Rentals.com has announced the launch of an integrated tenant screening and background check feature utilizing RentSpree and TransUnion’s SmartMove screening platform.
The new feature on Rentals.com allows landlords to send application and screening requests to prospective renters via a fully digital process. Completed rental applications and screening reports are generated and shared with the landlord instantly, drastically reducing cycle times and empowering renters to receive a decision in hours instead of days. Rental applications and tenant screening reports are completely free for landlords to use.
“Rentals.com prides itself on applying advanced technology to make life easier for customers,” said Nishant Phadnis, general manager of Rentals.com. “Adding tenant screening is a key component to making the rental process as frictionless and delightful as possible. Vertically integrating this function into Rentals.com provides an opportunity for both landlords and renters to complete the entire process online and with ease.”
Finding and keeping good tenants continues to be a top concern for most rental property owners. With eviction proceedings lasting several weeks and costs averaging $3,500, access to robust applicant data has proven particularly valuable, lowering the risk of landlords selecting unqualified tenants.
Rentals.com offers access to millions of motivated renters, and the integrated screening platform is unique in that it empowers landlords to make faster and more informed decisions. The screening package includes a full credit report, background check and eviction history report. When used with a Rentals.com listing, the screening platform creates a one-stop destination where landlords can seamlessly list their vacant rentals, vet applicants and find new tenants, backed by data from a trusted partner.
“Most landlords struggle to get their hands on the information needed to make good rental decisions,” said Michael Lucarelli, CEO of RentSpree. “We are thrilled to partner with Rentals.com and TransUnion in providing an end-to-end tenant screening solution. Both landlords and renters will be able to interact on the Rentals.com platform as they never have before.”
Renters who apply through Rentals.com have the added benefit of applying to multiple properties using the same rental application. This saves time and money for the majority of renters, as most apply to multiple properties in the course of their home search.
“Single-family rental owners and managers have a huge potential to benefit from the data available through SmartMove,” said Mike Doherty, Senior Vice President of TransUnion rental screening solutions group. “This innovative use of the SmartMove platform will allow for a seamless screening process for renters and landlords across the nation.”
Earlier this year, TransUnion updated its artificial intelligence-based multifamily scoring model with additional power to ensure property managers can get the best quality tenants in the right units. It was the third generation of the ResidentScore tool, with score ranges from 350-850 with a higher score indicating a lower expected rate of eviction.