Case Study

Case Study:
Waterton Residential

Waterton Residential

Waterton Residential Stabilizes Occupancy, Reduces Bad Debt With LexisNexis® Screening Solutions

Thanks to quality data from LexisNexis® Resident Screening, we’ve been able to lower our bad debt, stabilize our occupancies across the portfolio and improve our operating performance… The information we’re getting from LexisNexis is helping us spend less time collecting the data—and more time analyzing it.

-Greg Lozinak,Executive Vice President and Chief Operating Officer
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Summary

Waterton Residential, a Chicago, Illinois-based subsidiary of Waterton Associates LLC, is a proven leader in the multi-family industry. With 15,000 apartment homes located nationwide, the Waterton Residential brand signifies exceptional living experiences, a sense of community and home. Waterton employs approximately 450 associates who are committed to achieving the company’s vision.

Products Used

Resident Screening
Identity qualified applicants and protect properties from problem renters

Challenge

  • The company needed to reduce its high level of bad debt.
  • Screening standards were too low, allowing the "wrong" people into its apartment communities.
  • The scoring model was not revealing enough background information about applicants to support informed leasing decisions.
  • Customer service under the company’s prior screening provider was insufficient.

Solution

  • Switch to LexisNexis® Resident Screening, which offers a national criminal search, eviction search and credit check, using a rules-based "decision" model that better aligns with the company’s goals.
  • Create a decision model that enables onsite staff to qualify applicants more stringently and at a higher standard, while offering more decision-making flexibility for individual communities.
  • Use management reports to document when onsite staff overrules decision recommendations.
  • Integrate LexisNexis Resident Screening into existing property management system for increased operational efficiency.

Results

  • Decreased bad debt 12 basis points, within one year of using LexisNexis Resident Screening.
  • Improved operating performance by $136,489—simply due to better screening results.
  • Increased property value to an estimated $1.95 million by reducing bad debt and improving the credit profile across its resident base (using a conservative capitalization rate of seven percent).
  • Reduced eviction rates.
  • Access exceptional, highly individualized customer service from LexisNexis Resident Screening with fast, efficient response time and resolution.

Next Steps

To learn more about LexisNexis® Resident Screening or to receive pricing information, please call us at 800.590.8535 or fill out our simple online form.