As an asset manager of multifamily properties, you know stable income means everything. To you, your team and, most important, your owners, nothing ranks higher in priority than predictable revenue. Because when it comes time to sell or refinance an asset, the due diligence team will ‘look under the hood’ to assess the defensibility of your cash flow analysis. Because the most qualified tenants are the source of the most predictable revenue, and defensible revenue points to strong asset value, investing in sourcing and placing great tenants only makes sense.
Do you rely on resources delivering accuracy and insight regarding prospect income, or do you continue to leave yourself – and your owners – open to liability exposure and considerable uncertainty by relying on the manually-intensive and inherently biased process of requesting, collecting, and reviewing pay stubs? Traditional methods of income verification, such as evaluating pay stubs, tax returns, or bank statements, are time-consuming, unreliable, and prone to fraud (~15% of applicant-shared documents have been falsified). Historic methods also exclude many potential tenants who have non-traditional or irregular income sources, such as commission-based employees, gig workers, freelancers, or self-employed individuals. For these prospects, the fastest growing category of employees in the U.S., the dollar value of their income, if steady, carries as much buying power and ought to be given equal consideration as more traditional earners. With the increasing prevalence of prospects leaning on side hustles, can your properties afford to categorically rule out well-qualified prospects simply because their source of income is historically more difficult to identify?
That's why you need Payscore, the most trusted solution for automating income verification. Payscore connects to over 20,000 financial institutions in North America, including pay cards and apps like Venmo, Square, and PayPal. It analyzes the applicant's income data in real-time and generates a comprehensive report that shows their net income, income stability, income sources, and income trends. Additionally, you will see 100% bank-verified current, available, and average account balances. With Payscore, you learn the truth about income, something you’ll never get from examining the incomplete and potentially falsified documents typically used today.
With Payscore, you can:
- Spend half as much time assessing income by eliminating manual verification,
- Reduce human error and unintended bias that originates from manually reviewing, documents,
- Increase accuracy and reliability by using 100% verified data from the applicant's bank accounts,
- Reduce fraud by eliminating the use of pay stubs, and disrupting the risk of fake or altered pay stubs and other documents,
- Expand your pool of qualified applicants while increasing fairness by accepting all types of income,
- Make faster and smarter decisions by using Payscore's automated verification solution that helps you evaluate your candidates fairly, objectively, and defensibly.
Payscore is easy to use for both your onsite team and the applicants. Through your property management software, you simply send prospects a link to complete the Payscore workflow in a secure platform. Done in minutes using their smartphone or computer, applicants then instantly share their Payscore report to your screening teams. Take the guesswork and lost time out of the process when locking in your highest priority. Steady, predictable income from your applicants, for your assets.
Payscore partners with asset managers and their property managers to improve the predictability of your asset's income stream by documenting you have leased to the most qualified prospects. Click here to schedule a 15-minute demo and learn how to improve the economics of your assets.
