offer to use a Tax Identification Number (TIN) instead, but how can this affect your screening process? Use this helpful infographic to learn about the similarities and differences between SSN and TIN.
If you live in a dry climate, or somewhere prone to wildfires during Summer, then you know all too well about fire season. While reviewing your rental community’s fire safety procedures will add a little extra work, in the end it can keep your community safe. Wildfires are no joke; we’ve all heard of families losing everything from fires, flames jumping over freeways and people narrowly escaping burning structures. However, most of the time we don’t realize how significant fire safety is until the air feels thick, the sky is burnt orange, and the flames are right outside our doors. It’s a confusing and terrifying experience that can be avoided by spending a little extra time going over fire safety procedures.
Screening applicants is an essential part of safely filling vacancies with trustworthy renters. Be sure that you are familiar with what you should know before performing resident screening on an applicant by using this helpful infographic.
The end of Daylight savings will cause all of our clocks to fall back on November 1st this year (unless you live in Arizona or Hawaii). Use this handy checklist in printable form and fun poem to remind your staff, coworkers and even your residents of the things they should take care of to prepare for this winter season.
You’ve gotten your potential tenant’s background check and stop mid-way to look it over. As you quickly glance at the clock in the corner of your desktop, you figure you can push lunch-time back just a few more minutes to get this taken care of. You absentmindedly gulp down your lukewarm coffee as your eyes skim the remainder of the report, mentally weighing whether to approve or deny this applicant. But as you see the criminal hits, you immediately question this applicant. If this has happened to you, you’re not the only one.
While criminal records may seem pretty straight-forward, there are a lot of common myths. From questions about “how far back can I check?”, “does this cover every jurisdiction?” to “should I automatically deny someone with a felony?” test your knowledge. Here are some common myths about criminal records.
In a perfect world, anytime a tenant moved out, a new and equally perfect tenant would be waiting to move in. A brief chat would suffice as assurance that the new tenant would be ideal for the community, a handshake and keys would be exchanged.
Unfortunately, we do not live in a perfect world.