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| A Management Discussion of RPP |
| Comprehensive resident screening for mid-size and smaller landlords… |
Residential Property Professional (RPP) is First Advantage SafeRent's comprehensive suite of resident screening services designed specifically for the unique needs of the multifamily housing industry's mid–size and small landlords, individual owner–investors, and residential rental property managers who are infrequent users of resident screening services.
Large property managers are more capable of absorbing losses from defaulting tenants, but each tenant represents a significant percentage of a smaller landlord or property managers' income stream. Just one ill-informed acceptance decision can have a material adverse affect on your financial well-being! Comprehensive, relevant, and timely resident screening services can produce real bottom-line benefits for you. It can mean the difference between making and losing money on your rental property investments. |
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Evan Barnett, President of First Advantage SafeRent:
“The compliance policies of the three national credit bureaus have historically restricted the type of consumer information that can be made available by First Advantage SafeRent to both mid–size and smaller landlords, as well as infrequent users of resident screening services, especially property managers and individual investors operating out of a residence. We have worked closely with Experian, our strategic business partner and a global leader in consumer information services, in the development of First Advantage SafeRent's RPP service. RPP is specifically designed to respond to the bureau policy requirements and to meet the special risk–mitigation needs of these landlords and property managers. I think that RPP provides the best depth and breadth of coverage in consumer report information that has ever been available to them for screening applicants in both a timely and cost–effective way. RPP will help strengthen this important segment of the multifamily housing industry, and I am proud of what our multidisciplinary RPP development team has accomplished with this valuable and innovative new service.” |
| Multifamily housing benefits from a strategic partnership… |
| First Advantage SafeRent and Experian created RPP to provide small to mid–size landlords and property managers with the same vital leasing decision services used by the nation's largest residential real estate investment companies and property managers. RPP screening reports are delivered on a real-time basis on this custom-built First Advantage SafeRent website — dedicated solely to RPP services. You now have easy access to the information you need for better informed decisions about your applicants and to help you avoid costly mistakes. |
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Steven Flack, Executive Vice President of First Advantage SafeRent
“In terms of consumer reporting and applicant screening services, individual investors, small to mid-size landlords, and their property managers have been an underserved market niche due to the requirements imposed by the
Fair Credit Reporting Act (FCRA) and other similar regulations. These regulations and the compliance requirements of the three national credit bureaus (Experian, Equifax, and Trans Union) are intended to maintain security over confidential and sensitive consumer report information and to ensure its responsible use in accordance with all applicable laws. We are very pleased with the support we have received from our strategic partners at Experian who have helped First Advantage SafeRent create the RPP resident screening service.” |
| RPP: Innovative, powerful, flexible, and affordable… |
RPP reports are available at three different service levels, depending on your resident screening needs and your ability to meet both First Advantage SafeRent's and Experian's regulatory compliance standards. Each service level offers three powerful, user–selectable packages that can provide a more complete picture of your prospective residents. You can also select needed reports on an a la carte basis. All three service levels permit a search of a First Advantage SafeRent's proprietary National RegistryCheck database of tens of millions of landlord-tenant court and eviction records from jurisdictions across the entire United States, an AppAlert search of fugitive and terrorist lists, a VERIS social security number validation, an IDentify search for past addresses, a CrimCHECK search of the multi-state criminal and sex–offender (MSSO) registries, and a TeleCheck search of databases for check–writer histories.
Specific state and county searches also may be ordered to determine whether an applicant has a history of other criminal (misdemeanor and felony) activity. The IDentify search can return information on past addresses and movement patterns that an applicant may not have disclosed, enabling you to reduce cost and increase accuracy by requesting more targeted searches of First Advantage SafeRent's public records reporting services. Read more...>>
Pricing of the RPP suite of services is uncomplicated, and payments will be made either by either credit card or by electronic debit to your bank account, at your election, each time a report is ordered.
Two of the three RPP service levels also offer qualifying landlords and property managers First Advantage SafeRent's proprietary tenant risk scoring model known as Registry ScorePLUS, a highly complex scoring algorithm, or set of equations, that was developed by First Advantage SafeRent's Analytics Group in conjunction with the credit–scoring professionals at Experian Decision Analytics. The calculated score represents a numerical rank corresponding to the relative riskiness of an applicant; a lower score suggests a more risky applicant. |
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Shannon Lois, Senior Director of Experian Decision Analytics:
“Experian Decision Analytics is a global leader in credit scoring, and we have partnered with First Advantage SafeRent since the development of its pioneering tenant risk scoring model, RegistrySCOREX, that was introduced in 1999. The Decision Analytics team of consultants and analysts worked closely with First Advantage SafeRent's statisticians throughout the product development cycle of the Registry ScorePLUS custom model to ensure that this next-generation risk scoring model meets Experian's statistical tests for its intended use. Our requirements are rigorous and exacting, and we are very pleased with the performance of this model.” |
| Cutting-edge risk scoring eliminates guesswork… |
Analysis has shown that Registry ScorePLUS is more powerful and more reliable than either rules–based scorecards or generic credit scores. Rules–based scorecards employ arbitrary customer–selected decision rules that have not been mathematically tested for validity, which makes it is virtually impossible for a landlord or property manager to know what rule to change in order to increase or decrease applicant acceptance rates or how any such change may affect the landlord's or property manager’s risk assumption. Rules–based scorecards do not objectively quantify risk.
The generic credit scores commonly utilized by credit grantors for such things as home mortgages, credit cards, and auto loans weren't developed specifically to evaluate applicant risk in the multifamily housing industry and are not based on historical data concerning skip and eviction outcomes. Generic credit scores objectively quantify risk, but it is not multifamily housing risk.
Other scoring and decision–rule products on the market simply cannot make the needed distinctions among multifamily housing applicants based on the available data.
Registry ScorePLUS can! Read more...>> |
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Bagrat Bayburtian, Executive Vice President of First Advantage SafeRent
“Tenant behaviors are unique and need to be evaluated accordingly. Statisticians in our Analytics Group spent several years and used a dedicated high–speed computer and some very sophisticated statistical software to analyze the performance of hundreds of thousands of actual apartment tenants from across the country. ScorePLUS incorporates data elements from Experian Credit Profile Reports, First Advantage SafeRent's proprietary consumer information files, and from the prospective tenant’s application itself. Specific data elements from this broad range of both applicant and application data are both logically and statistically correlated with tenant performance. The ScorePLUS model is empirically derived, meaning that it was developed with historical data from the same sort of population whose future performance it is intended to predict. That symmetry is important — and perhaps unique in the multifamily housing industry — in the sense that it is "outcomes based". Actual tenant lease outcomes provide the statistical basis for evaluating the riskiness of our subscribers' prospective tenants. Standard credit scores simply don't do this, which limits their usefulness in this application. Registry ScorePLUS truly represents a new high water mark for risk scoring in the multifamily housing industry.” |
| Don't take chances: Promote consistency and fairness; stay in compliance… |
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The RPP resident screening service and Registry ScorePLUS are compliant with all applicable laws, including the FCRA, and meet Experian's policy requirements imposed on resellers and end-users of their consumer report information.
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Nicolas Dufour, Vice President – Legal Affairs of First Advantage SafeRent:
"Registry ScorePLUS is strictly objective, statistically sound, and completely neutral as to any protected class of applicants. This gives landlords an important defense in the event of a legal challenge. Scorecards based on customer–selected decision rules tend to be very subjective and rarely include any sort of statistical validation. Not only can poorly-informed acceptance decisions result in increased default rates, but decisions based on scorecards and other subjective rules may leave landlords in a position that is hard to defend if a Fair Housing dispute arises from the denial of an applicant. Litigation is costly and time–consuming, and that can be devastating for smaller landlords and property managers." |
| Don't let qualified applicants get away… |
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Time can be your enemy after you have made a leasing decision. RPP includes an option for First Advantage SafeRent's Registry FormsPLUS service, which automatically generates all the paperwork you need for each step of the resident life–cycle. Executable agreements can be ready for signature in just minutes. Registry FormsPLUS is integrated with the RPP system, and lease documents will be populated at the time of document generation with the information specific to both the rental property and the tenant. Forms vary by state and include leases, addendums, and move–out documents. By electronically generating the needed forms, Registry FormsPLUS, simplifies the leasing process, reduces errors, totally eliminates the time and hassle of manual form preparation, and quickly turns a qualified prospect into your newest tenant. Read more about FormsPLUS>>
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| For more information about RPP… |
Bookmark www.SafeRentRPP.com — the website address for First Advantage SafeRent's RPP resident screening services for the multifamily housing industry's mid–size and small landlords, individual owner–investors, and residential rental property managers who are infrequent users of resident screening services.
If you need further information about RPP you may check out our FAQ page, email us at RPPsupport@FADVSafeRent.com, or phone RPP Client Services Center at 877-496-3352. We look forward to serving your resident screening needs!
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