Tenant Screening Credit and Background Check – Propertyware

How to Screen Potential Tenants

Leah Mendes — Thu, 09 May 2019 13:58:48 +0000

We know that proper tenant screening is critical in property management. But it doesn’t have to be as intimidating as it might sound, especially since most applicants apply online. A property manager who can screen as quickly and easily as a prospect can submit a rental application is likely to get better tenants while reducing the risk of default and bad debt. Enhanced Propertyware Tenant Screening allows staff to automatically screen every application for a rental property in real-time and provides property managers a comprehensive screening report that’s easy to read. But it’s no ordinary solution. Using new technology, Propertyware Tenant Screening can be customized to fit screening preferences and separate a good tenant from a high-risk one, while staying in compliance with federal housing rules and regulations. The easy-to-use platform combines advanced technology with the features and capabilities you need most to move your business forward.

Customize screening criteria and cut wait time

Property managers can decide − and rank − which search criteria is most aligned with the portfolio’s business goals to maintain complete control of decision making. Reports are both thorough and easy to read, and instant criminal record searches are at your fingertips. The configurable setup wizard allows for criteria adjustment, and even variation, between portfolios, buildings and units. Instant criminal records searches minimize or eliminate the wait time for status updates. The overall recommendation score from 0-10 uses an intelligent scoring algorithm that leverages your criteria, similar tenant profiles screened and the combined applicant score to help you minimize delinquency risk. Now, you can make decisions based on the combined scores for all applicants and guarantors on the property – not just an individual score.

Generate easy-to-read reports

With Propertyware, you get a detailed, actionable report with a simple thumbs-up or thumbs-down. Together with a score based on your chosen criteria, not just a pass/fail, this promotes quicker, more informed renting decisions and generates them in seconds.The entire process is done through an integrated solution with no extra work outside the system required.

Add guarantors

When guarantors are needed to approve an application, advanced capabilities provide the right solutions. Guarantor override features allow you to add guarantors based on specified criteria. Also, different screening criteria for applicants and guarantors can be set up.

Offer support

Available online and around the clock, the online portal helps ensure that renters can quickly get the help they need. Propertyware’s Renter Relations team works directly with renters to resolve credit, civil and criminal misinformation.

Manage credit vendors

Propertyware works behind multiple credit bureau support, which allows an automatic fallback order for credit vendors, ensuring credit responses are always available.

Access enhanced rental history

Expanded rental payment history from RentBureau complements RealPage’s current industry-leading rental history database, contributing to better informed screening outcomes.

Easily add applicants

Applicants can be added and removed for a quick, simple and seamless process. Propertyware Tenant Screening services provide a comprehensive and easy-to-read report, ultimately driving occupancy, mitigating risk and lowering end-of-lease costs. Learn more about Propertyware Tenant Screening!

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A Smooth Move Out Starts With a Well-Planned Move In

Leah Mendes — Thu, 11 May 2017 11:07:00 +0000

Thinking about a tenant’s move-out process before they even move in may feel like putting the cart before the horse, but property owners and managers should use the pre-lease interactions with a prospect to clarify aspects covering the entire life of the lease. Smart planning and precautionary measures now will help contribute to an easier – and cheaper – transition at the end of the tenancy.

Screen prospects thoroughly

The first step to ensuring a smooth move-out process is to choose trustworthy, high-quality tenants, which makes thorough screening a must. In addition to conducting a credit check, contact all references listed by the applicant. To simplify the process, consider using online tenant screening to document all tenant and application information.

Explain the security deposit

Some prospects, especially those with limited rental experience, might not know the purpose of a security deposit. By explaining how the refunded portion of the deposit depends on the tenant, you preemptively incentivize the renter to take better care of the unit and move out according to lease stipulations. This discussion will also provide the opportunity to clarify what constitutes normal wear and tear. By putting the expectation in writing, you avoid tenants arguing with you later when you deduct from their security deposit for badly stained carpets or scorched stovetops.

Detail tenant responsibilities

Don’t leave any ambiguities with regard to upkeep. Use part of the lease to clearly explain the occupant’s maintenance responsibilities as well as those covered by you and your maintenance providers. To help protect your property, you should additionally include a process for maintenance requests and a timeframe during which the tenant must notify you of new issues. Property maintenance software can help with this process. By attending to maintenance concerns quickly, you’ll fix minor problems before they become more costly.

Supply a move-out checklist

Whether your renter signs a three-month lease or plans to stay for years to come, you should provide a checklist of what they’ll need to do before moving out. Typical requirements may include keeping all utilities active until their move-out date, having the carpets cleaned, returning any painted walls to their original colors, disposing of all trash and debris, replacing any burned-out lightbulbs and having working batteries in all smoke detectors.

Keep the lines of communication open

Do your best to maintain open and honest communication throughout the entire tenancy. Rather than juggling random text messages and emails, consider using a tenant portal, which will make communicating easier while tracking all questions, issues, repairs and scheduled maintenance in one place.

Use property management software

While taking a proactive approach to setting expectations for your tenant will save you plenty of headaches, utilizing property management software can save you time as well. You can streamline everything from move-out inspections to security deposit returns with a single system that lets you manage and document the entire process. Learn more about the time – and money – you can save with the solutions available through Propertyware.

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How Renters Insurance Benefits Residents and Properties

Tim Blackwell — Mon, 22 Dec 2014 16:37:32 +0000

A 2014 Insurance Information Institute (III) poll conducted by ORC International found that 37 percent of renters have renter’s insurance, up eight percent from 2011. The number has steadily grown since 2006, when about seven million policies were written. In 2011, some 10.7 million renters had coverage. But just how many renters kept their policies intact throughout the duration of their rent cycle is an unknown. The numbers don’t take account into how many residents drop their policy shortly after presenting it to comply with a landlord’s mandate to have one in order to rent the home. “The resident may say they have another source for insurance and purchase from an unknown third party,” says Jay Stoltz of LeasingDesk Insurance. “They bring back a declaration page, showing they are compliant, then two weeks later the resident cancels, believing they have beat the system.”

It’s more than worth it for homeowners to make renter’s insurance a priority

Compliance issues are not that uncommon, Stoltz said. Unlike an automobile liability policy that some states require for the privilege of driving, renter’s insurance is purely optional for the resident unless mandated as a condition for rent. But there is no universal compliance tracking. Industry data shows that property owners who require renter’s insurance spend about 45 percent less on repair and recovery expenditures than properties that don’t mandate the coverage. Those who do not, risk about $22 per unit per year for every unit that isn’t covered by renter’s insurance. “First and foremost is it’s a way of cutting cost,” Stoltz said. “Renter’s insurance is very benign for a property management company. There is no cost for a PMC, yet they receive full benefits. Zero capital outlay. Secondly, they have the potential to lower their commercial insurance by incorporating a mandate that residents have renter’s insurance. There’s not cash outlay and they can save money.”

The key is overcoming a mindset that renter’s insurance is costly

Not surprisingly, the Insurance Information Institute poll showed the vast difference between homeowners who have insurance (95 percent) versus renters. Of course, financed homes are generally required to have insurance, but it’s very unlikely that a homeowner will drop coverage after the note burning party. There is an investment to be protected. While a renter doesn’t have a big investment at risk, there is still much for he or she to lose. Potentially at risk is tens of thousands of dollars in property damage, as well as personal belongings. Convincing the resident that spending $12-$15 per month for renter’s insurance is a tough sell, Stoltz said. It’s overcoming a mindset much like the industry has fought over the years when properties feared the additional cost for coverage would hinder lease-ups. “Then everyone came to the realization that both parties have an interest,” Stoltz said. “It’s protection for the asset and it’s coverage for the resident for that thing that nobody expects will happen does happen.” Just having a place to go for the insured renter is reason enough. So, too, for the property management company. “In the event there is a displacement that requires an additional living expense, you’re going to have these long lines of residents asking where they are going to be put up,” Stoltz said. “As a (property manager), that’s the worst conversation that you can have, if with a resident who isn’t covered. With renter’s insurance, you just say that you have a claims adjuster that is going to take care of you.” And until the day that renter’s insurance is mandatory – if and when that ever happens – property owners must encourage residents to spend a little extra each month for coverage, and at the same time manage compliance, Stoltz says. It’s well worth it. (Image Source: Shutterstock)

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