How Letting Agent Software Helps Tenant Screening

21.09.23 02:54 PM Comment(s)

The world of real estate and property management is changing, and one area that has greatly benefitted from this shift is tenant screening and reference checks. Gone are the days when estate agents rely solely on manual processes and paperwork to manage their property portfolios! Now, with the advent of letting agent software, landlords and property managers have access to powerful tools that can help streamline and enhance these critical aspects of property management.

Among the numerous tasks estate agents handle, tenant screening and reference checks stand out as pivotal. So, how does letting agent software assist with these activities? Below, we will explore the ways in which letting agent software has revolutionized tenant screening and reference checks, making the process more efficient, accurate, and reliable.

What reference checks do letting agents do?

Before diving into software-driven enhancements, let's lay the foundation by outlining some of the main reference checks and tenant screenings that letting agents carry out on a daily basis.

Proof of identity: This involves verification of passports, driver’s licences, and other official identification documents.

Proof of employment and income: Prospective tenants often provide payslips, tax returns, or employment contracts to verify this.

Previous landlord references: This is crucial for understanding more about a potential tenant's rental history.

Credit checks: This gives good insight into a tenant’s financial reliability.

Personal references: These can vouch for the character of the applicant.

Traditionally, these checks were painstakingly manual, but estate agency software has changed the landscape, making it easier than ever to carry out.

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Estate agency software in tenant screenings

Estate agency software refers to specialized solutions, specifically designed to assist real estate agents, brokers, and property managers in managing or automating various aspects of their operations. Given the multifaceted nature of real estate transactions, this software can help streamline many of the processes associated with property management, sales, and rentals. Some of the ways estate agency software can assist with tenant screenings include:

Data security: Reliable estate agency software will prioritize the security of personal data, ensuring that sensitive tenant information is protected against unauthorized access or breaches.

Cloud-based software: Cloud-based sales and letting agency software ensures that all reference data is stored in one place. This makes it easier than ever for letting agents to access and manage information. Plus, being cloud-based means that the data can be accessed from anywhere and at any time, given that there's an internet connection.

Document storage: All relevant documents, like identification and letters of recommendation can be uploaded and safely stored in the system.

Benefits of letting agent software

Training and support

Beyond the core functions, it's worth noting that many estate agency software packages offer training options. Here at Dezrez, for example, we provide estate agency software training for all our agents. This training can be conducted in-house, online, at Dezrez HQ, or whatever best suits the needs of the estate agent. And as PTLLS trainers with an expert understanding of how our software works, our tailored courses guarantee that our customers can grasp best practices in tenant screening, effectively harnessing the software's potential.

Plus, with cloud-based solutions, updates and new features can be rolled out seamlessly, ensuring that agencies are always equipped with the latest tools.

Data security

As many estate agents have made the shift to store personal and financial data digitally, the importance of data security cannot be stressed enough. Letting agent software, especially those based in the cloud, are fortified with advanced encryption techniques. This helps to guarantee that sensitive tenant data is shielded from cyber-attacks and unauthorized access. Agents can confidently store documents like ID proofs, financial statements, and other personal information, knowing for sure it's secure.

Personalization

Beyond just screening, letting agent software plays a pivotal role in improving the tenant experience. With advanced analytics, estate agents can tailor property suggestions based on a potential tenant's preferences and financial capabilities. For instance, if a tenant prefers properties near parks or schools, the software can highlight these listings, creating a personalized experience, and increasing the likelihood of a successful match.

Streamlined communication

Clear communication between agents and tenants is paramount. Modern estate agency software often incorporates integrated communication tools – be it email, chat, or even video calls. This ensures that all communication records are stored systematically, enabling agents to refer back to previous discussions or promises made.

Enhanced collaboration with other professionals

Tenant screening doesn't just involve the estate agent and the potential tenant. There are often other professionals involved, such as credit check agencies, previous landlords, or even employers. Letting agent focused PropTech software offers tools that facilitate collaboration between these parties, ensuring that the screening process is comprehensive and leaves no stone unturned.

In an era where rental markets are more competitive than ever, Rightmove has stepped up to offer indispensable tools that can make life easier for agents. Their credit check feature, which comes with a "waiting for approval" status, allows agents to pre-qualify applicants at no extra cost, before diving into a more comprehensive reference check. This feature offers crucial information on potential renters, such as declared income, and flags any County Court Judgments (CCJs) or adverse credit histories earlier in the screening process. To add an extra layer of security, Rightmove also offers rent guarantee and legal expenses insurance, giving agents and their landlords much-needed peace of mind. This assures them that the property investment is safeguarded, streamlining the entire rental process.

PropTect Integrations

The software ecosystem for estate agents has grown, with numerous third-party integrations available. For instance, integrating with a credit score agency can automate the process of checking a tenant's creditworthiness. Similarly, integrations with background check services can provide insights into a tenant's past that may not be evident from a simple application.

The environmental impact

In an increasingly eco-conscious world, the shift from paper-based operations to digital processes also has environmental implications. By reducing the need for physical paperwork, letting agent software contributes to a decrease in paper waste, aiding estate agencies in their journey towards becoming green and sustainable enterprises.

Is there a place for letting agent software in the future?

There is no doubt that the property management industry is poised for further transformations driven by technology. As we stand on the precipice of innovations like AI-driven software, virtual reality property tours, and even blockchain integrations for contract management, letting agent software remains at the core of these advancements.

The role of an estate agent is no longer just about connecting tenants with properties. It's about ensuring the right fit, building trust, and utilising technology to offer the best possible service. With comprehensive letting agent software at their fingertips, agents are not just equipped for today's challenges, but are ready for the future.

By consolidating the tenant screening process, ensuring data security, enhancing the tenant experience, and streamlining communication, these software solutions aren't just tools but essential partners in the journey of modern estate agencies. As agencies chart their course in the digital age, the symbiotic relationship with their software will undeniably be the beacon leading the way.

How to use tenant referencing and AML check solutions integrated with Dezrez

Here at Dezrez, our cloud-based estate agent software is trusted by over 10,000 sales and letting agents to help streamline their services and manage day-to-day tasks like tenant screening and reference checks. In fact, Credas our integrated partner offers estate agents a streamlined and secure approach to the rental process, optimizing tenant verification through cutting-edge identity verification technologies.

Their digital solutions enhance the efficiency of onboarding, significantly reducing the administrative burden and room for error. This leads to quicker, safer transactions for both landlords and tenants, allowing for a smoother transition into new rental agreements. Credas also prioritizes compliance with legal requirements, ensuring that all parties involved are protected, thereby fostering a trustworthy and transparent rental environment.

Rezi’s Pre Tenancy and Property Management solution is specifically designed to assist real estate agencies to streamline and manage day-to-day tasks, keep on top of their to-do lists and ensure their clients keep returning. To learn more, contact a member of our expert team today and we can help you with a faster and more secure lettings solution.

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