As a residential real estate owner and operator, your business can live and die by the experience it provides for your tenants, and vice versa.
Cultivating a good working relationship with your tenants is vital to residential property management, but it’s also something that can pose a tough challenge amid the hectic nature of day-to-day modern life.
Part of that challenge begins right at the start with tenant screening.
Tenant screening is vital for property owners and managers to know the financial health of their prospective tenants and get the assurances they need in uncertain economic times. Unfortunately, it is a friction-filled process hindered by numerous, manual touchpoints. Identity fraud is a constant risk, and the regulatory landscape is complex.
A September 2022 TransUnion study found that 38 per cent of independent property owners surveyed in Canada were not satisfied with the existing processes they used to screen tenants. Online access to prospective tenant information (42 per cent) and built-in identity verification tools (31 per cent) were cited as the most appealing benefits they don’t have in their current process.
How can these issues be fixed for apartment owners and managers?
That’s where global information and insights company TransUnion and its ShareAble for Rentals screening solution can help.
Streamline screening with ShareAble for Rentals
ShareAble for Rentals makes tenant screening an easy and efficient process and is the first tool in the market to combine consumer credit report sharing with integrated fraud controls in a streamlined digital experience. Designed specifically for the tenant screening market as a comprehensive solution, it enables online access to tenant credit report information via a single API with access to credit reports and tenant authentication capabilities, usage across multiple devices, and built-in identity verification tools.
For property owners, screening for and addressing tenant identity fraud can be time-consuming and expensive. By leveraging TransUnion’s patented innovation in application screening, ShareAble for Rentals works with property technology businesses to help property owners and their tenants build trust by simplifying the screening process in a more secure environment.
A smooth digital experience
ShareAble for Rentals offers an easy three-step process to deliver a smooth, consumer-focused, digital experience for better tenant screening.
STEP 1 – The property owner initiates a request for screening of a prospective tenant via a Property Technology business’ website.
STEP 2 – A prospective tenant approves the request for a credit report, and proves they are who they say they are using identity verification tools included in the solution.
STEP 3 – A credit report is provided to the property owner and prospective tenant through the website portal through a “soft pull” which does not affect a tenant’s credit score.
Expect more from your tenant screening partner
The benefits of TransUnion’s ShareAble for Rentals are manifold.
Identity management tools offer property owners and tenants more secure experiences in a complex regulatory environment. Uncertainty in Canada’s current economic climate enhances the importance of property owners’ access to consumer credit data in order to assess the payment behaviour of prospective tenants. Reducing the risk of fraud in a rental transaction is critical for both property owners and tenants.
ShareAble for Rentals offers a friction-right solution to these problems through tools that allow property owners and tenants to protect themselves more securely and effectively against identity fraud.
Property owners can be provided with a robust, step-by-step guide to help them read and understand credit reports. Understanding a potential tenant’s overall credit picture helps property owners make better-informed decisions and reduce the risk of sudden economic shocks affecting their own cash flows.
The visibility and transparency offered by ShareAble for Rentals empowers property owners with important knowledge about prospective tenants and integrates with rental listing platforms, rental solution providers, and property management companies to simplify the screening process on both sides.
Ultimately, it all boils down to more security, more simplicity, and more support for property owners and managers and their tenants. And who doesn’t want that in today’s real estate world?
To make the jump to more with ShareAble for Rentals, visit www.transunion.ca/ShareAble
