There are many aspects of an application to consider when reviewing and qualifying a new renter. One of the first and most important is identifying affordability. As a rental owner, leasing agent or manager, it is vital you have the tools that allow you to be confident when evaluating a potential renter's ability to pay rent.
Intellirent is partnered with Finicity, part of the Mastercard family, to provide you with an easy solution for income verification with an Income Report. An Income Report gives you an up-to-date snapshot of an applicant's financial activity over the last 6 months. To participate in the Intellirent Income Report beta release, please complete this form.
This article provides details on the following,
- Process for applicant to connect account
- Locating the Income Report
- Report Status
- Interpreting the Income Report
Process for applicant to connect account
During the application process, a potential renter has an option to select accounts within a desired financial institution. The applicant is instructed to connect an account that will support their stated.
After the application file is submitted, Intellirent will begin compiling data to generate the Income Report. The connection to the account is then terminated.
An applicant will have access to their generated Income Report on their dashboard.
NOTE: If a potential renter selects, I do not have a Financial Institution to connect, the Income Report section will not appear in the submitted file. In addition, after app submission, a renter does not have an option to connect a financial institution. The option will only appear prior to submitting the application.
Learn more about what the applicant will see here.
Locating the Income Report
Once generated, the Income Report will be located in both the Income modal and the Renter Resume. Click on any of the Income icons from the Applicants list view or the Applicant Details. The modal will open and the Income Report will be the first tab. The second tab will contain the documents uploaded by the applicant.
Applicant Stated Income
Located on the bottom left of the Income modal. When completing an application, the applicant is asked to enter their total monthly income. The value the applicant has entered is displayed as the Applicant Stated Income.
Estimated Average Income
Located to the right of the Applicant Stated Income. The estimated average income that was calculated on the generated report using the applicant's connected financial records. The estimated average income amount can only be populated after the report has been generated.
Report Status
A report will only be generated after an application is submitted.
Report Pending
A file is submitted.
Intellirent will begin to generate the Income Report. A report may take up to 30 - 45 minutes to generate.
Report Returned
A report was generated after the file was submitted. Learn more about interpreting the report below.
Report Delayed
The file was submitted, however, Intellirent encountered an issue when generating the Income Report. The Intellirent team is notified of a failed report and will begin investigation efforts. Please contact our support team for further assistance.
Interpreting the Income Report
The Income Report contains information in the sections outlined below. The information found in each section is unique to the applicant and the account the applicant has selected to connect. Although an applicant is encouraged to connect an account to prove their stated income, additional variations may occur when limited information is returned.
Profile
The applicant and associated rental property (if applicable) information as stated in the application file. The Date Range is from the time the file was submitted with no more than 6 month history of transactions available in the connected account/s.
*NOTE: If the connected account contains less than 6 months of transactions, the data on the Income Report will not contain the full 6 months.
Summary
An applicant can connect one or more financial institutions, and one or more accounts within a financial institution. The summary will include calculations for ALL:
-
Past 3 Months – the sum of income transactions in the recent 3 month history
-
Past 6 Months – the sum of income transactions in the total 6 month history
-
Average Monthly – the Past 6 Months history divided by 6 (months)
-
Projected 12 Months – the Average Monthly multiplied by 12 (months)
- Est Monthly Avg – the calculated Rent to Income or Rental Budget, dependent on the applicant's association to a published property.
Rent to Income
If the application is associated with a specific published property, Intellirent will calculate the Rent to Income ratio – Average Monthly divided by the Rent Amount of the desired rental property
The "Rent to Income" label is green when the calculated amount is equal to or more than 2.5 times:
The "Rent to Income" label is yellow when the calculated amount is less than 2.5 times:
Rental Budget
If the application is not associated with a specific published property, the Rent Amount cannot be used to calculate a Rent to Income ratio. Rent to Income is replaced with Rental Budget – Average Monthly divided by 3 (months).
Account Detail
High-level data for a single connected account. Unlike the Summary, the Account Detail and proceeding Deposits are show per account. High-level data includes:
- Financial Institution – the name of the bank/financial institution
- Type – the type of account, i.e. Checking or Savings
- Account Number – the last 4 digits of the account
- Current Balance – the last amount available at the time the account was connected
If an applicant has connected only one account:
If an applicant has connected multiple accounts:
*NOTE: Information pulled from connected accounts is static. The amounts will not change and provide a snapshot of the time in which the file was submitted.
Deposits
The list transactions for the single account found in the Account Details. A transaction is categorized by "Deposit", "Income" or "Income Interest".
Transactions are separated by month and date, in descending order over the last 6 months, if found.
- Date – the month and day of which the associated transaction took place
- Description – the source of the transaction
- Amount – the amount of the transaction
- Total – the sum of transactions in a month
If no transactions are found for the connected account, you will see the following message:
Summary of Rights
The last two pages of every Income Report.
Find details on additional tools and Intellirent features that help leasing professionals and owners quickly find and qualify applications:
To participate in the Intellirent Income Report beta release, please complete this form.
Still need help? Submit a support request here.