Thursday, March 19, 2015

Risk-Free Renting: Verify Tenant Employment with Tenantify

Whether you're a new or seasoned rental property owner, it's always stressful and worrisome to rent out your property to unknown tenants. Fortunately, there is a company out there that recognizes the hassle for both landlord and tenant, and is dedicated to making the verification process much easier.

* This is a sponsored post and may contain affiliate links.

If you own rental properties and are searching for ways to more accurately verify your tenant's employment status, consider using Tenantify. Tenantify is always free for landlords. Tenants pay the fee once the verification is completed.

Tenantify's co-founder, Songhua, found himself as a first time landlord, and quickly recognized that the tenant screening process needed improvement. The following except is taken directly from Tenantify's "About" page:

The idea for Tenantify came when Songhua, our co-founder, found himself being a first-time landlord. He quickly realized that the tenant screening process stayed behind with the 20th century. For example, the most common practice in tenant screening is credit report. However, landlords often do not realize that a typical credit report from three major credit bureaus (TransUnion, Experian and Equifax) only indicates a tenant's long-term creditworthiness in the past 7 years. It says little about tenant's current employment status or his/her ability to pay rent. Some alert landlords request paper bank statements and pay slips to verify income, only to find that they need to watch out for fraudulent statements. Little do they know that many websites offer bank statement templates for free.

And, Tenantify was born.

How does Tenantify work?

To start, Tenantify goes through the typical tenant screening process by requesting employment details, including job title, employer name, employer address, and employer phone number). The information is then verified using third-party sources, including (but not limited to) Yellow Pages and the Better Business Bureau. The employer is then contacted directly via telephone. The information from the employer is then relayed back to the landlord.

To verify income, Tenantify uses a secured bank account API with DecisionLogic to deliver an authenticated bank statement from tenant to landlord. Both landlords and tenants can rest assured that the statement is delivered securely, conveniently, quickly, and without risk of fraud. Because Tenantify works with DecisionLogic, who upholds the highest standards in convenience and security, Tenantify never has to save bank account information or login credentials.

Tenantify eliminates worry when renting, and helps to build a trusting relationship among landlord and tenant. Many landlords know that this is often difficult, but Tenantify makes it easier. For tenants, Tenantify helps to increase the chances of an application being approved.

For more information on verifying a tenant's employment and income information, check out the short video below:

Stop worrying about your tenant's. Start using Tenantify today.

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