If you have ever owned rental property or rented property, then you know that there’s the good, the bad, and the ugly that comes with this experience. And it works both ways, whether you are the landlord or the tenant.
Landlords sometimes have to deal with damaged property, disrespectful tenants, and difficulty collecting rent or collecting rent on time.
Tenants may have to put up with inconsiderate neighbours, properties that are poorly maintained, or landlords that are flippant and ignore requests.
The goal for many property managers is to find a happy medium so that all parties can live in harmony. Vionell Holdings Partnership, one of Manitoba’s largest property management firms, works hard to build positive relationships between property owners and tenants and they are always looking for tools to enhance the services they offer.
Chief Executive Officer Jason Roblin said the company recently partnered with the Landlord Credit Bureau (LCB), an independent reporting tool, used in the rental industry to help landlords, property managers, and tenants work more in sync with each other.
“This is a fantastic value-added tool that we’re excited to be using. As property managers, it helps to reduce our risk but the bonus is that our clients and our tenants gain just as much from it as we do,” said Jason.
Once the landlord and the tenant are signed in to the portal, the Landlord Credit Bureau tracks and reports credit information through credit bureaus such as Equifax. If rent is paid on time, the tenant builds a positive rent history and improves their credit report. With rent being a significant part of a tenant’s monthly expenses, it can sometimes be difficult to build a positive credit report.
“Until now, responsible tenants paid their rent without experiencing the credit building benefits LCB enables. Now, landlords and property managers can reward these tenants with a positive trade line on their credit reports. A recent tenant reported to LCB an increase of over 40 points within the first month of their landlord registering them,” said Zac Killam, LCB Chief Executive Officer. “We are pleased to be working with Jason and his team at Vionell Holdings to help reward his fantastic tenants.”
On the flip side, if the rent isn’t paid on time a reminder goes to the tenant and their rent goes into arrears. If it is not paid, it may impact their credit score. The reminder and the possibility of a lower credit score provides the tenant with an incentive to manage their finances more effectively so they can pay their rent on time.
And while the tenants benefit from this online tool, property owners who put their trust in property management companies using LCB also reap rewards. Landlords and property managers who sign up have reduced losses, attract responsible tenants, and end up collecting rent in full and on time more consistently.
“When we combine LCB with the tenant screening software that we use through Yardi Voyager, we are adding so much more value to the services we offer our property management customers. We’re utilizing industry best practices to attract and reward the best tenants. This is how we work to build positive relationships,” said Jason.