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Instant Credit Approval

Years ago it took quite a while to obtain the necessary reports and information from a tenant screening agency to be able to make a proper decision. If you are still faxing in rental applications, and getting reports back by fax, it may be time to consider updating your system. Now that reports can be viewed in just a few minutes on the internet or received by email, an answer can be given to an applicant while they wait, or at least on the same day they apply, pending landlord and employment verification, of course.

So I placed a different ad the next time my own rental was available which included the address and my phone number. Here’s a sample:

When I worked for a Property Management Company, once we received our screening reports instantly through the internet, we advertised “Instant Credit Approval". We knew that one thing people don’t want to do is wait for an answer. If they have to wait too long, they will go elsewhere. So we explained to the prospects on the phone that an application could be approved while they wait. We also told them that we would expect them to pay at least half of their security deposit right away so their suite could be taken off the market. Without payment, their suite would be put back on the market in 48 hours.

This "approval" was always still pending Landlord and Employment verification. If the verifications came through well we collected the rest of the security deposit and had the lease signed not less than a week before move in. If the verifications were not good the deposit was refunded. Here's the disclaimer we used:

Upon approval of this application, applicant will be required to pay a minimum of $_______ towards the Security Deposit within 48 hours. The balance of the Security Deposit if any must be paid one week prior to move-in in certified check or money order. No personal checks will be accepted at the time of move-in.

If you do not have a computer available to you at the time you are showing your rental you should still be able to give an answer to your applicant within a couple of hours. Unfortunately, otherwise you are taking a chance that your applicant will look elsewhere, even the very next day. Please call me, or send me an email if you have any questions about setting up “Instant Credit Approval” yourself. I will be happy to assist you.