Landlords, real estate business owners, and property managers use resident screening reports to weed out undesirable applicants and tenants. Resident screening reports are important because they give landlords a detailed idea about the resident and if they will be able to keep up with the terms of the lease. In addition to protecting real estate companies and property owners from fraud, this also spares them the hassle of dealing with evictions and unpaid rent. American government data says 1 in 3 Americans have a criminal record. You must know these records and decide how to proceed with the application.
However, it might be very difficult to individually check and verify every piece of information and data the residents/applicants provided. But you can not simply do away without the screening process. When you can lower the risks with automated resident screening, why would you want to deal with the headache of tenant turnover? They are not just full of hassle, but they also cost thousands of dollars. An average tenant turnover in the USA takes around $1000 - $5000. That is quite a big blow for any real estate business.
The resident screening procedure can now be automated using a wide range of technology options. But how can you know which software will perform best for you if you are new to the real estate technology field? This is where we come in. MRI software is one of the leading companies in the real estate market. And we are here to help you understand how this can be a great fit for your business.
What does a resident screening report include?
What information should a thorough and all-encompassing tenant screening report include? Do Yardi's reports provide you with all of them? The following information must be in a tenant screening report.
A thorough criminal history should include any civil offenses, minor felonies, and misdemeanors.
Financial and job history to demonstrate the tenant's ability to make prompt rent payments.
The tenant's history of paying rent and whether they have a history of defaulting.
A thorough examination of the tenant's identity documentation to rule out any possibility of fraud or identity theft.
If you think it's necessary, you can even decide to check their criminal and personal histories across international borders. However, the majority of tenant screening reports often make this optional.
You should also receive an analysis of the likelihood that the applicant or tenant will commit fraud and default.
You can even dig further and examine national terrorism lists and other sources to receive a thorough assessment. But this type of screening can happen in special cases only and needs written consent from the tenant.
What does MRI resident screening offer? How effective is it?
What features does the MRI resident screening feature offer? Is it effective in screening properly and weeding out undesirable residents? Let us find out more details about what MRI can offer you.
A reliable system that does not let fraudsters slip away
Statistics say that property-related crimes are more common than other criminal offenses. These data might not be presented to you by the resident, but you should not be in the dark. MRI provides you with detailed, comprehensive data about tenants and helps you find out all about their criminal records.
MRI also verifies all identity and financial data provided by the tenant. This will help you understand if the resident will pay up the rent on time or if you will be left with backdated rent issues. It can even help you verify previous rental details and credit scores of individuals.
Automated tenant screening
Landlords and property managers get thousands of resident applications in a day or week. It is humanly impossible to accurately verify this humongous amount of data and ensure effective work. That is why MRI resident screening automates the process and provides you with reports within a very short period of time.
It meets all location-specific regulations
Each government, state, and the country has its own location-specific guidelines and regulations about resident screening. If you do not adhere to these rules, you can easily face legal charges from applicants and governments. MRI resident screening customizes the screening according to each location. It also requires that you provide proof of consent from the resident to conduct the screening so that you do not commit any offenses during screening.
Reduces evictions
Too many evictions can cost you a lot of money but also lowers your reputation as a landlord and property manager. It is always better to get reliable residents than have to bear the brunt of conducting evictions. MRI runs checks to understand if your resident is likely to commit fraud. You can also check their previous rental history and get previous landlord data to see if they were previously evicted. You can easily opt-out of mingling with such residents to avoid future issues.
Reduces your financial liabilities
According to market reports, in 2021, The Land Registry paid £3.5m in compensation to victims of property fraud. Insufficient screening process leads to fraudulent residents residing in your properties. When you conduct a detailed background check, the chances of fraud go down, and your financial liabilities also reduce.
Tenant data remains secure
Previous concerns have been that automated resident screening can lead to a data breach. But MRI uses a secure system to conduct these searches and store your data, hence ensuring utmost data security.
Integrating MRI resident screening software with Assetsoft
Want to integrate MRI resident screening software into your system for better business? Worried that it does not work with other project management software. We assure you MRI software can readily integrate with all other leading property management software. Especially when Assetsoft does the integration work for you, it is end-to-end. This is no half-baked integration or lack of assistance from our side.
If you already have the MRI software integrated but have not upgraded to the resident screening feature. We can do that as well. We provide everything from integration to upgradation, employee training, and staff support. Talk to our individual MRI software consultants to learn more about our services.
Book a free consultation call with our team to know more. Talk soon!