What are some of the benefits in using online rental applications?
Many landlords cite the convenience of online rental applications as being beneficial in the collection and organization of applicant information for qualification and screening. Additionally an online application accessed through a landlord’s rental portal can be attractive to many potential tenants. Studies show that many renters expect the application process to be available online and accessible to a variety of devices at any time. Renters want a secure, safe, easy application to research available rentals, apply, qualify, and conduct the majority of rental transactions through online portals.
Most renters prefer to start their search for a new rental online. Since the online application process can be initiated at the applicant’s time of choosing from a phone, tablet, or computer, once a rental has been selected, it is a simple and easy process for the applicant to apply online.
The issue of incomplete or missing fields of data as often found on paper applications is remedied by the application program requiring all critical fields be completed before submission for processing. In combination with tenant screening online process, the process of qualification can begin immediately and the results returned in a shorter time period for decisioning.
With potentially quicker turnarounds on screening reports, rental decisioning can be faster and vacancy downtime reduced. Applications are processed according to date and time submitted reducing potential claims of discriminatory treatment of submissions.
A landlord will still be responsible for legal compliances, safeguarding of applicant information, and retrieval and handling of electronic files as required for business compliances.
Other benefits of online applications include:
- Attracting potentially larger, more qualified tenant pool,
- More efficient collection and handling of applicant information,
- Organization of applicant information in readily available format allows greater overall productivity,
- Faster process with fewer steps and less hassle, is time-efficient, reducing the need for multiple landlord-tenant meetings,
- Ability for applicants to pay application/screening fees and deposits online,
- Customization of form to landlord standards and specifications,
- Ability to update application content to comply with current legislative landlord-tenant statutes/ordinances,
- Authentication process for security and safety of information,
- Ability to upload files as attachments required for screenings and verifications.