Resident screening is a must for HOAs and condo associations, but it doesn’t have to be just a cost. By using background check services with a revenue share model, you can turn this routine task into a financial advantage.
This article covers seven practical ways to make screening a source of income, reduce risks, and improve efficiency for your community.
Why Revenue Share for Background Checks Matters for HOAs and Condos
Screening residents has often felt like a burden for HOAs and condo associations. Community managers spend time handling application fees, organizing background checks, and balancing costs, all while pulling from limited budgets that could fund community upgrades instead.
Older methods treat screening as an expense, with fees either covered by the association or passed to applicants without any gain. Yet, with over 73 million Americans living in community associations, even small changes can create big financial benefits.
Background check services with revenue share flip this model. They allow associations to keep a portion of application fees, making screening a self-funding or even profitable process. This shift turns a drain on resources into a tool for financial growth.
For Florida associations, where state laws demand thorough resident vetting, revenue share offers a way to meet strict rules while earning income. It’s a smarter path to managing costs and maintaining standards.
7 Key Benefits to Increase Your HOA/Condo’s Financial Health
1. Turn Resident Screening Into a Source of Income
One major perk of background check services with revenue share is turning screening from a cost into an income stream. Unlike traditional setups where fees barely cover expenses, this model lets associations keep a chunk of each application fee.
Imagine a mid-sized HOA with 100 applications per year at $50 each. If the screening service costs $20 per application, the association pockets $30 per application, adding up to $3,000 yearly. For larger communities with 300 applications, that’s over $9,000 in extra funds.
The process is simple. The vendor takes their cut from the fee, and the rest goes to the association automatically. No extra work is needed from staff, and the income can cover unexpected costs or fund projects without raising dues.
2. Strengthen Finances and Support Community Projects
Revenue from screening creates a steady income source separate from dues or assessments. This extra cash offers financial flexibility, especially during tough economic times or for surprise expenses, without burdening residents with higher fees.
These funds work well for ongoing upgrades like better landscaping, new amenities, or improved security. An association earning $5,000 yearly could enhance common areas or add features that boost property values and resident happiness.
This money also helps build reserve funds for big repairs, such as roofs or infrastructure. Many associations find it hard to save enough for reserves, so every additional dollar counts for future planning.
3. Simplify Application Fee Handling and Save Time
Collecting application fees manually wastes time and risks errors. Managers often juggle payments, confirm funds, and reconcile costs, causing delays and potential compliance issues.
Background check services with revenue share solve this with automated platforms. Applicants pay online through secure systems, cutting out manual payment headaches. This speeds up the process and reduces mistakes in record-keeping.
Automation frees up community managers to focus on bigger tasks, like resident engagement or maintenance planning. Plus, detailed reports track every transaction, ensuring transparency and making financial oversight easier for boards.
Want to see this in action? Schedule a demo to explore how TenantEvaluation streamlines fee collection and boosts revenue for your association.
4. Manage Risks and Meet Legal Standards at No Extra Cost
Staying compliant with laws like the Fair Credit Reporting Act (FCRA) is a big concern for associations. Violating these rules can lead to hefty fines, with penalties reaching thousands per case. Handling this in-house often demands costly training and systems.
Trusted providers of revenue share background checks take on this responsibility. They ensure screening meets FCRA, fair housing, and data security rules, lowering your legal risks without added expenses.
These services also protect applicant data with top-level encryption and security standards. This level of protection is tough for associations to match on their own, but it comes built into the revenue share model.
5. Boost Efficiency for Property Managers
Property managers juggle heavy workloads, and manual screening eats up hours with tasks like tracking documents and chasing payments. These delays frustrate applicants, realtors, and board members alike.
Revenue share platforms automate these steps, from collecting data to processing checks. This cuts down on time spent per application and reduces errors, letting managers focus on higher-priority work.
The financial upside is clear. A Florida management firm saved $240,000 yearly after switching to automated screening, cutting processing time by half. Real-time updates also keep everyone informed, reducing follow-up calls and improving communication.
6. Provide Clear Oversight for Board Members
Boards need a full view of finances, including screening income. Older methods often obscure these details, making it hard to gauge the real impact of fees collected.
With revenue share services, boards get access to dashboards showing application numbers, revenue earned, and processing stats. This clarity helps with decisions on policies and fee structures.
These tools also track every transaction for accountability, showing exactly how funds are used. Plus, screening data offers insights into resident trends, aiding plans for amenities or services that match community needs.
7. Draw in and Keep Reliable Residents
A smooth, professional screening process doesn’t just save money; it also attracts better residents and cuts turnover costs. Modern platforms improve applicant experiences, which can shape housing choices.
With user-friendly online tools and quick updates, applicants get a positive first impression of your community. Faster approvals, often down from weeks to days, benefit everyone involved, making your association a top pick for realtors and buyers.
Thorough checks also ensure residents fit community standards, supporting stability and property values over time. Lower turnover means fewer costs and a stronger sense of community.
Upgrade Your HOA/Condo with TenantEvaluation’s Revenue Share Services
TenantEvaluation offers a complete solution for associations looking to make screening a financial asset. Tailored for Florida HOAs and condos, our platform draws on 15 years of expertise and partnerships with firms like RealManage and FirstService Residential.
Here’s what sets us apart:
- Automated fee collection with direct revenue sharing to your association.
- Custom setups to meet Florida’s compliance needs.
- QuickApprove dashboard for boards to review and vote on applications instantly.
- Full screening options, including criminal history, credit, and income checks via IDverify and SafeCheck+.
- High security with automatic data redaction and top-tier compliance.
We’ve helped communities earn over $150 million while processing 100,000+ applications yearly. Clients see major time savings, better compliance, and real revenue to fund their goals.
Schedule a demo now to learn how TenantEvaluation can improve your finances and operations.
Common Questions About Revenue Share Background Checks
How Much Revenue Can My HOA/Condo Gain?
Your earnings depend on application volume and fee setup. If a $50 fee applies to 100 applications and the service costs $20 each, you’d net $3,000 yearly. Larger communities with 200-300 applications could see $6,000 to $9,000, all without extra effort from staff.
Do Applicants Pay More with Revenue Share Models?
No, the fee applicants pay stays the same as what your board sets. Revenue share only changes how the collected amount splits between the service and your association. Automated systems often lower overall costs, keeping fees fair while adding income.
Are These Services Compliant with Housing and Privacy Laws?
Yes, established providers ensure full compliance with FCRA, fair housing, and privacy rules. They offer strong protections like encryption and data redaction, reducing risks at no extra cost to your association.
How Does This Ease Financial Tracking?
Revenue share platforms automate all payment steps, from collection to disbursement. Detailed reports show every transaction, integrating with your accounting and providing clear records for audits and board reviews.
Can We Use This Revenue for Any Expense?
Generally, yes. This income becomes part of operating funds and can support upgrades or reserves, based on board decisions. Check with legal and financial advisors to align with local rules and ensure transparent use for community benefit.
Final Thoughts: Unlock Your HOA/Condo’s Financial Potential
Shifting resident screening to a revenue share model changes it from a cost to an opportunity. These services not only bring in income but also improve compliance, efficiency, and resident satisfaction.
The seven benefits discussed show how screening can go beyond simple checks. With the right partner, you gain financial support, streamlined tasks, and better decision-making tools for your community.
Associations that adopt this approach stay ahead by attracting solid residents and funding improvements without extra fees. Choosing a trusted provider is key to maximizing these gains.
Ready to make screening a financial asset? Schedule a demo today with TenantEvaluation to boost revenue and simplify operations for your association.