Here are the next steps after receiving a completed Ikos application.
As soon as a renter (or group of renters) submits a complete Ikos application packet for your property, Ikos will make it available to view in Homebase. The primary components of the application are:
- The application form. This includes personal details, references, rental history and employment history.
- The consumer report/background check. This includes credit score and credit lines/accounts, as well as eviction and criminal histories.
- Relevant documentation. This includes an image of photo ID, proofs of recent incomes and any other documentation the renter wishes to present for consideration.
Your application may also come with a "Note from Ikos" providing a brief summary of the application packet including but not limited to income sources, income totals calculated from uploads, and pet information. We'll also let you know if the applicant has yet to view the property. Keep in mind that, whether the renter has already toured or not, application packets require a decision (approved or rejected) within 72 hours.
It is imperative that you review the application in full on your own in order to make an informed decision. When reviewing, it's important to match the details from the application form with the consumer report/background check and the additional documentation provided. Does the income noted in the application form match the gross or net income seen in the additional documents? Does the consumer report/background check align with your minimum acceptance criteria? Are you able to get in touch with the references (personal, landlord, and employment) provided? Ikos strongly recommends calling them, both for thoroughness and to expedite the review process.
In the consumer report provided by our partner, JDP, you'll see address and employment comparisons to help you corroborate information. You can see applicant credit score as reported by TransUnion as well as a list of credit lines including when they were opened, the type (e.g. EDUcation, REVolving, etc.), balances, and current statuses (e.g as agreed, past due, etc.). Lastly, at the bottom you'll find the National Criminal and Eviction Database searches. Keep in mind that JDP can only report what can be properly matched to the respective applicant.
If you're confused about what you see on the application or something might be missing, let your Client Advisor know and you can determine best next steps together. Applications can be returned to renters for additional supporting documents or to provide more relevant context.
After review, the final step is to Approve or Reject the application in Homebase! See a complete video walkthrough of the application review process below, including how to access them: