In today’s economic environment, there’s almost no price you can put on financial stability, and that includes having a good credit score. For renters, paying rent on time never provided any benefits – until recently. As part of Fannie Mae’s Multifamily positive rent payment reporting pilot, the latest FICO 10T and VantageScore 4.0 models will include rent, utilities, and phone payments into credit building profiles. By reporting on-time rental payments to credit bureaus, vendors partnered with your properties can help renters build their credit histories and improve their scores.
With so many options available, it can be difficult to choose the right one. We’re going to unpack the key features for multifamily property management executives to look for when considering rent reporting alternatives, and why you should consider implementing it in your properties today. So, sit back, relax, and let’s dive in!
- Effortless, Speedy Enrollment
Amenities take time to rollout, but fortunately RentPlus has an extremely streamlined process that makes it easy to launch at your community almost instantly. Don’t just take our word for it – See what Sarah with Bonaventure Realty had to say about rolling out RentPlus across 21+ communities. On top of that, many rent reporting services charge hefty implementation fees, so be sure to check during your demo calls about any upfront hidden costs that will take 12+ months to pay off.
- Credit Monitoring and ID Theft Protection
The value of rent reporting might feel short-sighted for Class A property operators and managers. However in The era of data hacking, ID and Fraud protection is more valuable than ever, as fraud instances in 2022 totalled 5.8 million – up from 19% the year prior. Rent reporting programs such as RentPlus include Credit Monitoring and ID Theft protection for up to $1 million at zero cost to property owners and residents as part of a financial suite of services to residents. On top of ID and Fraud Protection, the program also includes a laundry list of other monitoring, from non-credit loans, to social security, change of address, cyber and dark web monitoring, alerts, and personalized recovery services of up to $1 million including legal feeds, stolen funds, lost wages and private investigating service charges.
- Data Furnishing
You don’t have the time to worry about juggling another amenity, and you certainly don’t need the headache. Some rent reporting providers put the onus on property management companies to do all the legwork back to credit bureaus. At Rent Dynamics, we handle all that for you, as the largest data furnisher to TransUnion, to-date.
- Flexible Enrollment Model With Ancillary Revenue Options
There’s not a one-size-fits-all solution when it comes to your property’s needs.Whether you are interested in providing rent reporting services as a value to residents at no cost in efforts to fulfill ESG initiatives, or gain ancillary revenue, it might even look different between certain communities in your portfolio. When working with Rent Dynamics, we provide an opportunity to align your rent reporting amenity with your leasing playbook.
For properties who are part of FannieMae, you can blend the best of both worlds and virtually at no cost. As an early pioneer in rent reporting, Rent Dynamics has partnered with Fannie Mae in an exclusive opportunity to offer the first year subsidized entirely by Fannie Mae at no cost to properties, OR residents. After the first year, the standard enrollment model kicks in, generating instant ancillary revenue as high as tens of thousands monthly, with the opportunity for your residents to opt-out at any time.
Many enrollment models on the market come at a cost to PMCs but with Rent Dynamics, you have the option of getting money back on an amenity you provide – how many other amenities are working for you in that way?
- Holistic value beyond rent reporting
Financial equity shouldn’t just stop with rent reporting. Providing a meaningful amenity for your residents can extend well beyond rent reporting into a suite of other financial services. RentPlus includes not only credit bureau reporting and IDX protection, but an entire suite of financial wellness and empowerment tools including a debit card and banking app, financial education courses online, money budgeting tool, and even home ownership incentives for qualifying residents and communities. (We’ll cover each of these more extensively in future articles). As you explore rent reporting solutions, be sure to uncover all the benefits included and weigh the full suite of benefits included and the lifelong value it can provide to your residents.
To learn more about the impact RentPlus can have for your community, reach out to our team today!