As property managers, you live the delicate balancing act involved in leasing decisions. Accuracy, efficiency, and compliance—these three pillars form the basis of your leasing decisions. But what if I told you that relying solely on pay stubs for income verification is akin to building a house on quicksand? Let’s explore why it’s time to shift gears.
The Pay stub Predicament
Pay stubs have long been the default choice for assessing an applicant’s financial stability. They appear straightforward: rows of numbers detailing income. However, let’s shine a light on their inadequacies:
- Inconsistencies: Pay stubs often fail to capture the full picture. What about overtime, bonuses, and irregular income sources? They all remain elusive when relying on pay stubs. What about side hustles or freelance gigs? They’re like hidden treasure chests—sometimes there, sometimes not. The onsite team cannot afford to deny an applicant due to missed income sources.
- Forgery Risks: Fraudsters wield Photoshop like a magician’s wand. And ChatGPT is in a contest with FraudGPT, making detection nearly impossible even for the best AI-based solutions. Relying solely on pay stubs is akin to trusting a mirage in the desert.
- Stale Data: Pay stubs provide a snapshot of the recent past. But what about today? Or tomorrow? Income fluctuations happen. Life events—job changes, promotions, or even demotions—aren’t reflected in those static pieces of paper.
Payscore: The Game-Changer
Enter Payscore, the beacon of hope in income verification. Here’s why it’s the antidote to the paystub predicament:
- Instant Verification: Payscore delivers 100% bank-verified income data instantly. No more waiting for a pdf of pay stubs or deciphering cryptic codes.
- Efficiency Boost: Expedite approvals and streamline your application process. Time saved means more units leased.
- Compliance Confidence: Payscore promotes fair housing and lending practices. It’s not just about numbers; it’s about treating all applicants equitably.
Conclusion: A Sturdy Foundation
For professional property managers, it’s time to ditch the paystub blindfold. Payscore delivers the truth about applicant income to help you make leasing decisions with confidence. Your properties deserve a solid foundation—built on verified income, not flimsy documentation.
Meet our team and learn how to unlock the secret to better information.
