Best Tenant Screening Services For Landlords
If you’re a landlord or property manager in New York, finding the right best tenant screening tool is crucial to ensure a successful rental experience. With so many options available, it can be challenging to determine which one is the best fit for your needs. This guide compares the top tenant screening tools available in New York based on several criteria, including cost, comprehensiveness, ease of use, and data accuracy.
Best Tenant Screening Tools
Selecting the best tenant screening tools is essential for landlords and property managers to make informed decisions about potential tenants. Here are some of the best tenant screening tools 2023:
1. RentPrep: Comprehensive Tenant Screening Tool
RentPrep is a comprehensive tenant screening tool that offers a range of services, including credit reports, criminal background checks, and eviction history reports. The tool is easy to use and provides accurate and up-to-date information.
However, RentPrep’s services are relatively expensive compared to other options on the market.RentPrep offers tenant screening services with packages starting at $21.00. They also offer a SmartMove Full Credit Report for $38.00. You can add a criminal check for an extra $6.00 and a credit decision report for $11.00.
RentPrep’s credit reports are provided by Experian and include a credit score, payment history, and any collections or public records. The criminal report searches national and state databases for any criminal history. The eviction report searches for any past evictions or landlord-tenant disputes. The verification of employment and income helps landlords confirm that the tenant has a stable source of income.
Pros and Cons of Comprehensive Tenant Screening Tool
Pros:
- l RentPrep offers credit checks and rental background checks for tenant applicants.
- l RentPrep’s background checks are conducted by FCRA-certified screeners to ensure accuracy.
- l You can customize each report depending on your individual needs.
Cons:
- l RentPrep’s services are relatively expensive compared to other options on the market.
- l Poor customer service and additional charges were listed as cons by some customers.
2. MyRental: Affordable Tenant Screening Tool
MyRental is a popular tenant screening tool that offers a range of services, including credit checks, criminal background checks, and identity verification. The tool is easy to use and provides comprehensive and accurate reports. MyRental’s services are more affordable than RentPrep, making it a good option for landlords on a budget. MyRental offers tenant screening services with packages starting at $24.99 per applicant for their Basic package. They also offer a Premium package for $34.99 per applicant which requires credit consent.
In comparison, RentPrep’s entry-level plan starts at $21.00 per applicant and includes a comprehensive rental background check that does not require tenant involvement. RentPrep also offers a TransUnion Full Credit Report for $40.00 per applicant which includes a full credit report, a ResidentScore, and a rental background check.
Pros and Cons of MyRental: Affordable Tenant Screening Tool
Pros:
- l MyRental offers affordable plans that are packed with standard and robust features.
- l MyRental’s users have access to a powerful database with over 4.5 billion records spanning 50+ years.
- l All three packages include a national sex offender and terrorist alert check.
Cons:
- l Limited income information available for applicants
- l No specific score for lease default prediction
- l Tenant participation required for some reports, which may cause delays or refusals
- l No FCRA certified screeners to manually verify the reports
3. SmartMove: Cost-Effective Tenant Screening Tool
SmartMove is a tenant screening tool offered by TransUnion that provides credit reports, criminal background checks, and eviction history reports. The tool is user-friendly and provides accurate and up-to-date information. SmartMove’s pricing is comparable to MyRental, making it a cost-effective option for landlords.
SmartMove is a tenant screening service 2023 offered by TransUnion that provides landlords with detailed background checks on potential renters. SmartMove’sscreening reports include information such as credit history, criminal history, and eviction records.
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To use SmartMove, landlords create a free account on the SmartMove website and send a request for a background check to their potential tenant. Once the tenant approves the request, SmartMove verifies their identity, collects their consent, and shares crucial information with the landlord to help them make a more informed leasing decision.
SmartMove’s screening reports include a credit report designed specifically for tenant screening that uses ResidentScore to predict rental eviction risk 15% better than traditional credit scores. The criminal report searches over 370 million criminal records from state and national databases to provide comprehensive information for landlords. The eviction report is one of the largest eviction databases subject to the FCRA with 16+ million eviction records, covering all 50 states plus Washington D.C. The Income Insights report helps landlords know which applicants need additional verification.
Pros and Cons of SmartMove: Cost-Effective Tenant Screening Tool
Pros:
- SmartMove was created by TransUnion, a respectable credit reporting company that has been operating since 1968.
- SmartMove tenant screening even includes a ResidentScore which is built to look at the outcome of a lease, using the compelling data and analytics of TransUnion.
Cons:
Here are some possible cons of SmartMove based on online reviews:
- l Tenant participation required for some reports, which may cause delays or refusals
- l No income verification available for applicants
- l Criminal or eviction reports excluded from some states
- l No FCRA certified screeners to manually verify the reports
4. TenantAlert
TenantAlert is a tenant screening tool with a focus on preventing fraud and verifying identities. It provides services like address confirmation, eviction history records, criminal background checks, and credit checks. Landlords may stay informed with TenantAlert’s real-time alerts and updates regarding any changes to a tenant’s credit or background information.
Pros and Cons of TenantAlert screening tool
Pros:
- l Focuses on preventing fraud and verifying identities.
- l Provides address verification, eviction history records, credit checks, and criminal background checks.
- l Real-time alerts and notifications about modifications to a tenant’s credit or background information are sent.
- l Assists landlords in staying informed and reducing hazards.
- l Can be applied as a safeguard against fake applications.
Cons:
- l Pricing details should be confirmed with the provider as they may change.
- l For particular services or reports, additional costs might be incurred.
- l Limited data on user opinions and customer reviews are available.
- l Compared to some other tenant screening programs, the range of services offered might not be as extensive.
Beyond the Ban on Tenant Screening in New York City: Considerations for Landlords
Landlords in the city must change how they select tenants in the aftermath of the NYC ban on tenant screening. Traditional screening techniques might not be available anymore, but there are ways you can get information from a tenant:
Cozy Tenant Screening
You can demand applicants to send their credit reports and background checks along with their applications if you’re utilizing Cozy. In this scenario, applicants cover the cost of screening and communicate their results to you through the Cozy portal.
Credit History
The characteristics Cozy searches for in a prospective tenant include:
- l The address of the applicant
- l employment background
- l Credit rating
- l overview of debt
- l History of payments for open credit accounts
Background investigation
Cozy collaborates with Checker to examine local and federal records for background checks. The screening is concentrated on issues pertaining to:
- Eviction of a tenant
- Criminal behavior
- Sexual crimes
- Terrorism
The potential tenant will pay $39.99 for credit reports and background checks.
Conclusion
In conclusion, all three tenant screening tools are good options for landlords in New York. RentPrep offers tenant screening services with packages starting at $21.00. They offer two options for screening your tenants: a TransUnion Full Credit Report for $40.00 and a RentPrep Background Check for $21.00. You may also have the tenant pay for the report if you choose . MyRental is a good budget option but does not offer eviction history reports. SmartMove is a cost-effective option that provides all the necessary information for screening potential tenants. Depending on your specific needs and budget, any of these three tools can help you make an informed decision when it comes to renting out your property.
Final Thoughts
Ultimately, the best tenant screening tool for you will depend on your specific needs and preferences. If you’re looking for a cost-effective option with comprehensive screening services, MyRental may be a good choice.
If you prefer a service that offers FCRA-certified screeners and the ability to customize your reports, RentPrep may be the way to go. And if you want a service backed by a well-known credit reporting agency with detailed background checks, SmartMove may be the right fit for you.
In addition to using these tools, it’s also important to consider other factors when screening potential tenants, such as employment history, rental history, and personal references. By using a combination of tenant screening tools and personal research, you can ensure a successful rental experience for both you and your tenants.
It’s important to note that no single tenant screening tool can provide a complete picture of a potential tenant. Each tool has its own strengths and limitations, and it’s up to the landlord to use their best judgment when evaluating the information provided by these tools.
In addition to using tenant screening tools, landlords should also consider conducting their own research by verifying employment and rental history, checking personal references, and conducting in-person interviews with potential tenants. By taking a comprehensive approach to tenant screening, landlords can increase their chances of finding reliable and responsible tenants.
Ultimately, the best tenant screening tool for you will depend on your specific needs and preferences. If you’re looking for a cost-effective option with comprehensive screening services, MyRental may be a good choice. If you prefer a service that offers FCRA-certified screeners and the ability to customize your reports, RentPrep may be the way to go. And if you want a service backed by a well-known credit reporting agency with detailed background checks, SmartMove may be the right fit for you. In addition to using these tools, it’s also important to consider other factors when screening potential tenants, such as employment history, rental history, and personal references. By using a combination of tenant screening tools and personal research, you can ensure a successful rental experience for both you and your tenants.