Invite vs. Instant Applicant Checks for Realtors

We've had a few questions in the past about the difference between inviting an applicant vs. running an instant check (via a token) on an applicant.

  • Tuesday, April 19, 2016

  General   Product Updates   

We’ve had a few questions in the past about the difference between inviting an applicant vs. running an instant check (via a token) on an applicant. In this short article, we’re going to explain the differences between invite and instant checks. Our FAQ section also describes the differences, but we felt that another blog article might help shed more light on how and why we decided to provide both options to our clients.

With over 10,000 customers in all 50 states, VerticalRent caters to a large variety of Realtors, Landlords, Property Managers, and Brokers. Some of our Realtors using VerticalRent cater to renters in hopes that someday they will become home buyers. It helps them build a pipeline in their “farming area” and works very well. These Realtors often use VerticalRent to accept e-rental applications from interested applicants. What’s more is that they use the “invite” feature within VerticalRent to request an Experian credit report and also a criminal and eviction report. Often times, we notice that these Realtors will charge a small “rental app processing fee” to make a small fee off the transaction. If the Realtor is subscribed to our Professional Edition subscription and request a Rental App, Credit Report, Criminal Report, and Eviction Report – they can charge the applicant a flat $50.00 fee and profit $20.00 themselves. This small payout to the Realtor is done automatically through VerticalRent via ACH direct deposit and is a great way for the Realtor to recoup his/her time spent working with the prospective renter if they choose not to move ahead with a rental you line them up with.

Other Realtors have higher volume background check needs for renters and opt to upgrade to VerticalRent’s Ultimate subscription edition. Ultimate enables Broker-Realtors to get an onsite inspection at the Commercial Location, which allows them to run instant credit checks on applicants at rock bottom pricing. The Broker-Realtor can still choose to charge an application fee by requesting a rental application with a fee, and then running the reports on their own.

 

DISCLAIMER:

VerticalRent® is not a law firm, and the employees of VerticalRent® are not acting as your attorney. Our educational blog or landlord forms engine is not a substitute for the sound advice of a local attorney, whom is familiar with your local laws and regulations. VerticalRent® cannot provide you with legal advice, nor are we permitted to engage in the practice of law.

We are prohibited from providing you with any sort of advice, opinion, explanation, or recommendation about your possible legal rights – which may include remedies, options, defenses, or the selection of landlord forms available on the VerticalRent platform. Our platform is designed to provide landlords and property managers with powerful online tools to screen applicants, collect rent online, advertise vacancies, and generate free landlord forms. To that extent, our blog often publishes general information on issues commonly encountered by landlords – such as evicting tenants.

Although VerticalRent takes every reasonable effort possible to ensure the accuracy of its consumer reports and landlord forms, we do not guarantee or warrant the information to be correct, complete, or up-to-date. The law changes rapidly across the United States, from jurisdiction to jurisdiction. We will not be held responsible for any loss, injury, claim, damage, or liability related to the use of our blog, landlord forms or consumer reports generated from this platform.



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