Case Study: A tech and data partnership is getting quality tenants into rental properties up to 50% faster

As part of their mission to use technology to solve issues in the industry, IRE decided to develop a time-saving online rental application form, 2Apply. They sought to design a best-in-market solution by addressing the common pain points of existing electronic application forms. 

One prevailing problem is the length of time it takes property managers to chase applicant references, switch between different systems to get all the information needed to background screen an applicant, and then re-enter the same information repeatedly. Worse still, when there is a large volume of applicants to screen each day. Another problem is verifying the authenticity of an applicant's identification – how can a property manager know if a driver's license or passport had been falsified?

To address these issues, IRE decided to integrate tenant screening within their online application form. They wanted to provide the industry with a one-stop-shop where the tenant application, background screening and ID check could happen all in one place.

The Objectives

• Save property manager's time on processing tenancy applications

• Find a simple way to identify quality tenants quickly

• Provide property seekers the ability to self-process their application

The Solution

IRE is known for its fast, reliable tech solutions designed to bring about operational efficiencies for the property management industry. With over 18,000 property managers using IRE products daily, they wanted to be sure the tenant screening solution they chose to integrate within their online rental application form, 2Apply, would be comprehensive, quick and easy to use. 

IRE chose to integrate with the Equifax National Tenancy Database (NTD) because they knew it would help their customersfind suitable tenants and process their applications faster. NTD makes it easy for real estate agents and property managers by validating the applicant’s identity and providing comprehensive background checks, including rental blacklist checks, bankruptcy checks, and court history checks—all in one easy-to-understand report. 

Both property seekers and property managers can access the 2Apply system to order an NTD report. Regardless of who sees the report, the content is standardised to avoid confusion between tenants, landlords and property managers. 

Information entered into the application, including an NTD check, is automatically saved, ready to be accessed by different property team members so everyone can be across the application's progress at any one time. Tenants don't need to re-enter information each time they apply for a different property because it's all there, ready at the click of a button.

The Results

From a zero start in January 2021, when 2Apply was launched, IRE is processing around 500 NTD reports a day nine months later. For IRE, the applicant screening process is now  to 50% faster on average/in most cases. This time-saving allows for faster tenant turnaround, giving agencies more time to focus on service delivery and business growth.

Property managers no longer need to grapple with the issue of falsified ID documents. The seamless integration of digital ID verification into the screening process helps determine if the applicant is who they say they are, and protect against the growing risk of identity theft and phishing.

The thoroughness of the NTD check gives agents peace of mind that they have done all they can to deliver the right applicant into the property – someone who is likely to treat the property with respect and pay their rent on time. 

"With this easy integration, there's no excuse not to thoroughly screen applicants. Why risk putting bad tenants in a property when due diligence is such an easy one-click task." 
Andrew Reece, CEO & Co-Owner, IRE

Interestingly, property management professionals are not the only ones to benefit from the IRE/Equifax partnership. The 2Apply/NTD solution has brought about incredible benefits for property seekers, so much so that it has instigated a seismic shift in the industry. 

For the first time, consumers can initiate the screening process themselves, and in doing so, can fast-track their tenant applications. Before inspecting a property, an applicant can start filling out the 2Apply application, including NTD and automatic reference checks. When the time comes to put themselves forward for a property, their application will have already been processed and can quickly be approved.

"Just like pre-approval for a home loan, property seekers can now do the work in advance to get themselves ready for a tenancy application."
Andrew Reece, CEO & Co-Owner, IRE

Save time and money on rental application processing and increase your team's chances of finding quality tenants. Contact 2Apply today for a free demo.