Why Automate Approval Decisions?

In today's competitive rental property market, it is imperative for property owners and landlords to be as efficient as possible.
Kayla Gilmour
3 minute read

In today's competitive rental property market, it is imperative for property owners and landlords to be as efficient as possible. With so many applicants vying for a limited number of properties available, the desire to have a faster turnaround on tenant screening has never been stronger. To help with this process, we will walk you through how to automate approval decisions in order to streamline your business operations and maximize efficiency.

There are many reasons why an automated system is beneficial. Naturally, your team will reduce time spent manually reviewing applications: decreasing chances of missing important information about prospective tenants and minimize the number concerning tenants flying under the radar.

Additionally, your team will no longer need to sink their manpower in document collection.

It's a pain having to screen all the potential renters who apply. You can't tell quickly just by looking at someone's application whether or not they're going to be a good tenant. Document collection is an essential part of the process, but it’s cumbersome. It takes time and effort that could be better spent on other tasks. Automating the approval process for leasing could unlock the resources you're currently using to verify provided documents, instead giving you the leeway to focus those resources on other areas of your business. To do this, you’ll need a tenant screening system that can be customized specifically to your needs. VeriFast’s system is designed specifically with these needs in mind.

VeriFast provides a platform which instantly verifies a prospective renter’s financial information, identity and past rent payment history. VeriFast confirms employment and income sources through transactional data and highlights red flags such as payment issues, payday loan activity, frequent overdraft, past bankruptcies and more. This information is requested from the bank and received instantly, nearly eliminating the need to send documents back and forth between the tenant and screeners.

Companies who use VeriFast’s services to replace the document collection portion of their tenant screening process reduce time spent on screening tenants down to an average of 5 to 20 minutes per applicant.

Tenants who use VeriFast’s bank verification also report a much more fluid and easier to work through application process as VeriFast's verification alleviates the burden of proof off the applicants. On average, the completion rate of applications is 83%, with tenants only spending three to five minutes applying and completing their financial verification.

If you’re currently using a manual approval process for leasing, it may be time to explore new digital solutions such as VeriFast. Automating the leasing process is not only a time-saving solution, it can also help you make more informed decisions about prospective tenants. With VeriFast's system in place, your team will be able to focus on making lease decisions and spend less time manually reviewing and sourcing information about each applicant. This means decreasing chances of missing important or concerning information about prospective tenants, increasing your team’s speed without sacrificing accuracy. With VeriFast, we know that your team will reduce its workload significantly which translates into increased productivity and revenue.

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