In the rental industry, finding the right tenant is crucial for maintaining the integrity and profitability of a property. Landlords and property managers are tasked with ensuring that their tenants are reliable, financially stable, and unlikely to cause issues. This is where tenant screening becomes essential, and TransUnion’s SmartMove emerges as a game-changer in this domain.
What is SmartMove?
SmartMove is an online tenant screening service developed by TransUnion, one of the leading credit reporting agencies in the United States. Designed specifically for individual landlords and property managers, SmartMove offers comprehensive background checks, credit reports, and eviction histories to help them make informed leasing decisions. Unlike traditional tenant screening methods, SmartMove is user-friendly, fast, and secure, making it a preferred choice for property professionals across the nation.
Features of SmartMove
SmartMove is packed with features that provide landlords and property managers with the critical information they need to evaluate potential tenants. Here are some of the standout features:
1. Credit Reports
SmartMove provides a detailed credit report from TransUnion, including the tenant’s credit score, payment history, and outstanding debts. This report helps landlords assess the financial responsibility of a prospective tenant, ensuring they are likely to pay rent on time.
2. Criminal Background Checks
A thorough criminal background check is conducted, covering national, state, and local databases. This feature allows landlords to identify any criminal history that could be a red flag, such as convictions for violent crimes or drug-related offenses.
3. Eviction History
Eviction history is a critical piece of information for landlords. SmartMove provides a detailed eviction report that reveals any past evictions, helping landlords avoid tenants with a history of being removed from properties.
4. Income Insights
SmartMove offers an innovative feature called Income Insights, which estimates the tenant’s income and compares it with the rent amount. This feature helps landlords determine whether the tenant can comfortably afford the rent, reducing the risk of payment issues.
5. ResidentScore
Unique to SmartMove, ResidentScore is a proprietary scoring model developed by TransUnion that predicts the likelihood of a tenant defaulting on rent. This score is tailored specifically for rental decisions, offering a more accurate prediction than traditional credit scores.
6. Secure Online Process
SmartMove provides a secure online platform where landlords can request screenings and receive reports without handling sensitive information directly. This ensures compliance with privacy regulations and reduces the risk of data breaches.
7. Tenant-Paid Screening
One of the standout features of SmartMove is the option for tenants to pay for their screening report. This can be a significant advantage for landlords, as it eliminates the upfront cost of screening and demonstrates the tenant’s commitment to the process.
Benefits of SmartMove to Landlords and Property Managers
The comprehensive features of SmartMove translate into tangible benefits for landlords and property managers. Here’s how SmartMove makes a difference:
1. Informed Decision-Making
SmartMove equips landlords with all the essential information they need to make informed decisions. By offering a complete view of a tenant’s financial and rental history, It reduces the uncertainty associated with leasing to new tenants.
2. Time and Cost Efficiency
Traditional tenant screening methods can be time-consuming and expensive. SmartMove streamlines the process, delivering results quickly and efficiently. The tenant-paid screening option further reduces costs for landlords, making it a cost-effective solution.
3. Reduced Risk of Problematic Tenants
The detailed reports provided by SmartMove help landlords avoid tenants with a history of evictions, criminal behavior, or financial instability. This reduces the risk of late payments, property damage, or legal issues down the line.
4. Compliance and Security
Handling tenant information requires strict adherence to privacy laws. SmartMove’s secure online platform ensures that sensitive data is protected, and the process is compliant with Fair Credit Reporting Act (FCRA) regulations, giving landlords peace of mind.
5. Improved Tenant Relationships
By using SmartMove, landlords can start their relationship with tenants on the right foot. The transparent screening process and the option for tenants to pay for their report create a sense of fairness and trust, which can lead to better long-term tenant relationships.
How SmartMove Works
Using SmartMove is straightforward and involves just a few simple steps:
1. Sign Up
Landlords and property managers can sign up for SmartMove online by creating an account on the platform. The registration process is quick, and there are no subscription fees, making it accessible for all landlords, regardless of the size of their property portfolio.
2. Invite the Tenant
Once registered, landlords can invite prospective tenants to complete a screening report. This is done by entering the tenant’s email address on the SmartMove platform, which triggers an email invitation to the tenant.
3. Tenant Consent
Upon receiving the invitation, the tenant logs into SmartMove and consents to the screening process. This step is crucial for compliance with FCRA regulations, as it ensures that the tenant is aware of and agrees to the background check.
4. Screening Report
After the tenant provides consent, SmartMove generates the screening report, which includes the credit report, criminal background check, eviction history, and other relevant data. The report is typically available within minutes, allowing landlords to make timely decisions.
5. Review and Decision
Landlords can review the report on the SmartMove platform. Based on the information provided, they can decide whether to approve the tenant, request additional information, or move on to another applicant.
Why Landlords and Property Managers Should Use SmartMove
In today’s competitive rental market, landlords and property managers need to protect their investments by choosing the right tenants. Here’s why SmartMove should be an integral part of your tenant screening process:
1. Accuracy and Reliability
SmartMove leverages TransUnion’s vast database and advanced algorithms to provide accurate and reliable reports. The ResidentScore, for example, is a unique feature that offers a more precise prediction of tenant behavior compared to traditional credit scores.
2. Ease of Use
SmartMove is designed to be user-friendly, even for landlords who may not have extensive experience with tenant screening. The entire process is conducted online, with clear instructions and support available if needed.
3. Cost-Effective Solution
With the option for tenants to pay for their screening, SmartMove is a cost-effective solution for landlords. This feature not only saves money but also filters out non-serious applicants, as tenants who are willing to pay for their screening are more likely to be committed to renting the property.
4. Speed and Efficiency
In the fast-paced rental market, time is of the essence. SmartMove delivers screening reports within minutes, allowing landlords to make quick decisions and avoid losing potential tenants to other properties.
5. Enhanced Security
SmartMove’s secure online platform ensures that both landlords’ and tenants’ information is protected. This is especially important in an era where data breaches are increasingly common. By using SmartMove, landlords can be confident that they are handling tenant information responsibly.
6. Legal Compliance
Compliance with the Fair Credit Reporting Act (FCRA) is critical when conducting tenant screening. SmartMove ensures that all reports are compliant with FCRA regulations, reducing the risk of legal issues for landlords.
7. Improved Tenant Selection
SmartMove’s comprehensive reports give landlords the tools they need to select the best possible tenants. By avoiding tenants with poor financial histories, criminal backgrounds, or eviction records, landlords can reduce the risk of future problems and increase the likelihood of a successful tenancy.
Why You Should Sign Up for SmartMove Today
As a landlord or property manager, your goal is to find reliable tenants who will respect your property, pay rent on time, and contribute positively to your rental community. SmartMove offers a powerful, efficient, and cost-effective way to achieve this goal. With its comprehensive reports, secure platform, and tenant-paid screening option, SmartMove takes the guesswork out of tenant selection, allowing you to make informed decisions with confidence.
By signing up for SmartMove, you’re not just investing in a tenant screening service; you’re investing in the future of your rental business. The benefits of using SmartMove extend beyond the screening process itself, helping you build stronger tenant relationships, reduce risk, and protect your property.
Don’t leave your tenant selection to chance. Take control of your rental business with SmartMove and enjoy the peace of mind that comes with knowing you’ve made the right choice. Sign up for SmartMove today and experience the difference it can make for your property management strategy.
