How much do you charge for an application fee?

What’s up everybody? Matthew Whitaker here, shooting another video, Questions Owners Ask.

Today’s question is how much is your application fee and what does that go for? So… See ya, Spencer. Our application fee is $50 per person.

So, if there’s more than one person, absolutely, it’s a hundred…like two people, hundred bucks. So, $50 per person. Everybody 18 or older has to pay an application fee.

And, a lot of people think this is like a huge profit center for us and it’s absolutely not.

I mean, we have to pay money for the data that we get from…we use Trans Union as our data supplier. So, first of all, we gotta get…we gotta pay per transaction with them and we pay like 20 something bucks per transaction with them. So, somewhere between 20 and 25 bucks, depending on how much data we get.

The other thing we have to do is pay somebody to process that application. So, we’ve just internalized our application process.

The reason that we did that is we thought it made more sense for us to control that process because we wanna control who we’re putting in houses.

When… We used to subcontract that out and say, “Hey, we want you to…this is the criteria we’re looking for, will you just approve or decline based on that criteria?”

And we found there was too much gray area, they were approving people that probably shouldn’t have been approved.

So we’re going to bring that back in-house and we’ll have a little more kind of close oversight ever.

And, that’s it, that’s Question Owners Ask. That’s about our application, how much it costs and what does it go for.