Perhaps the biggest challenge for landlords is identifying which applicant will be a reliable, respectable tenant. In order to do this, some screening needs to take place during the application process. Thankfully, the liv.rent team identified this pain point and developed the Liv Score™ feature to help landlords screen and compare potential tenants in a fair and meaningful manner.
What is a Liv Score™?
The Liv Score™ is an intelligent rating system designed to establish a renter’s reliability and credibility when applying for places on the liv.rent platform. For landlords, it is a crucial tool for screening tenants efficiently. For renters, it’s a key part of the Renter Resume to help rental applications stand out among other renters. Using AI and a powerful algorithm that corroborates submitted tenant information, the Liv Score™ gives landlords a more secure and accurate measure of a prospective tenant’s suitability, thus expediting their selection process.
“liv.rent has helped us assess applicants more easily thanks to the Liv Score™. We really appreciate the general overview of the tenants.”W Brothers | Vancouver Property Managers
Here are some reasons why you should leverage the Liv Score™ when selecting your next tenant:
1. Complete Candidate Overview
The Liv Score™ gives you a complete overview of potential tenants in one place. Typically, you would have to pay for a number of different verification processes to gain the same comprehensive picture of the candidate. The Liv Score™ summarizes the following verifications:
- Through tax and bank statements and pay stubs, income required to cover rent payments is assured.
- Letters of employment, job offers, pay stubs confirm an applicant’s employment is valid.
- Driver’s license in combination with a renter profile selfie, ensure a renter is who they say they are.
- A credit check is conducted by Equifax to verify a candidate’s financial credibility.
Social media verification
- Information provided is verified against the LinkedIn profile of the applicant.
Court services verification
- A review of public court records including the Provincial Court ticket records and Provincial Court criminal records is conducted.
Income to rent ratio
- An income to rent ratio is calculated – the rent price should be 1/3 of the renter’s income to recieve a passing score.
2. Simple, Easy to Understand & Navigate
Our clean and simple Liv Score™ displays all the information required to determine whether a candidate is a reliable and suitable tenant. You can compare prospective tenants simply and easily by using the assigned Liv Score™ rating. The Liv Score™ summerzies tenant profiles into 4 categories – Excellent, Very Good, Average and Poor. Providing landlords a clean and simple overview of each prospective tenant.
What does the Liv Score™ rating mean?
The Liv Score™ rating is a metric out of 100 points. It encompasses a candidate’s Financial Records and their Trustworthiness.
Financial Records make up 80% of the Liv Score™ rating, it is calculated by a credit check conducted by Equifax that provides a comprehensive overview of the candidate’s financial credibility based on payment history, credit utalization, brankcupty and more.
A candidates Trustwothiness makes up the remainder 20% of the Liv Score™ rating. Our platform’s custom algorithm analyzes the candidates profile corroborating their information with their photo ID, references, Linkedin profile and more.
See the full breakdown below, and learn more about the Liv Score™ and how tenants can improve their rating here.
3. Verified Information & Documents – All In One Place
When a tenant completes their profile on liv.rent, they provide supporting documents that are verified by the liv.rent compliance team so you don’t have to spend your time validating tenants’ employment records and income statements.
Tenants are propmted to submit the following Income and Employment verification documents, which are visable to the landlord within the Liv Score™:
- Pay slip
- T4 tax slips
- Bank statements
- Student loans
- Job offer letter
- Business card
4. Fast & Easy Sharing
Our well designed, professional Liv Score™ feature allows property managers to share the tenant applications, complete with Liv Score™, with landlords/owners. Simply save as .pdf and share digitally and seamlessly. In addition, applications are stored in one place – the liv.rent platform – so you have quick and easy access to them when conducting a viewing. No more filing through stacks of paperwork to find an applicant’s information!
5. It’s Free
Upon signing up for the Business Unlimited Membership you gain unlimited access to the Liv Score™ for all potential applicants in addition to all the other exclusive liv.rent features:
Unlimited Account Users
Custom Contract & Addendums
As an added bonus, the Business Unlimited Membership has no restrictions on the number of units you can list on the platform. You will also have your own company page displaying all your available listings. This makes it easy for tenants to simply select whichever listings they like from your page and send applications to all of them with the simple touch of the ‘apply’ button.
If you need help determining which one best suits your needs or would like to better understand the different features, do not hesitate to contact us via Live Chat during business hours (PST) or email us anytime!