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:
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 option will not charge the tenant for the rental application and will not request reports automatically. If you decide to request reports after, you will be charged an amount for requesting reports based on your subscription plan.
If you decide that you want the prospect to pay for a background screening, you will need to have them fill out a new rental application again with either the Screening Fee or Customize Your Fee options selected.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.
Note: Cover Screening Costs and Customize Your Fee 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.
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.
Next Steps