All properties aim to find quality residents, but few take the time create detailed property guidance and invest in screening. By fleshing out your rental policies and training your staff on proper pre-screening and tenant screening, your commitment can help you increase your net operating income (NOI), decrease future resident problems, and maximize a property’s potential.
On September 15th, 2017, the second phase of the National Consumer Assistance Plan (NCAP) will go into effect, and while you might be reeling from the first phase, it’s important to know what credit changes are on the horizon. This next big push will affect medical debt collection accounts.
As of June 9th, 2017, Washington property owners and property management companies that rely on tenant screening to vet their rental applicants will need to adhere to a new law. Passed on March 29th, Washington’s SB 6413 makes it the property owner’s (or property management company’s) responsibility to provide notice before performing tenant screening on an applicant. Although the bill makes it clear what language the notice needs to have, alongside other regulations, the application of this bill has been up to debate.
The Residential Landlord-Tenant Act (RLTA) already requires property owners to notify the applicant in writing:
If you don’t know already— we’re packing up and hitting the road! On June 21-24th we’ll be exhibiting in Atlanta at the National Apartment Association’s (NAA) 2017 Education and Conference and Exposition! We’re so excited for the conference that (in addition to the three Kate Spade Handbags we’re raffling off during the expo) we’ve decided to give away an additional purse right here on Resident Screening Blog.
To understand when is the best time to rent out a vacancy, or figure out how much the rental price should be, keeping a keen eye on the rental housing market in your area is a big part of that process. While you can easily spend hours reading market trend reports and analyzing the impact on your community, it’s important to come up with a plan in case the rental market slows. With technological alternatives and preparation to decrease your costs and improve your internal operations, you can create a buffer for your community in case the market takes a turn for the worst.
With the credit bureaus’ new National Consumer Assistance Plan (NCAP) hot on our heels, it’s starting to look like these future changes could actually improve millions of U.S. credit scores. While a score boost definitely rears in the rental applicants’ favor, these new standards might be a little disconcerting for property managers and property owners where tax liens and civil judgments play an important role in the rental decision.