As a property manager, you’re used to having individual residents or families pay their own rent, but what do you do when a corporation wants to foot the bill? Should the application process take on some additional steps such as requesting a background screening report on both the applicant and the corporation? If you answered yes, then you’re correct! Here’s why:
For highly skilled interim employees, consultants, teaching abroad programs, having a corporation or business pay for their rent can be common. However, this also means that there’s a chance that the applicant is a new employee, with no pay stubs. In this case, you should run a credit check on the business itself.
Based on what you find with the business credit report, you should be able to see if the corporation will be able to pay for their employee’s rent in a timely fashion. Then on the applicant’s background report (depending on if they’re from abroad), you should be able to check if the applicant is suitable for your community based on your standard rental policy.
Getting an Experian® Business Report can help you see if the paying organization is high or low risk based off their credit information. Experian only uses 3rd party vetted data from merchants (ex. FedX) doing business with the company to government agencies (ex. SEC, Secretary of State, bankruptcy courts). Be cautious of other business reporting services which rely on “self reporting” data. A business owner is bound to exaggerate their business size and financial strength.
Don’t be intimidated by corporations that want to pay for their employee’s rent. Guaranteed rental payments from the renter’s employer is a safe and profitable source when using a quality business credit report and the applicant’s background report. For more information on how to access Experian business reports when you need it, visit our website or call 888-316-4242.
Have you ever encountered an applicant who had an employer that was paying for their rent? What did you do to make your rental decision? Would you use business reports if ever faced with the situation again? Let us know in the comments section below and be sure to subscribe!