MiniStays partnered with TransUnion’s SmartMove tenant screening to perform background checks to further protect your mid term rental. The process is simple and straightforward to use.
You can simply find your SmartMove access by logging into your MiniStays Host Dashboard. On the left hand side you’ll see an icon labeled “Background Check”. You can click that link and follow the instructions or you can read more about how the process works below.
As an independent landlord it can be difficult to make educated leasing decisions. Large property management companies have access to an array of tools that allow them to screen their mid term rental guests. Therefore, making it easy for them to have all the information they need to make an educated decision about who they are renting to. TransUnion tenant screening evens the playing field a little bit. Giving independent landlords access to the same screening tools and information that large property management companies have. For more insights on becoming a great host you can visit our blog post, A Landlord’s Guide to Mid Term Rentals.
The Process
In order to begin the process an email must be provided by the potential guest to you. Once that email address has been provided, the process is pretty simple and usually goes like this:
- You make a renter screening request using the email address provided by the potential tenant. If you are new to using TransUnion SmartMove tenant screening, then you must make an account on the platform first.
- Then, the renter is sent the screening application request via email. They then choose to accept or decline the screening. If the renter is new to SmartMove, they must make an account first.
- When the renter accepts the request, it initiates the release of their credit and criminal record to you through SmartMove. If the renter declines the request, the application is cancelled. Regardless, information such as the renter’s social security number will never be released.
- If the renter chooses to accept the request, you then receive the renter’s credit and criminal history. As well as an evaluation and leasing recommendation by SmartMove.
- Lastly, the renter is notified of your decision.
Tenant Involvement
TransUnion’s tenant screening is a great way to protect your mid term rental business and assure that your property is in goof hands. The renter is involved in providing information, and allowing the screening process to continue. The renter also plays a part in how quickly the screening moves. If they receive the email and instantly take the necessary steps on their side, you have access to the report within 15 minutes. But, if the email ends up in their junk mail, or they take weeks to open it, the time frame in which you receive the report will be delayed.
Many landlords don’t look at this feature as a bad thing. The mentality is that if the renter can not complete the necessary steps on their end in a timely manner, then they reconsider renting to them. Obviously the advantage of no tenant involvement is that you get to control the pace of the process. Which can be a major advantage if you are needing to fill a rental quickly. Remember though, it is possible to see the tenant involvement as an addition to the vetting process.
Pricing
There are three different packages when using TransUnion’s tenant screening. The first is called SmartCheck Basic and is $25 per screening. This package includes a credit-based resident score and a national criminal background report. Many landlords do not consider this package worth the cost. Due to the fact that it does not include an eviction report. One of the most valuable pieces of information a landlord can know is a potential renter’s eviction history.
The second package is called SmartCheck Plus and is $40 per screening. This package includes the credit-based resident score, and national criminal background report. As well as a full credit report, and national eviction report.
The last package is the SmartCheck Premium package and is $43 per screening. SmartCheck Premium includes access to the same information as SmartCheck Plus, with the addition of income insights. Income insights is a new product that was created by TransUnion. It looks to see if a person’s credit behavior aligns with their self reported income. While this sounds great, income insights is largely based on credit behavior. Therefore, if your potential tenant is a big saver, the algorithm income insights uses will likely tell you they make less than what they reported.
Why MiniStays Chose To Partner With SmartMove
SmartMove is one of the best instantaneous data report options available. There are many reasons we chose to partner with SmartMove for our Host’s mid term rentals, here are just a few:
TransUnion is a recognized and reputable company. TransUnion is the go-to company for thousands of hosts when looking for credit reports. They use a more real estate friendly version of the FICO score model than their competitors. This is because it does not inflate credit scores. The fact that SmartMove is a TransUnion tenant screening product is enough to at least look into it.
Full credit report and credit score is given to you. If you do not want a pass/fail metric, and would like to see an actual credit score, SmartMove is the way you want to go.
Option is available for tenants to pay for the screening. While this is not a feature exclusive to SmartMove, it is a nice option to have.
