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Page 1: Three Steps to Avoid Tenant Turnover

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The webinar will begin shortly

Welcome!

Page 2: Three Steps to Avoid Tenant Turnover

Shari McKoin Vice President of Business Development

JoRae Gamble Relationship Manager Team Lead

Elise BeckProduct Marketing Associate

Sam ClarkeAcquisition Marketing Manager

Page 3: Three Steps to Avoid Tenant Turnover

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3 Steps to Avoid Tenant TurnoverPresented by Buildium and TransUnion

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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______________________________________________

Page 5: Three Steps to Avoid Tenant Turnover

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Find the very best tenants

Step 1.

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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

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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

Page 8: Three Steps to Avoid Tenant Turnover

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

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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?

Page 10: Three Steps to Avoid Tenant Turnover

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

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Screening can be financially rewarding

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Keep the very best tenants

Step 2.

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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.

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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

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Help protect your tenants

● Require Renters insuranceo Reduce risko Avoid conflictso Help tenants maintain financial security when accidents occur

Page 16: Three Steps to Avoid Tenant Turnover

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Know how to handle the worst tenants

Step 3.

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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

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Questions?

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