Multifamily Florida - Spring 2015 - (Page 14)

FEATURE RENtal PayMENt the more you know, the more you earn BY EMILY ChRIS TIANSEN T hey were the perfect renters. They had great credit scores, they flew through the background check process, they always showed up to appointments promptly, and they paid on time for the first few months. Then it happened. The seemingly perfect residents stopped paying and skipped out on the apartment, owing past-due rent and never to be seen or heard from again. The risk of unpaid rent, midnight skips, and bad rent balances with seemingly perfect residents, or any applicant, can be decreased significantly, and 14 l MultifaMilyflORiDa l your success at collecting the skipped rent can be improved, with rental payment history. "Rental payment history offers a host of advantages to apartment companies and renters alike," says Brannan Johnston, vice president and managing director of Experian RentBureau, which began incorporating rental payment history into its credit reports in 2010. "In addition, rental payment history is proven to provide a superior prediction of a resident's likelihood to pay rent on time and improve an owner/operator's ability to recover skipped rent, while also helping residents build positive credit history." There are two distinct ways for apartment owners and operators to benefit from rental payment history: accessing and sharing. Accessing involves including rental payment history data in the screening process through the apartment company's screener, while sharing involves contributing rental payment history through an automated process that sends the data to credit reporting agencies directly from property management software. The impact of accessing rental payment history for apartment companies was examined closely in the Risk Versus Reward: Identifying the Highest Quality Resident

Table of Contents for the Digital Edition of Multifamily Florida - Spring 2015

President’s Message: My Open-Door Policy by Ron Wenzel, Greystar Multi-Family Services
FAA Update: The Power of Association by Josh Gold, CAE, CMP, FAA Executive Vice President
An Ounce of Prevention: An Organized System for Maintenance Saves Time, Trouble, and Money by Laureen M. Crowley
Rental Payment History 101 by Emily Christiansen
Legislative Days Wrap-Up by Laureen M. Crowley
Building Community: Working Together to Make a Difference by Trish Harris
Community Spotlight: West Park Village by Mary Lou Jay
Apartments by the Numbers
Index to Advertisers/

Multifamily Florida - Spring 2015