|
 Print Friendly Version
December 2010 Issue
What a decade it has been! A lot has changed and everyone has adapted to keep their business thriving. At RentGrow, we have grown our business over the years by embracing new technologies to continuously improve resident screening.
Let's take a look at four major points of progress in resident screening that have impacted both your business and ours.
Resident screening used to be credit-centric, with less than 15% of RentGrow clients running criminal background checks in 2000. Today, criminal data is accepted industry-wide as a critical component of applicant screening with over 95% of RentGrow clients using criminal data as part of their resident screening process.
So, what contributed to this dramatic increase?
To start, technological advances changed the data landscape. Criminal data became more accessible and affordable as court houses and data providers began consolidating court records online. As the renter population became increasingly mobile, these online databases helped overcome data challenges with screening out-of-state applicants. Additionally, state courts began ruling that property managers would risk potential liability if they failed to use available resources to identify and reject criminal applicants, such as sex offenders or terrorists, which may threaten the safety of other residents. All of these factors increased the value of criminal screening and led the multifamily industry to embrace it.
The multifamily trend to simplify and consolidate systems has changed how we all do business. People wanted fewer databases for better analytics and a streamlined user experience to minimize logins, platforms, data entry and training. Founded in 2002, Multifamily Information and Transactions Standards (MITS) initiated a coordinated effort to create shared data standards among multifamily vendors so that different software programs can "talk to each other." Over the years RentGrow has established many system interfaces to help clients lower costs and manage more efficiently.
Years ago, screening analytics were limited because of higher costs and technological limitations. Today's much improved data infrastructure and visualization tools make it possible to generate executive screening analytics more frequently, with faster delivery and better quality. RentGrow recognized the value of using analytics to gain insight into screening performance and established a team of expert account managers to help clients apply screening analytics to improve their business.
Today, credit monitoring services and the high exposure of digital identity theft has caused prospective renters to become much more aware of their personal data and its potential implications. As a result, they are more likely to challenge property managers and data providers if they suspect inaccuracies or discrimination. Consequently, it is invaluable to handle applicant disputes in a responsive way because you never want to wrongly reject a qualified applicant. Recognizing the importance of this, RentGrow built an applicant dispute resolution process into our screening program to help our clients resolve these issues professionally.
The multifamily industry must be forward thinking and work together to create a bigger and better future. As an industry leader in developing resident screening best practices, RentGrow will continue to embrace technology to deliver the most value for our clients. RentGrow looks forward to the challenge of staying ahead of trends and leading innovation in the decade to come.
© 2010, RentGrow, Inc., Resident Screening Experts. A Yardi Company. Sign up to receive "In the Know". For permission to reprint this article please send your request to newsletter@rentgrow.com.
If you have additional questions about other aspects of your resident screening strategy you can contact RentGrow at 1-800-RENTGROW (1-800-736-8476) or visit our website at http://www.rentgrow.com. | 
