Automated Income Verification Best Practices
Automated income verification from The Closing Docs provides deep insight into any applicant’s ability to pay rent by revealing their net income. Here are some best practices to support getting the best results, quickly.
Tell your applicant that an income verification request is coming
Include our automated income verification into your rental application process, and let your applicants know that you will verify their income through The Closing Docs. If you have a packet you hand out to applicants, include it there, and also tell them verbally what to expect.
They are increasingly likely to look for and complete the request if they know it’s coming. Be sure to let them know that if they are having trouble completing the income verification, they can reach out to us through the chat widget on the bottom-right corner or at firstname.lastname@example.org.
Integrate our income verification into your property management software
If you use property management software, we have built many integrations that allow you to send requests and view automated income verification reports directly from within your property management software. Integrations like these prevent toggling between tabs, and keep you relying on the tools you love.
Request by text and email to capture more applicants
Although many people have an email address, not everybody uses them. By inputting the applicant’s phone number when creating a screening request, you’ll send a text message with a link inviting them to complete an income verification.
Not only are text messages more likely to get quickly noticed, but your applicants can complete the income verification screening directly from their phones.
Give applicants a deadline
If your applicants know that the income verification needs to be done within 24 hours, they are much more likely to complete the screening request immediately. Make sure whatever deadline you request of your rental applicants is in-line with your state laws on applications.
Add all roommates to the same screening request for a holistic picture of their income
When you have multiple applicants applying as roommates, it can be time consuming and convoluted to determine the combined household’s ability to pay the total rent. Including more than one applicant in a screening request will result in a combined income report for all applicants, while also showing individual income detail.
Send them a reminder
If your applicant has been unresponsive or cannot find the income verification screening request, you can resend the notification to them. If you initially attached the applicant’s phone number, this will also resend the text message.