Property Manager’s Policies Produce Full Occupancy

by Chris on October 2, 2010

Just Say No To Vacancies

Meadows Real Estate Development and Property Management has 25 years experience building and managing properties for lower-income residents and under-served groups such as grandparents raising grandchildren, frail seniors, and others.

As a non-profit affiliate of the country’s oldest Community Action Agency, The Meadows takes a more holistic approach to issues of tenancy, supporting both applicants and established residents with the many services available through the community action agency’s social service network.

In return, The Meadows enjoys full occupancy in all of their buildings, a benefit gained from having identified a perpetual pool of quality tenants that other property managers and landlords have overlooked, in an economic climate where vacancy rates are high and good tenants are hard to come by.

Credit Thresholds

Credit reports are definitely something The Meadows looks at when evaluating applicants. Taking a slightly different approach from most property management companies, The Meadows looks at the root cause of why an applicant has a low score. If the delinquencies may have been the result of a possible short-term financial hardship, The Meadows will take additional steps to assist the potential resident with obtaining the assistance or training that will enable them to enjoy the same adequate housing that others enjoy. It does this by utilizing programs that are already available through a parent agency such as credit repair, counseling, job training, and others.

Criminal Background Checks

A criminal background check  is the strongest tool that a property management company has to help in selecting individuals and families that meet the criteria that help create an environment people want to live in. The Meadows will consider each criminal incident on a case-by-case basis—there are many instances where the nature of the crime can be directly linked to environment. Checking with references can also be very helpful.

Prior Eviction History

The Meadows brings a different approach than textbook property management, particularly in the area of prior evictions. The Meadows does not have a rigid policy on prior eviction history. They take into consideration factors that other companies may not, such as the economic climate and current or prior environmental influences that may have had a negative impact. If a person is currently demonstrating willingness through personal action to take steps necessary to move forward in a positive direction, this will be considered as well.

Reporting Tenant Pay Habits

The Meadows offers residents with poor credit the opportunity to rehabilitate by making on-time payments and creating a successful rent payment history. For those who struggle, The Meadows can offer credit repair counseling services. The Meadows will soon begin reporting pay habits of residents to the three major credit agencies only when credit repair counseling has not been successful.

Referrals from Other Agencies

The Meadows has developed strong relationships with other agencies, management companies and national groups as well as local groups. It’s these relationships that help The Meadows reach those individuals that would other wise not qualify for adequate housing based on a past mistakes. The Meadows actually works closely with other management companies and not in direct competition with them.

Subsidized and Affordable Housing Options

In economic times such as these, a subsidized resident can actually be the best investment an owner can make to maintain the financial stability of an asset, because a portion or all of their payment is assured by a third party. This philosophy has allowed The Meadows to maintain full occupancy in all of its buildings.

Approach to Tenant Relations

With all of its tenants, if an issue is brewing, The Meadows will meet it head on. Managers frequently will visit with residents to talk, listen and take into consideration their suggestions. This approach fosters a partnership between the residents and owner and less of an adversarial relationship.

 
 
The Meadows Real Estate Management and Property Development Corporation is located at 555 Windsor Street, Hartford, CT 06120. For more information, visit http://www.crtct.org/Programs/Meadows.htm or call (860) 560-5482.

 

This post is provided by Tenant Verification Service, Inc., helping landlords reduce the risks of renting with fraud prevention tools that include Tenant Screening, Tenant Background Checks, (U.S. and Canada), as well as Criminal Background Checks, and Eviction Reports (U.S. only).

Click Here to Receive Landlord Credit Reports.

Disclaimer: The information provided in this post in not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.

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