Colliers International Group Inc. is an industry-leading global real estate services company with 15,000 skilled professionals operating in 68 countries. Colliers International Saskatchewan (Colliers) manages some of the top multi-unit residential rental properties in Saskatoon, Regina, Weyburn and Moose Jaw.
Costly Manual Screening
With offices in Regina and Saskatoon using different methods to screen applicants, Colliers was spending excess time and money to secure residents and needed a consistent screening process to mitigate risk and support its leasing goals. Without transparency into screening data, the company also did not have access to performance analytics to help with business decisions.
Yardi Resident Screening
Yardi Resident Screening is a proven online tenant screening system featuring comprehensive reports, reliable data and automated recommendations built into the Yardi Voyager leasing workflow. The system enables clients to approve low-risk residents automatically and helps increase net rental income by reducing loss from collections, evictions and legal action. Yardi Resident Screening also provides analytics for better insight and adjustable screening criteria to ensure leasing and occupancy goals are met.
Consistent Automated Screening
Before Yardi Resident Screening, Collier’s Regina onsite leasing staff conducted approvals manually by calling applicant references, and then forwarding applications to the Saskatoon office for credit checks. The entire process took four or more business days per applicant to complete.
According to Leigh Anne Cripps, corporate project manager for Colliers, the company selected Yardi Resident Screening for the cost savings along with its direct data flow into Yardi Voyager that provides total transparency into Collier’s screening and leasing performance. “In our Regina office we didn’t have a process for credit checks, which slowed down approvals and leasing. Once we rolled Yardi Resident Screening out in Saskatoon to automate screening and rental recommendations, we also decided to roll it out in Regina to create a consistent process across our offices,” Cripps said.
With Yardi Resident Screening, applicants are promptly and automatically screened and rental recommendations are delivered within minutes. As a result, Collier’s onsite staff can lease confidently without the pressure of having to further research and make a decision to approve or reject applicants.
Devri Robertson, administration manager, REMS for Colliers in its Regina office, is not always able to be onsite to meet prospects. “With Yardi Resident Screening and its comprehensive background checks and credit data, there is an extra layer of security for the company in the leasing process. Now we have better visibility and know exactly who we are renting to,” Robertson said.
In addition to quickly approving low-risk applicants so Colliers can sign leases faster, Yardi Resident Screening also helps the company reduce operational costs. For its Saskatoon office, Cripps noted a savings of $5 per credit check compared with its previous screening method, which means a total savings of up to $500 per month for that office alone.
Cripps also mentioned the value of Yardi Resident Screening reports. “The monthly reports from Yardi Resident Screening are a great way to review all applicants and see how the decisions to approve or reject are made. With that information, we can revisit the system settings and tweak any criteria we feel is too lenient or too stringent,” Cripps said.