Verify Your Tenant Applicant’s Income The Right Way

screening tenants

Instant Income from My Rental Management - How does instant income verification work?

Instant income verification works by reading the applicant’s bank statements online and then analyzing the applicant’s income history to confirm reliable sources of income exist.

By connecting the applicant’s bank with My Rental Management, we are able to aggregate the applicant’s bank statement data directly from their bank, ensuring the applicant’s income data is accurate, trustworthy, and hasn’t been fabricated in any way. Some applicants might feel uncomfortable with using their bank credentials to share their bank statement info with My Rental Managment. However, with the rise in popularity and use of digital financial services like Mint, there is an increasing acceptance of using bank credentials to aggregate financial data for third parties.

As a landlord or property manager, it is your responsibility to educate your applicants about your income screening process and what the applicant's collected income information is used for.

An applicant’s income report is a tenant screener's best friend.

Once an applicant’s income history is collected, the income transactions info is organized into an easy to understand report that includes a recommendation whether to proceed. This report highlights several important metrics to illustrate your applicant’s capacity to pay rent over the long haul:

  • Annual Net Income – the total sum of all of your applicant’s recurring income deposits over the past year
  • 3-month Average Monthly Net Income – the total sum of your applicant’s recurring income deposits in the past 3 months divided by 3
  • 12-month Average Monthly Net Income – the total sum of your applicant’s recurring income deposits in the past 12 months divided by 12

Using these metrics and a benchmark of 2.5x monthly rent, the report offers an Approval Recommendation, a thumbs up or thumbs down on whether the applicant would be considered a risky tenant with respect to income.

Our instant income verification screening is completely free for landlords. This reporting mechanism provides you as a landlord, property manager or tenant screener the most accurate and up-to-the-minute information available regarding applicant income. Get better information and improve your applicant risk profile understanding by signing up and getting started!

Did your tenant applicant give you a fake pay check stub?

Fake pay stubs can cost you a lot of money if you don't know how to spot them.

Someone could be lying about their previous salary or trying to commit fraud. As such, you have to keep yourself safe.

Thus, if you don't know how to spot a fake pay stub, someone is going to take advantage of you.

Use Instant Income from My Rental Management – Eliminate the risk!

Relevant Information:

Rental Property Depreciation in 2020   |   Protect your investment income, no matter what. Avoid Eviction   |   Property Management Accounting with Quickbooks   |   Deductible Rental Schedule e Expenses   |   Tenant Move in Inspections for Rentals with PDF Checklist   | vs   |   Rental Property Accounting - two tips you cannot do without   |   Rental Property Security Deposits   |   You Need a Rental Application   |   Screening Your Tenants - The Basics   |   Rental property bookkeeping and why you need it   |   What is Leaseze   |   Verify Your Tenant Applicant’s Income The Right Way   |   Check Past Landlord References   |   Fake Paystubs and Income Verification   |   MANAGING YOUR RENT, LATE FEES AND GRACE PERIODS   |   Rental Property Management Mistakes   |   PAYMENT of RENT WITH VENMO, PAYPAL or ZELLE   |   Rental Property Tenant Onboarding   |   Many Landlords Are Accidental Landlords   |