Identifying quality residents will keep your long-term costs low. Low occupancy rates in the current Canadian rental market allow property managers to focus on selecting the most desirable residents for their vacancies. It is important, however, to make quality selections quickly before those ideal prospects sign a lease elsewhere! Explore how technology can help you efficiently sign leases with the right residents. Know your applicants Basic credit checks aren’t enough to get to know prospective renters. Add a range of inquiries to screening process to give you deeper insights that help mitigate risk—without slowing down the process. “A more robust screening process doesn’t have to be time consuming. Online, automated applicant screening improves speed, data access, and accuracy. Your screening software should integrate with your property management platform for full transparency,” suggests Peter Altobelli, vice president and general manager of Yardi Canada. Screen confidently Regardless of income, prospective renters need to be held to the same screening standards. Equifax credit data, criminal and court records, fraud checks, employment and rental histories are all important sources of information to properly evaluate an applicant. “Consider adding Certn as well to your screening process as well. Certn is the world’s largest risk relevant database, uses data from thousands of publicly available records and incorporates artificial intelligence and machine learning to evaluate prospects,” Altobelli says. Certn data includes high-risk behaviors, criminal and court records from 240 countries, 350 Canadian court boards and tribunals, adverse media, eviction records, watch lists and social media profiles. Understand the benefits  Advanced screening technology that analyzes a range of reliable data can help you consistently choose quality residents. When that technology integrates with your leasing and accounting platform, it brings additional benefits. “An integrated screening solution compares your screening process with the overall...

When it comes to screening of rental applications, credit history is a vital piece of information.  Information from the major credit bureaus helps applicant screening agencies determine whether a prospective renter is of sound financial standing and able to meet the monthly obligation to pay rent for their new apartment. From a business perspective, it’s crucial for apartment providers to minimize their risk when it comes to taking on new leaseholders. Credit reports are based on debt obligation and payment history information from a nationwide network of credit bureaus, and compiled by one of the three largest credit bureaus, Experian, TransUnion, or Equifax.  Businesses, including apartment communities, use these reports to determine a consumer’s credit risk based on their history. But what happens when a consumer’s credit report is bad – but inaccurate? A recent Federal Trade Commission study found that credit report errors are frighteningly common. The study indicated that as many as 42 million Americans have errors on their credit reports – and 20 million of those errors are significant mistakes. Bad credit is not only damaging if you’re one of the consumers containing a credit report with an error. It’s also bad for those who are renting property within the multifamily industry, which may be turning away viable prospective residents based on faulty information. This can result in higher vacancy rates and longer lag-time between apartment turn over, two things all real estate companies want to avoid. Yardi Resident ScreeningTM, a market leading resident application screening system, works for multifamily communities to ensure they are welcoming qualified residents by reviewing credit and criminal history. As an expert in the field, Yardi understands that sometimes credit reports can contain errors and has a Boston-based consumer relations team dedicated exclusively to working with...