Creating a In-House Product to Speed up Tenant Income Checks by 60%
Project Overview
Proof-Up approached us to identify and build a product that resolves the pain points experienced by multifamily properties and the leasing agents who work with them during the vetting process of applicants' income levels for apartment complexes. They sought to develop a more comprehensive and streamlined software solution that is both cost-effective and efficient compared to the current competition in the market.
Develop and deliver a user-friendly and efficient software solution that addresses the pain points of leasing agents when vetting the income levels of applicants.
Outcome
We conceptualized, designed, and implemented a straightforward verification process for applicants to confirm their income levels seamlessly. Additionally, we developed a streamlined dashboard tailored for leasing agents, enabling them to track verification progress and evaluate received data efficiently. This empowers agents to make informed decisions on whether to proceed with prospects or not.
The product was released and rolled out to 35+ multi-family properties
Over 6,000 reports have been analyzed within the first year of the company.
Our software has helped properties save approximately $1.4 million by identifying and preventing bad tenants.
Applicant Verification Flow
In our approach to developing the income verification tool ProofUp, we opted to integrate Plaid's robust income verification tools instead of developing an in-house solution, thus bypassing the complexities involved. This strategic decision empowered us to offer three versatile verification methods: linking bank accounts to share income data, connecting to payroll systems to display salary information, or simply uploading paystubs. By crafting tailored user flows for each verification option, we ensured a seamless and efficient experience for applicants.
Leasing Agent Dashboard
We engineered a comprehensive dashboard tailored for leasing agents and property managers, granting them seamless access to and management of reports generated by our system. These reports provide crucial insights into whether an applicant meets the financial criteria to reside at a property. Equipped with this information, leasing agents can confidently make informed decisions about proceeding with an applicant or not, streamlining the rental process and ensuring optimal tenant selection.
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