three steps to avoid tenant turnover
TRANSCRIPT
Shari McKoin Vice President of Business Development
JoRae Gamble Relationship Manager Team Lead
Elise BeckProduct Marketing Associate
Sam ClarkeAcquisition Marketing Manager
Tenant turnover is expensive.
$3,225
New coat of paint $600New locks $100Background checks $100New appliances $600Monitoring phone calls $75Drafting and executing leases $75Advertising open apartments $75Basic repairs $400New carpet $1000Showing properties $225______________________________________________
Start with screeningComprehensive screening ensures you get a complete picture of your potential resident!
Credit• Predicts your applicant’s financial ability and willingness to fulfill on their
leasing obligation
National Criminal • Reduces your risk and liability for criminal activity in your communities
Evictions• Minimizes one of your largest expenses within a property
Fair housing - 7 Protected Classes• Race, color, religion, sex, handicap, familial status, national origin
Consistent decision strategies• Follow recommendations• Eliminate subjective policies/practices• Create and follow Standard Operating Procedures
FCRA Obligations
• Permissible purpose• Consumer consent• Provide adverse action letters
Supports your Fair Housing and FCRA responsibilities
Screening best practices
Tailor your screening policies to your properties and communities Stick to your
recommendations
Stay objective and compliant
Look past basic income to rent ratios
Monitor you screening practices
Refine decisioning practices as market conditions change
Important Considerations
Validate• How do you
validate your decisioning strategies?
• How often do you re-validate?
Confirmation• What you are
receiving in your criminal and eviction searches?
Compliant• Are you
compliant with all local and state laws?
Disputes• How do you
address consumer disputes?
What can your screening service offer you?
Provides
• Consumer credit information
• Access to national criminal data searches
• Reported eviction information
• Supports recommendations that allow properties to be compliant
• Manual verification of employment and prior rental history*
Does Not Provide
• Personal reference checks
• Bank and trade references on consumers
*May provide depending on screening company
Provide great service● Speedy maintenance requests● Clear and open communication
○ Email○ SMS
○ Tenant Communication Portal
● Focus on convenience○ Allow tenants to pay rent online○ Add on-site amenities like laundry, parking, and more.
Appreciate your tenantsWelcome packages can include items like:
● Local amenities● Property information (Trash/Recycling)● Snacks● Wine or beer● Paper goods ● Soap● Trash bags● Toiletries● Bottled water● Magnets● Paper and pens
Help protect your tenants
● Require Renters insuranceo Reduce risko Avoid conflictso Help tenants maintain financial security when accidents occur
Minimize the damage● Require a security deposit● Get your lease right
○ If it’s in the lease, you’re good
● Know the laws○ Buildium.com/laws○ Nolo.com