Introducing the Future of Renting: Verified Renter Network
In the bustling world of real estate, a fresh player is stepping up to change the game. A proptech startup known as 100 is launching the Verified Renter Network, a revolutionary platform designed to screen prospective renters with the same efficiency and security as TSA PreCheck. This innovative approach aims to reduce fraud and security risks for property owners, making the entire application process smoother and more trustworthy.
The Problem: Frauds in the Rental Market
The rental market is fraught with challenges, including a significant threat – fraud. falsified pay stubs, fake references, and incomplete information are just a few of the issues that plague landlords. A recent survey by the National Multifamily Housing Council revealed that 84% of its members have encountered renters using forged documents in their applications. The financial burden and stress this adds to landlords are substantial.
The Solution: 100's Verified Renter Network
Enter 100, a multifamily software company backed by top venture capital firms like MetaProp and Freestyle Capital. This firm is gearing up to offer a comprehensive screening solution for apartment renters, leveraging the expertise of biometric security company Clear. The partnership brings cutting-edge technology directly to the rental industry, ensuring that prospective tenants undergo rigorous background checks, including credit, rental history, employment verification, and income assessment.
How It Works: A Step-by-Step Guide
1. Signing Up: Prospective renters can start signing up for the network now, especially if they are already part of Clear’s user base. For those in the Clear Plus tier, signing up is even free!
2. Background Check: Instead of relying solely on falsified documents, the system verifies applicants through detailed background checks.
3. Credit and Rental History: A thorough examination of both financial and rental-related data to guarantee authenticity.
4. Employment Verification: Ensuring that the applicant's employed status is genuine prevents another common scam.
5. Income Assessment: Evaluating the applicant's financial stability helps landlords make informed decisions.
The Benefits for Landlords: Relief from Fraud
For landlords dealing with the weight of fraudulent applications, this system represents much-needed relief. The Verified Renter Network sets a new standard in the rental application process by providing:
Peace of Mind: With verified information, landlords can trust their decisions and avoid the costly mistakes associated with fraudulent applicants.
Efficiency: The streamlined process saves time and reduces administrative burdens, allowing managers to focus on what truly matters – maintaining their properties.
Security: By leveraging biometric verification, landlords can ensure their properties are in capable hands without compromising on security.
The Team Behind 100: Experiences Leading to Innovation
Caren Maio's Vision: As the co-founder and CEO of 100, Caren Maio understands the pain points faced by multifamily operators firsthand. Her experience in co-founding Nestio, a platform used by owners, managers, and brokers to manage rental inventory, laid the groundwork for this innovation.
Nestio's Journey: Initially launched as Nestio in 2011, this platform was designed to manage rental inventory efficiently. It later incorporated AI-powered tools to enhance its capabilities. By 2018, Nestio had raised over $16 million in funding from prominent landlord clients such as the Moinian Group, Durst Organization, and LeFrak Organization.
Rebranding Funnel: Maio stepped down as CEO of Nestio in 2020 when it rebranded to Funnel Leasing. This shift marked an evolution towards more specialized services focused on online leasing practices.
Clear’s Expertise: Bridging Technology with Security
Partnering with Clear brings unique value to 100’s solution. Clear’s kiosks at airports nationwide serve as a testament to their innovative approach in biometric security. By integrating Clear’s technology into their screening process:
Enhanced Verification: Leveraging kiosks for biometric verification adds another layer of assurance during the applicant process.
User Convenience: For Clear members already familiar with their kiosks, signing up is free – making this integration seamless and user-friendly.
Why It’s a Game-Changer in Proptech
This innovation is shaping up as a game-changer in proptech for several reasons:
First-of-Its-Kind Solution: The combination of thorough background checks through Clear's network makes this solution unprecedented– offering something no previous platform has done before.
Market Demand Spotlighted: Highlighting fraud risks couldn't be more pressing—thus highlighting how crucial such a system is for addressing what many landlords have faced over time.
Adaptability & Scalability: As more users join both sides—the prospectus for growth looks promising ensuring adaptability at large scale levels too without any hiccups encountered earlier days when it first started out!
FAQs:
1. What is the purpose of 100’s Verified Renter Network?
It aims to reduce fraud and security risks for property owners by thoroughly screening prospective tenants.
2. How does it work?
Prospective renters undergo background checks including credit, rental history, employment verification, and income assessment.
3. Is there a cost associated with joining the network?
Free sign-up is available to those in the Clear Plus tier.
4. Who backs this company financially?
100 is backed by venture capital firms like MetaProp and Freestyle Capital.
5. What has been the response from the rental industry so far?
The industry has shown significant interest, with many landlords eager to avoid costly mistakes associated with fraudulent applicants.
Data Points:
84% of surveyed landlords have encountered fraudulent applications.
Over $16 million was raised by Nestio (now Funnel Leasing) in funding by 2018.
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