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.
Contact us today for a quick demo of VerticalRent. We also offer a private label option for brokerage firms where we lower the price even further on reports down to $5.00 per report.