5 Affordable Tenant Screening Solutions

As a property owner, finding the perfect tenant can feel a bit like finding a needle in a haystack. 🌾 But, fear not! With the help of tenant screening services, you can sift through the chaff and find the golden grain. These services can not only help you verify a potential tenant's identity but also their credit score, rental history, and even criminal records.
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In this post, you'll get the lowdown on affordable tenant screening solutions that are both user-friendly and efficient. You'll learn what to look for when choosing a service, and we'll take a deep dive into five of the best budget-friendly options on the market. So, buckle up, and let's get started! 🚀

What are Tenant Screening Services?

Tenant screening services are software tools used by individual landlords, real estate agents, and property managers to help evaluate the background of a potential renter. Basically, they provide you with a comprehensive overview of a renter's background, rental history, credit history, employment details and more that lets you assess if a renter is reliable and trustworthy.

What to Look for in a Tenant Screening Service?

Accuracy

Accuracy is paramount. The last thing you want is to make a decision based on false, fraudulent, or outdated information. Ensure that the tenant screening service and the partners they work with provide accurate and up-to-date data.

Compliance

Tenant screening services should comply with Fair Housing Laws, both federal and local, as well as the Fair Credit Reporting Act (FCRA). These regulations ensure that all the information gathered is legal and respects the potential tenant's privacy.

Secure

Your tenant's information is sensitive data. Therefore, the service you choose should provide robust security measures to protect this data from unauthorized access or breaches.

Renter Friendly

The platform should be easy to navigate and understand. It should save you and your potential renters time, not give you a headache.

Cost-Effective

Finally, the service should be affordable and offer good value for money!
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5 Best Affordable Tenant Screening Services 💼

Clara

Clara is a digital rental application and screening platform that provides a seamless experience for both renters and landlords. It collects, consolidates, and secures application information to help renters find their ideal homes and landlords find their ideal renters. The user interface is clean and intuitive, making it easy to navigate even for first-time users.
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Pros:
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• Easy to use, digital rental application that allows you to create and share an online application with potential renters.
• Included Identity and Income Verification from Plaid, an advanced security and encryption tool, to verify identification documents, phone numbers, name, date of birth, ID numbers, and more.
• Intuitive and user-friendly platform that landlords and agents can use to easily review and compare applications as well as communicate with prospective renters.
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Cons:

• Clara only offers screening services at the moment, with some of the other options including features like lease creation or rent payments
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RentSpree

RentSpree offers a free tenant screening service that includes a complete credit report, criminal background check, and rental history. It also provides an online rental application for potential tenants, making it a convenient option.
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Pros:

• RentSpree includes many features built to power your rental business, everything from listing pages, to e-signatures, to rent payments.
• They provide a full TransUnion credit report with all screenings, not just a summary.
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Cons:

• Additional screening like income verification and references can not be accessed with their free plan, only their RentSpree PRO option ($9.99/month)
• Income verification is simply the applicant uploading additional required documents such as proof of income and government issued identification. None of this information is verified by a third party.

Avail

Avail is a bit like the Swiss army knife of tenant screening services. Beyond basic screening, it also offers online rent collection, lease agreement templates, and maintenance tracking. It's a great all-in-one solution that's also budget-friendly.
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Pros:
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• Avail has multiple screening packages and allows you to choose which rental screening reports you want to request from a prospective renter.
• They are part of Realtor.com and provide lots of educational resources and courses for landlords
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Cons:
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• Only a Full Screening package will give you results from a Nationwide Criminal and Eviction search.
• Their income verification process simply involves an applicant uploading either a W-2, pay stub, or offer letter to verify income.

TurboTenant

TurboTenant, as the name suggests, is all about speed. It promises to deliver reports within minutes of a tenant completing their online application. It also offers marketing tools to help you list and promote your property.
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Pros:

• With just the tenant's email or phone number, you can easily conduct a credit check, criminal background check, and eviction report within 5 minutes.
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Cons:
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• It's a little bit more expensive for both landlords and renters, TurboTenant charges a $99/year subscription fee and applicants pay $55 for the online application.
• Getting started on TurboTenant is a process, it takes a while to get set up and running on their platform.

AppFolio

AppFolio is a versatile property management software that also includes tenant screening services. It offers features like online rent payments, maintenance requests, and property marketing. It's a bit pricier than the other options, but the comprehensive feature set may be worth the extra cost.
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Pros:

• AppFolio is an excellent solution for mid-sized property management companies with features like live virtual property showings.
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Cons:

• Because tenant screening is just one piece of their comprehensive platform, it isn't the priority compared to the rest of their tools
• The rental application can not be customized to an individual landlord's needs
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So which service to choose?

Now that you're armed with all this information, it's time to choose the right tenant screening service for you! Remember to consider accuracy, compliance, security, user-friendliness, and cost when making your decision. After all, finding the perfect tenant is like finding the perfect pair of shoes - it might take a bit of time and trying on a few options, but once you find the right fit, it's worth it! 👟
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When selecting a provider for your business, it's important to prioritize your needs and find the best fit. Consider the total cost, which could include a subscription fees and add-on charges. And remember not to overlook the value of your time spent managing manual processes!
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