In today’s fast-paced rental housing industry, there are many drawbacks to manually verifying a lease applicant’s income.
Collecting pay stubs and bank statements can be an immensely time-consuming process that could prevent properties from being leased quickly, which in turn costs a property management company money for every day a unit sits vacant. Furthermore, many property managers are grappling with fraudulent lease applications, and more than ever, they need the accuracy of an automated, technology-driven income verification process.
AppFolio, a full-service, online property management platform, has helped its clients – who range from major management companies to individual landlords – optimize their income verification efforts by integrating Experian AccountViewTM into its software.
According to Travis White, product manager at AppFolio, their customers have responded very favorably to the immediacy, accuracy and detail provided by AccountView. “The reduction of fraudulent documents has been a welcome assurance, especially in the context of this past year,” he says. “Applicants are being approved faster, reducing vacancy time, which has a direct impact upon our customers’ bottom line.”
One of the appeals of using AccountView, White adds, is Experian’s partnership with Finicity, a financial data aggregator that provides safe access to fast, high-quality data through an open-banking platform. Finicity provides a rich analysis of financial institution data. “Experian and Finicity have been valuable partners in developing a verified income solution that’s right for our property management market,” White says. “It is truly a partnership where both teams are contributing to make the solution the best it can be.”
Read our recent case study to learn more about how AppFolio customers have improved their income verification efforts through Experian AccountView.