In this day and age, if you are in the Property Management profession you better know whom you are renting to. With over 25 years of experience in this industry we at Park Place Asset Management go the extra mile like never before. I suggest that you pre-qualify your applicants and tell them that you run an extensive investigative background check and will need to verify all information that comes up on the individual reports in addition to attaching your Rental Criteria to each application.
Tenant Screening Advice
As a property manager, you need a variety of tools in your arsenal to ensure you’re placing the best residents in your properties. You work hard to make sure that residences are maintained, and you want to find a renter who cares about keeping it in that same condition. Tenant screening can be an important tool in supporting these initiatives and safeguarding your profits, as well as finding the most qualified renters.
The Freedom of Information Act is the cornerstone of tenant screening. Without it, property managers and landlords like yourself would be renting to tenants in the dark. With Freedom of Information Day on March 16th, take the time to celebrate, and learn how you can further protect the valuable information you rely upon when selecting applicants.
You wouldn’t want your information out in the open for anyone and everyone to get their hands on. When you permit a person or company to have access to any knowledge about you, you have a certain expectation of privacy; you expect them to protect your information, and to not let it fall into the wrong hands. Your residents are no different. They trust you with their information, and, as their property manager, it is your job to keep it safe. In honor of National Data Privacy Day, celebrated annually on January 28th, here are some tips to keep both you and your renters safe.
Finding the best resident screening service for your rental community is no easy feat. Beyond the credit report and background check, it can be difficult discerning if a screening company is doing all that they can to protect you and your property. To ensure you get the best resident screening service possible, make sure the company you pick has these 4 vital things.
All properties aim to find quality residents, but few take the time create detailed property guidance and invest in screening. By fleshing out your rental policies and training your staff on proper pre-screening and tenant screening, your commitment can help you increase your net operating income (NOI), decrease future resident problems, and maximize a property’s potential.
Knowing your credit risk score (or “credit score”) and consistently trying to improve on that score is an important aspect of adult-life. Consumers with higher credit scores have an easier time getting approved for loans, mortgages, and rental housing, so achieving a score as close to 850 as possible is the ultimate goal in order to make life easier. While you certainly know where your credit risk score stands, do you know how your score is being calculated? Take a look at the most commonly used versions of FICO® and VantageScore®, and the benefits your credit score might see from understanding key elements to improve it.
With 143 million consumers at risk after Equifax’s record setting security breach, millions are left with the question ‘what now?’ There are a few ways to protect yourself from identity theft, and monitoring your credit is one of the safest steps to financial peace of mind. Take a look at our informational guide on how to safeguard your credit report, and why it might be the best decision you make during the fallout from this record-setting breach of data.
Phase Two of the credit bureau’s National Consumer Assistance Plan (NCAP) is now in effect! Experian®, Equifax®, and TransUnion® have been slowly rolling out the implementation of these standards in phases, with full implementation expected by March 2018, in the hopes to improve the quality of their public record data. Because of this, industries that depend on credit reports will see a significant change and the multifamily housing industry will need to be prepared.
NCAP’s Phase Two
While it is likely that the bureaus have already implemented parts of these new requirements prior to the effective date, according to TransUnion®’s data reporting initiatives, credit reports will have the following changes:
On September 7th Equifax had a major security breach that potentially compromised 143 million consumer’s personal information. The information accessed includes names, Social Security numbers, birth dates, addresses and, in some instances, driver’s license numbers. In addition, credit card numbers for approximately 209,000 U.S. consumers, and certain dispute documents with personal identifying information for approximately 182,000 U.S. consumers, were accessed.