Blog

When taking responsibility for a property with 42% occupancy, focus and automation are everything. When Mary Magness moved to this newly managed property in Houston, she knew that current business practices were inadequate. “I have six people managing nearly 700 units in two towers”, said Mary Magness, Community Manager. “Doubling my occupancy in a year would be impossible if I had the team chasing down pay stubs to verify income.” Automating income verification accelerates processing standard applications but even more value becomes apparent with more complicated applicant scenarios.

You asked The Closing Docs to identify potentially misleading or even fraudulent application submittals. Sometimes our reports reveal applicant names that are different from the account holder name. This could be a simple error, where an applicant connected a business bank account instead of a personal account, or it might be attempted fraud. In either case, you need confidence regarding applicant identity and the account they are using to qualify based on income. Learning there are mismatched names in advance of approve/deny decisions prevents the cost and hassle of potential evictions down the road.

The Closing Docs has improved its recurring income algorithm to identify gaps in pay for recurring income streams. Such gaps could be due to furlough periods, seasonal work or other temporary breaks in pay.

With The Closing Docs, it doesn't matter what the fraudsters are doing. We go straight to the source to instantly deliver the info landlords need to make well-informed decisions regarding applicant income.

For years, RentPrep manually called employers to confirm the income of potential renters. Sometimes, we paid vendors for extraneous information we neither sought nor wanted. Still others failed to verify the income of even 50% of our applicants.

The Closing Docs continues its successful battle against fraudulent pay stubs submitted by applicants. Our automated income verification report now includes the verified account holder name of the connected bank account or prepaid card.

The Closing Docs has upgraded its income report to support property managers and lenders with making faster and more confident decisions when considering applicants.

Automated income verification from The Closing Docs provides deep insight into any applicant’s ability to pay rent by revealing their net income. Here are some best practices to support getting the best results, quickly.

An automated income verification report from The Closing Docs enables property managers to securely and quickly interpret an applicant’s net income using verified bank data.

The Closing Docs presents its online rental application tool, including automated income verification, and supports a direct integration with Buildium, the popular property management software.

The Closing Docs helped Citi-Urban Management by delivering a robust solution for automating income verification. Using The Closing Docs allows Citi-Urban Management to focus on higher value work without worrying about the nuances in their rental application workflow. In this case, The Closing Docs supports the income verification component for over 100 monthly rental applications completely autonomously.

Right now, people should be willing to renew some leases – if you can give them a compelling reason. The economy is good, but it’s getting tougher and tougher for tenants to buy into a hot housing market.

It’s common knowledge that as a landlord, you should invest in screening your tenants. One bad tenant can cause a series of headaches, late rent payments, and possibly the expense and hassle of an eviction process. Ugh!

All landlords should verify a potential tenant’s income as part of the tenant screening process. As a landlord, you are looking for tenants with the ability to pay rent on a long-term basis.