Overview
In DoorLoop, you set how much you charge for your rental applications in each of your properties or overall for your whole company. Previously you had to have a Merchant Account to run background screenings for an applicant, but you can do that now without one.
Let’s review how to charge for rental applications!
The Steps
To charge for your rental applications, you’ll set this up in either the company Rental Applications setting or on the Property's Rental Applications setting which are located here:
Settings > Rental Applications
Rentals > Properties > (the property) > Settings > Rental Applications
Specifically, we're looking at the Application Fees portion. You’ll want to select on of the following:
Comprehensive Plan: Use this option if you don't have a Merchant account set up, but still want to run a background check for applications. There will be a $49.90 fee charged to the applicant.
Customizable Plan: This option lets you enter a custom amount to charge the applicant for the application fee. You must have a merchant account set up to use this option and using this option will always deduct $3.50 for the credit card processing fee.
By default, this option will request screening reports that the applicant will pay for. If you don't want to run tenant screenings, click the box and uncheck "Include screening costs in the fee by default." If you decide later you want to run a tenant screening and request reports, you'll need to pay for it.
Basic Plan: This option will not charge the tenant for the rental application and will not request reports automatically. If you decide to request reports after, you have the option to request payment from the prospect to run the background screening report or pay for it yourself.
You will need to click the box labeled "I accept the DoorLoop and TransUnion Terms and Conditions." to use Rental Applications.
Note: Application-Only Plan and Custom Fee Plan screening fees are based on your subscription plan.
That's it! If later you want to change the amount you charge, repeat these steps and all new prospects filling out applications for this property will pay the new amount.
Tip: if application fees are part of your management fees and aren't distributed to the owner, you must add Application Fees to your Management Fees Payout Categories. This will add it to your management fees and not on the owner distributions.
Special Consideration
You will need to have a verified address entered. If you've already done this, read on.
The Application Fee Summary report will update to reflect this deduction from your profit. Note that the background check and platform fee are non-refundable, even if you don't download the report.
According to TransUnion, their SmartMove reports give you a 15% better eviction prediction than a typical credit score.
No matter which Fee setting you choose, you will be able to run background checks without having to have the applicants fill out another application.
If you have rental application fees set, rental application fees are charged per applicant who applies. (For example, if there is an applicant and a co-applicant or co-signer, all will need to pay the application fee.)
Next Steps