BetterNOI’s reduces fraud and speeds up approval process for tenants with Truv
Director Of Operations
Joshua Yowell
“BetterNOI is constantly seeking out ways to leverage advances in technology and emerging services for our clients. Now our clients receive the most up to date income information for their applicants directly from the source. This eliminates any possibility of that information being altered along the way. For our clients, this means filling their communities with the most qualified tenants even faster and bettering their NOI!”
About BetterNOI
BetterNOI’s data-rich tools drive financially savvy solutions, helping to reduce multifamily property losses, increase revenue, and inform actionable changes that increase our customers’ net operating income (NOI). BetterNOI enables multifamily property managers and owners throughout the U.S. to manage the entire life cycle of their residents on a platform powered by the data that matters.
Challenge
When BetterNOI opened for business 20 years ago, the landscape was significantly different. To approve potential tenants, the process was manual and labor intensive and could take up to a week to gather all the necessary documents to make an informed decision. Key roadblocks were determining if documents such as pay stubs and W-2s were fraudulent and the manpower needed to verify court records and other documents.
Solution
By using Truv, BetterNOI has had cost-savings and decreased the amount of time it takes to screen tenants and verify their income and employment, making more informed decisions and mitigating risk. By enabling potential tenants to connect directly to their payroll account, Truv provides BetterNOI with verified identity, income, and employment data points often within 60 seconds. This has freed up time for their team to approve tenets more quickly and with greater accuracy, no longer requiring as many long hours manually uploading of documents and verifying their legitimacy.
Impact
- 30% conversion rate with Truv helps make more informed decisions quicker
- Reduces income fraud and approvals of unqualified applicants
- Decreases time spent manually uploading and verifying documents
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