RentSpree’s latest reporting product is designed to give property management providers a more accurate view of rental applicants’ income.
Innovation is in Inman’s DNA. That’s why in August Technology and Innovation MonthWe will kick off the event by celebrating the companies and individuals that are driving the industry forward. Inman Innovator Award in Inman Connect Las VegasAnd we’ll be celebrating the real estate industry’s best and brightest all month long.
RentSpree’s newest reporting product is designed to give property managers a more accurate view of potential renters’ income, Inman has learned in an exclusive press release.
The fintech feature, born out of an integration with Mastercard-owned Finicity, links to an individual’s bank account to record transactions over the past 12 to 24 months, pulling data directly from the source — a practice that since its launch has been manual, paper-based and reliant on credit reporting bureaus, with applicants often relying on scans or physical copies of pay stubs and phone calls to employers to inquire.
“Finicity provides a one-time encrypted connection where applicants are prompted to log into their bank account and generates a detailed financial report,” the release said.
RentSpree provides automation solutions to all participants in the rental industry, including home sellers, primarily through partnerships with multiple listing services. It streamlines payment processing, tenant screening, enhances marketing, and automates the process. Application Processand other features.
RentSpree co-founder and CEO Michael Lucarelli, who just spoke on a panel at Inman Connect Las Vegas, said his company’s reporting tools are a key time-saver, and that this tool in particular relieves a major pain point for leasing agents.
“This feature allows us to quickly verify an applicant’s income based on actual transactions, providing clear evidence that they have the ability to pay the monthly rent,” he said. “It can be very difficult to accurately assess an applicant’s income for rental properties.”
It is not uncommon for fraud to occur during the income verification process, which can result in you being unable to collect rent or recover damages from tenants.
Lucarelli, who has been pitching his company to real estate information services for several years to encourage salespeople to rethink how they view rental communities, often says renters are often the buyer leads, and it’s not uncommon for salespeople to also work as property managers or with multifamily investors.
RentSpree added tenant credit-building features to its features at the start of 2024, allowing users to report on-time payments to credit reporting agency TransUnion.
The need for rental apartments Still important Global commercial real estate firm CBRE expects vacancy rates to remain healthy through 2024 and 2025, saying “with sufficient demand, average occupancy rates should remain above 94 percent.” The company predicted.
“Multifamily real estate plays a more important role in mitigating the severe shortage of single-family homes (at least 3.1 million units) that is contributing to homeownership challenges, especially in a high-interest rate environment. The premium between the average monthly mortgage payment and average monthly rent for new homes is expected to exceed 35% in 2024, compared to 52% in 2023,” CBRE said.
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