After the prospect has completed the application, let them know there will not be an immediate response on acceptance. Income verification is needed to verify the information provided on the application is accurate, and that there are no hidden bank accounts, home ownerships, or other assets of this type.
Explain to the applicant that there are three-steps in the application approval process.
First, credit and criminal reports are run to be certain that the prospect meets the resident selection criteria as defined for that apartment community.
Secondly, if step one passes, the income verification process will begin. Let the prospect know that we are at the mercy of their employer, bank, and anyone else they listed, to verify the information on the application is true and accurate. In some cases, the need for the applicant’s assistance in obtaining the required documentation may be necessary.
The third and final step is the approval process. At Yarco Companies, we have a “second pair of eyes” review the file. This confirms that all items have been properly verified, and nothing has been missed. When the applicant’s file has been successfully approved, the applicant can move in. This whole process could take a couple days or could easily take more than a week, depending on the speed with which all verifications and approvals can be completed.
Explanation of this process from the first initial contact with a prospective resident may help prevent some phone calls asking if the application has been approved. When a call is received asking about approval, notify the applicant which step of the process their application is in. With the information that has been given the applicant regarding the three steps required for approval, they should know what stage the verification is in and how much longer they may have to wait for a final decision and move-in date, hopefully reducing daily phone calls from the anxious applicant.
What ways have you found to help explain the procedure to prospects?
Director of Property Marketing