June 30, 2016
Protect Your Property: How to Ensure Accurate Online Applications
Online rental applications are quick, convenient and in demand. They also open the door for increased risk.
A recent survey by a major credit approval company reveals rising concerns among property managers over the accuracy of online applications. Of the 163 respondents, who manage more than 500 rental units, over 56% say they’ve seen an increase in online applications in the past year. Yet almost 70% reported concerns about identity theft and online fraud, and nearly 40% said they aren’t confident about the accuracy of applicant information.
Those are frightening numbers, given that the property management business hinges on having good, reliable tenants who pay their rent on time. So what can you do to safeguard your property and ensure that resident applications are accurate?
The Importance of Reliable Renter Reconnaissance
Never underestimate the value of thorough background research. Make sure you have all the intel you need to sort the good prospects from the bad. Look at applicants’ employment history, and follow up with references and past employers – don’t take a résumé at face value.
Once you’ve done your preliminary research, it’s time to get serious.
Do a Credit Check – And Then Some!
Let prospects know you’ll be running a credit check, and be sure to go through with it. But don’t stop there. A good credit score can be a false positive.
Think about it: Credit bureaus can assign high scores for people who carry month-to-month balances, yet who always pay their minimum balances on time. Yes, they’re clear of overdue bills, but that doesn’t mean they can afford to pay their rent.
Property Vista’s Tenant Screening Software goes beyond a credit score, considering 75 factors to thoroughly analyze each applicant’s financial viability – like their salary and current rent, the monthly rent for the unit they’re applying for, whether they’ll live alone or share the unit, and whether they’ll have a guarantor. Our software also simultaneously evaluates co-applicants and guarantors, automating the screening process and saving time for everyone involved.
This information, combined with a credit check, offers a much more comprehensive look at whether prospective tenants will be able to pay on time. Within seconds, you’ll know if your prospect has a solid financial history, enabling you to make sound rental decisions.
The Safer, Smarter Way to Rent
Whether by design or circumstance, many prospective renters hide behind outdated application processes to secure units they can’t afford. The risk of fraudulent applications is too high to leave to chance.
With a secure online application and automated credit check, you’ll be able to quickly see through any attempts at fraud, keeping the bad seeds from settling on your property.
Our Tenant Application Software helps you create an extensive, user-friendly online application form that will ensure greater accuracy. It features the latest security technologies, including PCI compliance, Secure Socket Layer (SSL) technology and end-to-end encryption, keeping sensitive resident credit information safe. It also includes options to attach legal documents and submit digital signatures.
To learn more about how Property Vista can help streamline and safeguard your rental application process, and improve your bottom line, sign up for your free account today.