LAS VEGAS, NEVADA December 30th, 2021
Beginning in early 2022, Strawberry Realty – Property Management in Las Vegas will provide a credit reporting service that reflects rental payments made by tenants. This integration will be provided for all clients and tenants automatically.
With this new system in place, Strawberry Property Management Las Vegas will report tenant rent payments to credit reporting agencies such as TransUnion and Equifax. Tenants do not need to opt into this service; it’s set to be provided beginning in the New Year to every resident renting a home from the Las Vegas property management company.
This program will report both positive and negative payment patterns. It will also report any unpaid debt owed by tenants who moved out.
Tenant Benefits: Credit History
This credit reporting program will be good news for tenants, especially good tenants who pay rent on time. Tenants may see their credit scores go up when rent is paid on time every month. This can be extremely beneficial, especially since all tenants will eventually want to rent another home or perhaps even buy a home in the future.
Recently, new guidelines have been announced for government-backed mortgages. According to those guidelines, rental payment history can be used for mortgage qualification. This means that the newly implemented credit reporting program can help renters who want to become homeowners. It will also help them show positive rent payment history for future landlords. Good credit opens a lot of doors, leads to lower interest rates, and makes borrowing money or financing vehicles easier. Tenants of Strawberry Property Management Las Vegas who pay rent on time may have a stronger credit report to use any time they need it.
Las Vegas Rental Property Owner Benefits
Rental property owners will benefit from the credit reporting as well. Their tenants may be motivated to pay rent on time. This will encourage less bad debt and fewer collection activities that delay payment to owners. This program can also help with past debt collection.
When one tenant moves out and owners are looking to fill the vacancy, it will be easier to attract good tenants with this credit reporting program in place. Renters who pay on time will want the benefit of building their credit. Those who don’t pay on time might shy away from applying to rent a home where rent payments will be reported to the credit agencies.
Owners can expect better performance on their investment property with this program in place.
About Strawberry Realty – Property Management
Strawberry Property Management Las Vegas leases, manages, and maintains rental homes in Las Vegas, Nevada. Casey Powers is the broker and property manager and has been working in the Las Vegas rental market for a decade. Learn more about the full-service management company at https://propertymanagervegas.com/.