My Last Tenant Was a Bank Robber

Over the past few months I have been getting a number calls from new landlords looking for tenant screening and asking about TenantMagic’s online rental application and background screening program. Many times they relate stories to me about not doing backgrounds checks on their previous tenants and the predictable bad consequences.

One landlord told me that she recently had a tenant taken away by the police in handcuffs. When she inquired why, the police told her that he was being arrested for bank robbery. She told me how surprised she was and that he “was such a friendly guy.” Tenant screening would have shown that being friendly doesn’t necessarily make for a good tenant.

Many of my discussions involve the benefits of requiring background screenings on all tenants 18 and over. She and many other landlords have told me that they are (or think they are) a good judge of character. Not only is this intuition many times incorrect, it can also cause issues with Fair Housing compliance.

My other recent conversation was with a landlord that had her property used as a meth lab. This can be very serious and dangerous. Meth labs can explode and destroy the property. Meth houses also attract meth addicts which many times are also  criminals. Additionally, the chemicals used in meth production are very toxic. Meth house remediation costs can range from $3000 – $25,000 according to this story in the Boston Globe. https://www.bostonglobe.com/news/nation/2013/12/28/meth-lab-cleanup-growing-industry/Mvcx3cpnQ6P6wLOE2ejDuJ/story.html

These stories really demonstrate the importance of doing a comprehensive background check on your tenants. Your rental property is a very large investment and landlords need to make every effort to protect that investment by thoroughly checking out prospective tenants. This includes criminal and eviction history in addition to income, credit and payment histories.

Making judgements based on a single meeting with a potential applicant is unreliable and can potentially result in Fair Housing compliance issues.

Using a quick, easy and free screening program such as TenantMagic, can help assure you that you are getting a qualified tenant which goes a long way to protecting your property investment.

Guide to Choosing the Best Tenant Screening Service 2017 (Part 2)

In my last post, Guide to Choosing the Best Tenant Screening Service 2017         (Part 1) I wrote about  “what makes TenantMagic better than the rest of the tenant screening companies out there?”  That post looked at the importance of having comprehensive screenings to make a qualified decision when considering rental applicants.

In this post I want to look at the other end of the spectrum, screening reports that have volumes of data and analytics.

A business acquaintance of mine has a real estate agent service platform and recently contacted me regarding a competitor that offers a similar application and screening program. They approached him to explore potential partnering opportunities. My acquaintance asked me what I thought of the company.

Their web site had a good clean design and did a nice job of presenting their program. The 5-minute video on the home page spent a lot of time talking about using artificial intelligence for their reporting analytics.

I then looked at their sample reports and was overwhelmed by the number of analytics and charts. A lot of the data was nice to know but really did not add much to the overall decision making process. From my perspective, it would lead to analysis paralysis. Here is a good article that describes analysis paralysis in decision making. https://personalexcellence.co/blog/analysis-paralysis/

I base this observation on the calls I receive from both agents and landlords users of TenantMagic. We have made every effort to make our reports as easy to read and review as possible. Over the years we have made changes from the input we have received from our users. In spite of all of these efforts we do get users that need assistance. We do provide written instructions and have short explainer videos but some still need to be walked through the process the first time.

TenantMagic users want both comprehensive information and the ability to quickly evaluate it. We work very hard to maintain that balance to make sure agents and owners select TenantMagic when choosing the best tenant screening service. After all they are using our service to save time and overwhelming them with data is counterproductive.

When choosing the best tenant screening service, agents and landlords need to consider how well the tenant screening provider understands their information and time requirements. TenantMagic understands those requirements by listening to our users.

Guide to Choosing the Best Tenant Screening Services 2017 (Part 1)

Choosing the best tenant screening service
How to choose the best tenant screening service

One question we frequently get at TenantMagic is “what makes TenantMagic better than the rest of the tenant screening companies out there?” With so many different tenant screening companies, we understand that looking for the best screening service might be difficult.  For that reason, we decided to give you our guide on choosing the best tenant screening companies. Today’s post we will look at the importance of comprehensive screenings.

Comprehensive screenings

One important aspect of tenant screening is gathering all relevant information about the tenant. I have spoken to many landlords and agents that use a credit report to qualify a tenant and sometimes they accept a credit report provided by the applicant.

There are 2 reasons why this is bad.

  1. Credit reports give you part of the picture. Eviction reports and criminal reports ore very important to properly evaluate a potential tenant.
  2. As I have written in a previous post, fake credit reports can be purchased on-line. Here is a site that blatantly promotes them. https://fake-credit-score.pdffiller.com/

Many services offer combinations of credit reports, criminal reports, and eviction reports, and others offer credit and criminal reports, with eviction reports as an additional add-on cost. TenantMagic includes eviction reports in the screening report giving owners and agent comprehensive information to make a highly informed decision.

TenantMagic goes one step further after the owner or agent receives the reports.  There are instances when the criminal received from the courts require further explanation. TenantMagic will conduct additional research on criminal reports if further clarification is required.

Additionally, eviction courts do not use social security numbers. This can result in false positives with common names. The TenantMagic program resolves false positives by comparing addresses where the applicant was known to live as reported by the credit bureaus with the addresses where a person with that name was evicted. If there is a match, then we know it was the applicant that was evicted.

In future posts regarding Choosing the Best Tenant Screening Services, I will discuss customer service and ease of use for both the owner/agent and the applicant.

 

How Great Customer Service Impacts Your Business

Great customer service
Excellent customer service directly impacts your business

In my last 2 posts I wrote about the importance of customer service for tenant screening providers and how TenantMagic uses customer service to create a competitive advantage.

Since that post we noticed a spike in registrations that still continues. I originally attributed it to our blogs and marketing efforts. This was only was only partially correct.

Fortunately, a number of the new registrants called in for additional information. They were from all over the country and I asked them how they heard about TenantMagic. Most of them told me that they heard of us from recommendations on Trulia’s www.trulia.com website forum discussing the “Best website to use for tenant screening.”

Below are 2 comments that mention TenantMagic’s customer service.

“TenantMagic. TenantMagic. Easiest, simplest, most effective way to screen my applicants. I’ve been doing rentals for 28 years and I have never had an easier and better way to screen than TenantMagic. If you are ever looking for a tenant screening service that is free to the user, that is easy with immediate results, that provides everything you would want like criminal, eviction, credit, sex offender, etc, then switch to TenantMagic.
http://www.tenantmagic.net is the best I’ve come across. I spoke immediately with the owner who assisted me and my applicants right away.
No cost. Simple to use. Better than e-renter, cozy, my rental, etc. 10/10.”

“Rentprep is a very good service, but I actually was not satisfied with how much time it took to get my application. They say that it is because they are doing the applications by hand and reviewing them, which I believe.
But I switched to a company called TenantMagic http://www.tenantmagic.net and have received the same application review services checking for any mistakes, false positives, etc, and found that it is much cheaper than rent prep, and much better. I spoke with owner right away, he was very helpful. I agree with above comments that tenant background is terrible, and my rental is also not a great service. I’ve tried 3-4 services and nothing compared to customer service and speed of TenantMagic.”

You can check out the actual comments and thread at – https://www.trulia.com/voices/Property_QandA/Best_website_to_use_for_tenant_screening_-641199

It is really satisfying to implement a strategy and see how it directly impacts your business. One of my favorite sayings is “ It is simple but not easy.” And that surely applies to establishing a customer service strategy that works.

Tenant Screening Customer Service – The TenantMagic Advantage

Let your business stand out with superior customer service

 

In my previous post I wrote about how TenantMagic stands above its competitors by providing superior tenant screening customer service. Here is a link to a Forbes article http://bit.ly/2sTWAD1 that supports our strategy, that customer service is a great differentiator.

In this post I will give you a recent example.

TenantMagic’s tenant screening customer service is available 7 days a week. We know that our agents and landlords don’t work Monday through Friday from 9am to 5pm and neither do we. We see much of our activity after 5pm and on weekends. One of our competitors brags about having their customer service available Monday through Friday from 8:00 am to 7:00 pm. TenantMagic’s live phone customer service is available from 8:00 am to 9:00pm Monday through Friday and 9:00 am to 5:00 pm on Saturdays and Sundays.

This past Saturday, I received a call from a woman in her 70’s who needed help to complete the online rental application and tenant screening for her and her husband.  Neither were what you would call computer savvy.

She called asking for assistance, as she was somewhat unsure about entering personal information into an online application. She asked if we could stay on the with her while she entered her information which we did not only for her, but for her husband too.

In less than a half hour both applications were completed and the agent received their applications and screening reports.  They were very thankful not only for the assistance, but that it was provided on a Saturday morning. The property they were applying to was in demand and they needed to get their application in as quickly as possible.

TenantMagic’s development team has worked with our customer service team to make the user experience as easy as possible. We see that we are successful more than 95% of the time based on the number of customer service calls we receive compared to the number of applications that are completed.

We often hear back from the agents and landlords of the 5% that needed the assistance, thanking us. They appreciate that their vacancy will be filled in a timely manner. This has resulted not only in repeat business but great referrals.

 

 

Tenant Screening Services – Why TenantMagic Works Best

Tenant Screening Services - Why TenantMagic works best
Uses TenantMagic Tenant Screening Services

The TenantMagic staff  conducted a competitive analysis of tenant screening services providers to see how TenantMagic compares. We found many services that offer the same type of reports – credit, criminal, eviction, and sex offender. We then took a further dive to see how TenantMagic was different.

The tenant screening services we selected offered similar reports. We excluded companies that only provided credit reports and enterprise property management systems that had tenant screening as a part of a suite of services.

Overall, we found that the other tenant screening services focused strictly on the reports, where TenantMagic handles the entire application and screening process along with providing customer service to the applicants every step along the way.

We interviewed dozens of real estate agents and landlords when we were developing TenantMagic five years ago. The time it took to get prospects through the application process was the one pain that was consistently articulated by both agent and landlords.

It starts with the handling the calls and setting up appointments. Then there is the time it takes to collect the completed applications (usually paper), application fees, run a background report and make a selection.

The biggest headaches came from applicants that were:

  • No shows
  • Just looking
  • Went through the application process but didn’t meet basic income qualifications

If a background report was used by the agent and landlord it usually consisted of a credit report, which alone is not sufficient to determine the quality of a potential renter.

What we found was that TenantMagic is the only tenant screening program that addresses the entire application process from the inquiry to providing the notification to applicants that were both accepted or declined.

The agent or landlord simply enters the applicant’s email into the system and TenantMagic handles the rest. This includes all customer service during the application process for the applicant. If there is a problem, the applicant is instructed to contact TenantMagic, not the agent or landlord.

The agent or landlord gets a completed application with the screening reports and a rental recommendation based on income and credit history requirements. The completed application and  reports are available minutes after being submitted by the applicant.

As an added benefit, TenantMagic is free to agents and landlords. The applicant pays the fee.

By using TenantMagic,  agents and  landlords can stop wasting time with unqualified rental applicants and focus on their primary business. And that is why TenantMagic is the tenant screening service that works best for not only agents and landlords but applicants too.