How instant rental verification is changing the game for listing agents

As a listing agent, one of your responsibilities may include finding qualified tenants for your client’s rental properties. This process includes verifying applicants' backgrounds, credit histories, financial stability, and chasing down references, and historically took days or even weeks to complete. And while almost every agent would agree conducting this due diligence is critical, it also takes up valuable time that could increase the change of property vacancies.

Instant rental verification technology is changing that reality, making the process faster, more reliable, and convenient. For you, that means screening potential tenants with screening potential tenants in hours, not days, without sacrificing the security and confidence you need to present your landlord clients with the best possible candidates. 

How does instant rental verification work?

Before instant rental verification, the leasing process was often time-consuming and required a lot of manual work. Applicants had to fill out paper application forms, listing agents would gather, copy, and file numerous documents such as proof of income, identification, and references. Each piece of information had to be meticulously verified, which sometimes entailed making phone calls or sending emails to employers, financial institutions, and previous landlords. 

Following every step of this process could take anywhere from five to seven days, if not longer, resulting in landlords losing income because of a vacant unit. It’s no surprise then that, nationally, the average rental remains vacant for 32 days, partially because it takes so long to complete the application process. 

Tenant screening solutions can often make this process move faster, but can be slowed if they rely on outdated data sources or lack automated workflows. With instant rental verification tools, agents have immediate access to the most comprehensive applicant data and can automatically request references and relevant documents. Through a combination of online databases, financial institutions, and credit reporting agencies, instant rental verification platforms can quickly assess an applicant's creditworthiness, rental history, employment status, and criminal background. With instantaneous access to critical information, you can make more informed decisions, expedite the rental process, and reduce vacancy rates.

What are the benefits of instant rental verification? 

More efficient

Gone are the days of waiting for paper applications to be mailed in or manually contacting references and employers. With instant rental verification, you can evaluate applications within a matter of minutes (rather than days) so you can move forward with qualified candidates quickly. 

That also means you can process a higher volume of applications while reducing the administrative burden that would typically come along with it. Not only does this save you time, but it also improves the overall experience for landlords and renters alike by minimizing delays and streamlining the entire leasing process.

Enhances the accuracy of tenant screening

Instant rental verification can mitigate the risk of rental disputes and financial losses because it can help you identify potential red flags early in the application process. With up to date credit reports, eviction histories, and criminal records, you can easily weed out unqualified applicants and protect your client’s investments. And because instant verification platforms utilize advanced algorithms and data analytics to analyze applicant information comprehensively, it also provides you with a more holistic view of each applicant's suitability.

Increases transparency

Unlike manual screening methods that rely on subjective assessments or incomplete information, instant verification offers objective, data-driven insights into applicants' backgrounds and financial histories. Trust is paramount in the real estate industry, and having transparent, verifiable tenant screening results can help strengthen trust between you and your landlord. Instant rental verification can also reduce the likelihood of discrimination or bias in the screening process, helping you treat all applicants fairly and equitably.

Reduces fraud

Eighty-five percent of landlords and property managers have encountered application fraud. And one of the reasons why is because 1 out of every 8 applicants fraudulently alters application information. Thankfully, instant rental verification can help tackle these challenges by quickly and accurately checking the information provided by applicants against reliable databases and financial records. It also identifies discrepancies and false information that might otherwise go unnoticed with manual screening methods. 

For example, if an applicant claims to have a certain income level, instant rental verification can immediately confirm this with their actual employment and financial records, exposing any false claims. Or if an applicant claims to have no prior evictions, instant rental verification can automatically cross-check this information against eviction records to reveal any undisclosed history. In other words, instant rental verification can help with rental history verification and other applicant information so you can protect your clients from potential financial losses and security issues. 

Streamlines communications

Many instant rental verification tools come with automatic reference and document requests that enable you to effortlessly gather necessary information from both applicants and their references, eliminating the need for back-and-forth exchanges. With automatic requests, you can maintain a clear and documented trail of communication, which can help strengthen trust between you, the applicants, and their references.

This feature of instant rental verification allows you to also track the progress of requests in real-time so you can quickly obtain all the required documents and references you need with minimal delays. This way, you can proactively address any issues that may arise to keep the screening process on track and minimize disruptions. 

Working with rentals just got easier

There’s no doubt that instant rental verification is changing the way listing agents work. It empowers you to navigate rental transactions with greater agility and confidence so you can help landlords fill vacancies faster and renters find suitable housing in no time. RentSpree's suite of powerful rental tools, including our Tenant Screening solution, can help you quickly identify tenants that meet your client's criteria and fill vacancies in no time.

FAQ’s

How does income verification work?

Income verification works by confirming an individual's reported earnings through various methods. This can include reviewing pay stubs, bank statements, and tax returns provided by the applicant. Additionally, digital verification services can directly access employment and payroll databases to verify income details quickly and accurately, ensuring the information is legitimate and up-to-date.

How long does apartment application screening take?

Manually reviewing apartment applications and conducting tenant screening can typically take between 24 to 72 hours. With tools like RentSpree, completing and reviewing a rental application can take hours instead of days. 

How long does rental verification take? 

This timeframe can vary depending on the efficiency of the verification process and the responsiveness of third parties, such as employers or previous landlords. However, with instant rental verification services, this process can be expedited and sometimes even be completed within just a few hours.