According to RealPage, 75% of property managers are experiencing rising cases of rental fraud in the last 12 months, new solutions are required to eliminate pay stubs as a major source of fraud. As the number of fraudulent applications rises, property managers must adopt effective strategies to safeguard their communities and financial stability. Designed to slip into your current applicant workflow, automated income verification from Payscore stands out as a trusted partner in this mission-critical endeavor.
The Rising Tide of Rental Fraud
According to a survey by multifamily software and data provider RealPage, three-fourths of multifamily operators have witnessed an increase in rental fraud cases within their portfolios over the past year. Organized groups exploit gaps in fraud protection, leading to issues like fake or manipulated identities, misrepresented income, and identity theft. These fraudulent applications can significantly impact property managers' bottom line, reducing income or increasing expenses by at least 10%.
The Role of Automated Income Verification
Automated income verification from Payscore simplifies the application evaluation process and empowers property managers to make informed decisions. Here's why it's the best tool to combat rental fraud:
- Accurate: Payscore provides 100% bank-verified income reports, ensuring that property managers receive accurate and reliable information. Say goodbye to pay stub fraud and unreliable self-reported income.
- Easy: With Payscore, property managers can instantly assess an applicant's income, streamlining the review and approval process. No more manual calculations or time-consuming verifications.
- Secure: Payscore's platform adheres to the highest security standards, using 256-bit encryption to protect applicant data. Property managers can confidently make defensible decisions while maintaining privacy.
Success Stories
Property managers across the industry have already experienced the benefits of Payscore:
- Doubling Occupancy: By slashing application processing time, Payscore helped a property with 42% occupancy achieve remarkable results.
- Streamlined Application Process: Citi-Urban Management embraced automated income verification, reducing the process to just three clicks.
- Reduce Delinquencies: By using Payscore over an 18-month lease-up period, this community now experiences zero delinquency.
Seamless Integration
Payscore seamlessly integrates with popular leasing and lending software tools, allowing property managers to leverage its advantages without disrupting their workflow. With access to over 20,000 financial institutions, including pay cards and apps like Venmo and Square, Payscore makes income verification easy for applicants.
Conclusion
As rental fraud continues to rise, property managers need robust solutions. Payscore is automating income verification to not only prevent fraud but also to enhance efficiency, accuracy, and compliance. By embracing this technology, property managers stay competitive, attract reliable tenants, and boost their Net Operating Income (NOI). By reporting the truth about applicant income, Payscore is driving delinquencies to 0%.
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