Ensuring Speed And Confidence In The Resident Screening Process
Sep 24, 2023
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The podcast explores the impact of technology and innovation in the real estate industry, emphasizing the importance of speed and confidence in the resident screening process for property managers. They discuss the challenges of making confident and timely decisions, highlight the value of better technology and processes, and share contact information for the Find Diggs team.
35:25
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Quick takeaways
Speed is crucial in the screening process, with decisions made in under 24 hours improving rental probabilities.
Property managers should prioritize security and transparency in the application process to establish trust with applicants.
Deep dives
The Importance of Speed in the Screening Process
In the podcast episode, Clay from FindIGS emphasizes the importance of speed in the screening process. Applicants who receive a decision in under 24 hours are 83% more likely to rent, highlighting the significance of a quick screening turnaround. Property managers should focus on streamlining and automating their application process to provide a seamless and efficient experience for applicants. By leveraging technology and utilizing a rules-based approach, property managers can achieve timely decisions while maintaining compliance and accuracy in their screening process.
Building Trust and Security in the Application Process
To build trust with applicants, property managers should prioritize security and transparency in the application process. FindIGS offers secure methods such as encrypted bank account linking and 2FA authentication to protect applicants' personal information. By using these technologies, property managers can reassure applicants that their data is safe and secure. Effective communication and messaging throughout the application process also contribute to applicants' confidence in sharing their information. By demonstrating a commitment to privacy and data security, property managers can establish trust with applicants and encourage them to provide the necessary information for a thorough screening.
Balancing Speed and Compliance in Screening
The podcast episode discusses the challenge property managers face in balancing speed and compliance in the screening process. While speed is crucial for applicants' satisfaction, regulatory requirements must also be met. FindIGS offers a solution to this challenge, providing a rules-based approach that allows property managers to make timely decisions while ensuring compliance. By automating manual steps and utilizing tools like document analysis, property managers can quickly identify potential fraud without sacrificing compliance. This approach empowers property managers to ask the right questions and make informed decisions based on accurate and verified data.
Evaluating and Improving the Screening Process
Property managers are encouraged to evaluate their current screening process to identify areas for improvement. Two essential factors to consider are the speed of decisioning and the confidence in decision-making. Property managers should assess how long it takes to make a decision and identify any bottlenecks or inefficiencies that cause delays. Additionally, they should evaluate the level of confidence in their screening decisions and the clarity of the data provided. FindIGS offers solutions that streamline the screening process, providing speedy decision-making and giving property managers the confidence to make informed decisions while maintaining compliance.
Screenings continue to be a critical part of the resident lifecycle. Incorporating the right processes and technology is key to finding ideal residents for your property. Clay Stapleford of Findigs joins the podcast to share how you can ensure that speed and confidence are part of your resident screening process.