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!
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:
Settings > Rental Applications
Rentals > Properties > (the property) > Settings > Rental Applications
Specifically, we're looking at the Manage Fee portion. You’ll want to do the following:
In the Manange Fee section, you know will have three choices when it comes to charging for rental applications.
You'll have three options now when selecting fees:
Screening Fee: 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.
Cover Screening Costs: This selection is similar to the above except that the application is free for the applicant, and you will not be charged a screening fee until you decide whether or not you want to screen the tenant. You as the property manager will be charged for selecting this option. The screening fee is based on your subscription tier.
Customize Your Fee: This option lets you enter a custom amount to charge the applicant for the application fee. Note that using this option will always deduct $3.50 for the credit card processing fee. Here you can also decide whether or not to run screenings that the applicant will pay for. Click the box for "Deduct Screening cost from application" to run screenings. The screening fee is based on your subscription tier.
You will need to click the box labeled "By using the rental application, I accept the DoorLoop and TransUnion Terms and Conditions." to use Rental Applications.
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.
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.