LOS ANGELES, Dec. 08, 2021 (GLOBE NEWSWIRE) -- Snappt, a leading provider of real estate property technology (PropTech), announced today it has realized 498% growth through Q321, signing a record-breaking number of new multifamily real estate clients in the first three quarters of the year.
Snappt’s financial document fraud detection software helps property managers safeguard their operations and tenant portfolios by digitally detecting fake financial information in new renter applications, identifying high-risk tenants, avoiding costly evictions, and successfully eliminating the tedious work of manual screening.
New property and customer growth, national geographic expansion and innovative product development are major contributors to Snappt’s growth as the dominant provider of financial document fraud detection technology to the multifamily sector. Snappt serves four of the Top 5 property management companies as listed in the National Multifamily Housing Council’s ranking of the nation’s top 50 owners and operators (NMHC 50), bringing its fraud PropTech solutions to more than 1,000 multifamily real estate properties across every major housing market and geographic region nationwide. This includes more than 300,000 residential rental units spanning more than 30 states.
“With homeownership costs skyrocketing post-pandemic, many Americans are turning to rental properties as their ‘go to’ housing option, and currently, there are an estimated 2,654 rental applications in the U.S. being submitted every day,” said Daniel Berlind, CEO and co-founder of Snappt. “Although positive for the multifamily sector, this surge presents an inherent challenge for property managers as they work to mitigate costs associated with fake renter documentation. With today’s news, Snappt is empowering over 1,000 multifamily property owners and operators to not only reduce the incidence of fraud, but also to help close applications with accuracy and efficiency, reduce eviction costs, maintain compliance with Fair Housing and improve bottom-line performance.”
According to Snappt’s data, approximately 1 in 8 new renter applications exhibits some form of financial document fraud, which can include altered bank statements, fake pay stubs, and even fake applicant identities.
According to Laine Gomez, Catalyst Housing, “We used to vet applications by hand which took upwards of three days in manual labor, and we had a high number of applicants bowing out as a result. Snappt’s fraud detection technology is simple, inexpensive and extremely accurate. This has helped our onsite team to reduce the intensive applicant screening process in both financial and customer service ways.”
Additional Snappt customers have commented.
“Snappt has exceeded our expectations in every step of the applicant screening process. From onboarding to the daily use of the system to enhancing our screening protocol,” said Stephanie Mathieu, Regional Manager at Lincoln Property Group. “Thanks to Snappt, our team is relying on their technology to verify application documents and streamline the end-to-end application process.”
For more information on Snappt and its fraud detection technology solutions, including a demo, visit www.snappt.com. For additional resources, see:
LA-based PropTech company Snappt provides multifamily owners and operators with a highly accurate, cost-effective, and proven data-driven fraud detection platform that accurately detects fraudulent tenant identity and financial documentation. The company’s technology is used by 4 of the top 5 property management firms in the U.S., along with a portfolio of mid- to small-scale property managers nationwide. Snappt also provides an Interactive Fraud Map that reports month-over-month fraud rate data for the commercial real estate sector. Founded by real estate executive, innovator, and entrepreneur Daniel Berlind, Snappt is privately held.
Press Contact: Kristine Szarkowitz, Connect Marketing, 206-310-5323, Kristine@connectmarketing.com