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...

There aren’t many parallels to be drawn between the rental markets of San Francisco, Ca. and Albuquerque, N.M. One is known as the home of Twitter, the other as the setting for Breaking Bad. Last month, average rent for a San Francisco one-bedroom was $3469. In ABQ, a comparable pad could be had for $878.* Landmark Realty, a San Francisco-based multi-family based owner/manager with the bulk of its assets in California, has buildings for rent in both metros. And finding the reliable resident who can afford San Francisco’s high prices is just as important as identifying the on-time rent payer who will stick around for the duration of their one-year Albuquerque lease. To identify qualified candidates in both cities, Landmark relies on Yardi Resident Screening, a resident review service that’s built in to their Yardi Voyager® leasing workflow. Yardi Resident Screening allows Landmark to deliver quick, accurate screening to applicants applying to lease at their properties. Landmark Realty Controller Larry Busgeon says that one of his favorite features is the ability to select unique screening criteria for every property type in Landmark’s nationwide portfolio. “Our Albuquerque properties are lower-end so we’re not worried so much about credit score as we are history of tenancy,” Busgeon explained. “San Francisco, of course we want (strong) credit scores because the rents are much higher there, and we want to see some history on that credit score.” Landmark also has a mixed portfolio of apartments in Kansas City, Mo., a market that presents its own set of challenges. Resident Screening offers highly customizable functionality and much more. Using the most reliable data available, Yardi Resident Screening provides automated recommendations that minimize risk. In San Francisco, Landmark uses it to screen long term residents, and is now expanding use...

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...