Are you a property owner, landlord, or even a real estate agent searching for the ideal renter? If your main priority is protecting your rental property and receiving rent on time, using tenant screening services and tools that offer thorough screening reports is essential.
Screening a tenant can uncover red flags that don’t meet your criteria. SingleKey sends reference requests to previous landlords and guides you through the application process so you feel confident your investment property is in good hands.
A comprehensive tenant screening service will help landlords and property managers quickly navigate a stack of applications, selecting the best potential tenants.
Managing a rental property is like operating any other business––you have to be equal parts highly organized and analytical. While your primary goal may be to earn an income by filling a vacancy, there is a preliminary vetting process every landlord must complete.
Utilizing a tenant screening service will accelerate your tenant screening results so you can jump-start the rental process.
What exactly is tenant screening?
Tenant screening is when you evaluate potential tenants before approving them to rent your property. You are assessing someone based on several screening criteria, including their credit report gleaned from major credit bureaus, their criminal history, and if they have received any eviction notices. You’re also looking for previous landlords to confirm the individual’s timely rent payment history.
The tenant screening process empowers landlords with valuable information and complete transparency to make an informed decision. This process includes pre-screening prospective tenants during a showing or in an application.
Why do landlords use tenant screening tools?
Landlords use tenant screening tools to streamline their ability to find qualified tenants. One of those tools is a tenant screening report, which can provide the following information on potential renters:
- Identity confirmation (e.g., name, date of birth)
- Income insights
- Employment history
- Residential history
- Eviction history
- Landlord references
- Background checks
- Criminal background check
- Credit score and credit report from a major credit bureau
What tenant screening services are available in the U.S.?
Many tenant screening packages vary in price, functionality, and offerings. Most services only include tenant screening reports. However, you can incorporate other vital features beyond the tenant screening reports to optimize the property management workflow.
The SingleKey tenant screening platform available in the United States includes:
- SingleKey’s Tenant Report: With an applicant’s consent, submit the individual’s personal details to get their criminal history, credit history, credit score, eviction report, employment history, income verification, and a social media scan. Here is a Sample Report that shows all the information available on a prospective tenant. A tenant screening report costs $29.99 in the U.S.
- Rent Guarantee Program: Landlords can protect their rental income if renters stop paying rent.
With additional services like the Rent Guarantee Program that SingleKey offers, property owners can reduce the risk of late rental payments.
Who benefits from using a tenant screening platform?
Anyone preparing to rent one or multiple investment properties will benefit from using SingleKey’s services, tailored to simplify the renting process––this includes homeowners, property managers, realtors, and real estate agents.
With SingleKey’s tenant screening tools, you can expect to get a tenant report within five minutes upon completing the online application. This time may vary if the potential tenant is completing the report request themselves.
The tamper-proof reports you’ll receive are fair and accurate. You can choose from two options when ordering:
- Invite Tenant: Send a link to a prospective tenant. You can request that they input their information and pay for the report directly.
- Enter Tenant Information: Submit the tenant’s information with their consent and cover the screening fee yourself.
Insights into other tenant screening companies and how they stack up
Many tenant screening companies are comparable to SingleKey in providing screening reports. Still, there’s no rivaling SingleKey regarding accuracy and tools that support and streamline the rental process.
E-Renter offers tenant screening reports for property managers. Here’s what you get for their all-inclusive package priced at $36.99:
- Identity verification
- Background check
- Credit check
- Name history
- Address history
- Rent Check Advisor®
First Advantage caters to employers who conduct drug tests, fingerprinting, and background checks. Property managers can get a background check for $29.
LeaseRunner provides tenant screening services to property managers. They offer credit and criminal reports, three-month income verification, eviction history, and a digital lease. Property managers can pay for the individual service or utilize all available services for under $90.
RentPrep exclusively offers two types of tenant screening reports––one will produce minimal results, including identity confirmation, eviction history, bankruptcies, or any judgments or liens for $21. The more comprehensive report will cost $40 and includes:
- Full credit report with ResidentScore
- SSN verification/Address history
- Nationwide criminal and sex offender search
- Nationwide evictions
- Bankruptcies
- Applicant pay option
SmartMove (via TransUnion) pulls credit reports, background checks, and more for $40. They specialize in tenant screening services for landlords.
TurboTenant serves landlords looking for rent collection software and income insights. While the rent collection feature is free for landlords, there is a 3.49% convenience fee for tenants paying with credit cards and debit cards. Landlords pay $8.99 per month for the following features:
- Income insights
- Expedited rent payouts
- Connected bank accounts
- Rent reporting
Compared to other offerings, SingleKey is the most comprehensive and economical. SingleKey assesses a tenant’s complete background and financial history, reduces your risk of inviting unreliable renters into your investment property, and helps you manage your property efficiently.
FAQ: What to know about tenant screening services for landlords
Credit screening services help landlords interpret credit history and find a potential tenant’s credit score by getting consent from the tenant and completing an online form. The credit reporting bureaus most commonly used to obtain a renter credit check are TransUnion, Equifax, and Experian. The SingleKey credit report is obtained through Equifax.
It is paramount to screen applicants through extensive background check services. You must get permission from a prospective tenant before pulling background check reports, including criminal records.
A reputable background check company should conduct the tenant screening. Landlords can find background screening services available at reasonable rates, which include credit checks, eviction history, and criminal records.
Reputable background check companies will conduct employment verification, check the debt-to-income ratio, and validate the prospective tenant’s previous address. They will also send reference requests to previous landlords to learn about an applicable eviction record.
Additionally, a tenant screening service will conduct a criminal background check that provides valuable insights into each applicant and minimizes the chance of renting to disruptive tenants. Many landlords use online tenant screening services to check prospective renters’ financial stability and rental history to ensure a successful relationship.
Depending on the state you reside in, eviction laws will vary. If a landlord wants to list their investment property as a rental property listing, they can only do so after a lease ends. In some states, a property manager must go through a court before starting eviction-related proceedings or giving eviction notices. Independent landlords and tenant screening companies can only conduct background checks with a tenant’s consent.
You can ask for proof of income, rental history references, and permission for background checks during the application process. Landlords cover the screening fees, or they can add the screening cost to the application fee, but they cannot charge additional expenses not included in a lease agreement.
In most cases, landlords must notify the tenant that they need to visit the premises and request approval for property owner access.
Our final thoughts
A comprehensive Tenant Report from SingleKey is a powerful asset to help any property manager make an informed decision about selecting their next tenant. Learn more about how to order a report today.
