Occupancy up 40% and Delinquency Down Nearly 95%

At Payscore, we pride ourselves on making a tangible difference in the property management industry. Another remarkable success story comes from New Earth Residential, specifically at Harmon 370, a Class C property that underwent a significant transformation thanks to their onsite team’s utilization of Payscore’s ‘Click-to-verify’ automated income verification solution.

The Challenge

Harmon 370 faced substantial challenges before partnering with Payscore. The property was only 51% occupied, and delinquency rates were alarmingly high with bad debt standing at $600,000. The management team planned to convert weekly rental terms into 12-month agreements across the community in order to stabilize the property and improve financial performance.

The Solution

Payscore offered to empower the onsite team with an easy but accurate solution that eliminated a major source of fraud: prospect-shared documents and their inherent risk of fraud, delay, and interpretation. So, Payscore delivered a comprehensive strategy tailored to address these issues. Our approach included:

• Enhanced Screening Processes: Implementing rigorous prospect screening to ensure reliable and responsible occupants
• Accurate Analysis Reports: Providing insight that optimizes leasing decisions while identifying the top prospects
• Eliminating Paystub Fraud: By reviewing up to a year of 100% bank-verified deposit history, the onsite team at Harmon 370 no longer faces the risk of fake data or documents from pay stubs

The Results

The impact of Payscore’s intervention was profound. Within six months, Harmon 370 saw a dramatic turnaround:

• Occupancy Rate: Increased from 51% to 71%, filling more units with dependable and longer-term residents
• Delinquency Reduction: Bad debt dropped from nearly $600,000 to just $30,230 by October month-end, showcasing a significant improvement in financial stability in just six months using Payscore

Conclusion

The transformation of Harmon 370 is a testament to the effectiveness of Payscore’s solutions. By addressing key issues and implementing strategic changes, we helped turn a struggling property into a thriving community. This success story highlights our commitment to delivering results and supporting property managers in achieving their goals.

We’re building more success stories from insights Payscore delivers. Together, let’s transform community performance for the better.

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