Biggest pain points for property managers in today’s rental marketplace

landlord rental

Today’s property management processes are often burdened with many common issues and inefficiencies, and nearly 95 percent of landlords and property managers are experiencing pain points in their standard practices, according to a recent survey by Equifax.

The survey represents feedback from nearly 200 landlords and property managers of varying sizes. Respondents were asked about the pain points they experience in areas such as screening processes and online payments and how they rank them on level of importance. According to the results, most managers expressed a range of issues with tenant screening that seem to cause the most grief, including verifying income and employment, uncommitted potential tenants, thin credit files, prior landlord verifications, unclear credit reports and fraudulent information all ranking as above average pain points.

Currently, those surveyed stated they are using multiple strategies to combat the problems, such as requiring larger deposits (55%) or co-signers (48%) for thin-file applicants. However, a significant portion suggested screening improvement in key areas such as criminal reports, sex offender lists, and eviction reports would be a major benefit to the overall process.

“From verifying income and employment to pulling alternative and trended data elements, Equifax is committed to understanding and alleviating the challenges that property managers and rental companies face in terms of developing more holistic consumer profiles,” said Tyler Sawyer, Vice President, Rental and Real Estate Sector, Equifax. “We are working closely with partners and customers to bring products and services to market that are designed specifically to help address these pain points and create a frictionless experience for both property managers and tenants alike.”

In terms of online rental payments, most property managers indicated they accept them, but a large percentage of payments (48%) are still received in person or through rapid money transfer, with less than one third being received online. While higher rent and urban locations seem more likely to have more online payments, the barriers to online payments often arise from both the property manager (34% did not offer or encourage online payments or charged a fee) and tenants alike (non-tech savvy or lack of trust).

Surprisingly, most of the issues addressed by property managers and landlords are things that can be managed for more seamless transactions with potential renters. Not surprisingly, in many cases property managers and landlords are not moving with the speed of modern day renters who expect more digital efficiencies.

Discover more on this website

Quick tips to redecorate the bathroom on a budget To manage bathroom redecoration within a set budget requires some management skills combined with your creativity. Therefore, it is recommendable for you to keep in mind to make a most creative and practical approach while deciding stuff for your bathroom decoration. Since ba...
Will hackers outsmart the smart home? The advent of home automation and rapid rise of smart home connected devices is seeing some vendors and new startups scramble to become a part of the movement, with ABI Research forecasting 360 million smart home device shipments by 2020. But many companies are leaving major ...
5 things you need to know before becoming a landlo... Investing in property such as ‘buying to let’ used to be an incredibly popular way of making money, for those with the capital to do so. However, changes to tax have made this a slightly less attractive option. As well as the less favourable tax situation, there are plenty of...
Lodha Group’s new housing project on Mira Ro... Mumbai-based Lodha Group has changed the face of Lower Parel with iconic projects like The World Towers (world's tallest residential tower), The Park, and Trump Tower, Mumbai. Now, the largest real estate developer in the country is all set to redefine the way Mira Road lives. ...
Share This Post On

Pin It on Pinterest

Share This