The Key Components of a Verification Platform
Leasing teams spend the bulk of their time aiming to attract residents to their communities. But equally important is making certain that those prospective residents will live up to the terms of their lease.
Tedious background checks have always been a not-so-exciting part of the leasing process, and they can become more frustrating when necessary information is ambiguous or unavailable. That’s why an increasing number of property management teams are opting for third-party verification services.
It’s a forward-thinking approach, but not all verification platforms are built the same. Apartment operators should vet screening solutions and make certain the platform they choose offers trustworthy screening results and an advanced level of screening intelligence.
Here are some of the features apartment operators should seek when considering potential verification solutions:
Low dispute rates: Check the stats. The platforms that are generating the highest success rates are typically identified by the percentage of disputed screening results.
Accuracy and stability: A verification platform is designed to erase headaches, not create them. Make certain any platform you’re considering is stable and won’t compromise your network. Platforms that have experienced instances of fraud probably aren’t the proper fit for your system.
Proprietary Risk Score: After a technical process, sometimes a raw number provides the best context. Credit scores, trade-line history, income and collection activity all factor into a prospect’s creditworthiness, and a 1-100 score gives an easy-to-use indication of how fit they are to live in your community.
Lockdown Compliance: Systems configured to comply with all state and local ordinances, as well as company policies.
Workflow Integration: A platform that is native to your property management system is ideal, particularly with regard to the transference of information. Overburdened property teams don’t want to enter applicant information multiple times, and platforms that can pull relevant information from the online application save an abundance of time.
Rental History Watch List: Those who have routinely skipped on their lease are more likely to do so again. Having a list of these offenders greatly assists communities when determining which prospective renters to accept.
When considering a verification platform, accurate and reliable screening is paramount. The ability to integrate is another key component. When those factors are coupled with ease of use and the key elements above, it equates to a reliable, innovative platform that will ease the burden of manual screening.