Can a potential renter fake a pay stub and look eligible to pay rent? Yes and many applicants are doing it, but you can eliminate pay stub fraud once and for all.
As a landlord or property manager, filling your rental property with a reliable tenant can be a challenging task. One of the most time-consuming and critical parts of the rental process is verifying the tenant’s income. This process traditionally involves collecting various documents such as pay stubs and bank statements. However, a downside to this method is you might come across pay stub fraud. You can eliminate pay stub fraud once and for all with SimplifyEm Property Management Software and verify income with confidence. Instant income verification is built-in and helps fill rental properties faster with the most suitable tenants.
Income verification utilizes advanced technology to instantly verify a tenant’s income, providing an accurate picture of their financial situation. In a secure and encrypted website, a prospective tenant connects their online bank account providing all of the information you need. In the report, you’ll be able to see verified income from the past twelve months, if the applicant is a W2 employee, commission based, or if their income comes from tips, mobile payment apps (Venmo, Cash App, etc) or cash cards. This new technology saves landlords and property managers valuable time and resources by eliminating the need for manual document collection and analysis. Landlords and property managers can easily determine if the tenant meets the minimum income requirements for the property in seconds. It can also help avoid costly mistakes. For instance, if a tenant falsified their income to secure a lease, landlords may face difficulties collecting rent or evicting the tenant, leading to financial losses. Furthermore, instant income verification also helps landlords comply with fair housing laws by providing an objective and non-discriminatory way to evaluate tenants.
In today’s fast-paced rental market, landlords and property managers need to be able to make quick and informed decisions to fill their properties with reliable tenants. Instant income verification provides a solution that enables them to do just that. Instant income verification also reduces time approving applicants by 28%. In SimplifyEm, it’s easy to get started and there is no setup required. You can start verifying income today.
SimplifyEm not only provides instant income verification, but also provides other tenant screening services including background check, credit check, and eviction report. SimplifyEm also helps with managing properties that include listings, online applications and leases for e-signature, online payments, income and expenses, maintenance requests and work orders, tax reports and so much more. Known for their amazing customer support, SimplifyEm also provides free technical support to all customers and their tenants, owners and vendors and unlimited training. Make this year easier by signing up for a property management software that you can trust. Get a free two week trial of SimplifyEm Property Management Software here and try it yourself.