Testimonial: Elizabeth Phillips, Regional Property Manager, HHHunt
Rental payment data offers better operational efficiencies and a competitive advantage
The new standard to identify the right resident
Historically the industry mentality has been to use credit to identify the people
who may not have good payment histories and to use it more in the negative sense. I
don’t know if that’s necessarily the way the industry should continue
doing it. With rental payment history data at HHHunt’s disposal, we are more
likely to rent to a person with a lower credit score who perhaps had a recent foreclosure,
divorce, or stolen identity but who still pays their rent on the first of every month.
Sharing data means better operational efficiencies
If more property managers furnish data then the industry can better utilize that
data and use it to mitigate risk and improve collections. We can streamline operations
immensely because right now we have to conduct manual verifications and actually fill
out a piece of paper, fax it to the previous landlord or previous apartment community
management, have them fill it out and fax it back. Alternatively, if more property
managers contribute data, that would streamline operations immensely.
Offering residents an amenity and gaining a competitive advantage
Rental payment history dataalso gives us a competitive advantage.
We inform our prospective residents that they can improve their credit score by having
good rental history with us. They really like that because the majority of our prospects
and residents already have good credit. It’s very important to them to maintain
that score or even to increase their credit scores.