Fake Income Documents Impact Properties
Applicants are falsifying financial documents like paychecks and bank statements and submitting them in their applications.
In fact, 1 in 8 rental (12%) applications contains some type of fraud.
The digitization of the rental application process has led to rampant application fraud. In the past year, 85% of property managers have experienced application fraud, which accounts for an estimated 25% of evictions. At $7,500 or more per eviction, this is an expensive problem.
Hover over the map to see the fraud rates.
Data reflects fraud rates in 2021. National averages are used where no data is available.
The best way to avoid evictions is to thoroughly screen tenant applications—yet it’s easier than ever for tenants to alter documentation, such as pay stubs and bank statements, so they can fraudulently qualify for units. Snappt flags those fake documents helping properties to greatly reduce costly evictions.
Detect more fraudulent documents with advanced data-driven forensics methods.
Streamline the application and screening process so you can make informed decisions quickly.
Reduce time spent evaluating documents and evicting tenants using our automated solution.
What you are doing today is not enough to catch sophisticated tenant fraud. Snappt will DETECT FAKE BANK STATEMENTS AND PAY STUBS. Snappt is the only platform that can minimize the risk of tenant fraud and bad debt with revolutionary data-driven fraud detection software.
By implementing Snappt into your current leasing flow, you can provide your team with the necessary tools to combat this unchecked problem.
Try out the ROI calculator to see how much your property could save.
Snappt is a must-have for any property, but don't just take our word for it - see what our clients have to say.
Honestly, it’s one of the few services I have no complaints about!
I think Snappt has been beneficial in deterring fraudulent applicants from living at our community. We are really glad to utilize this service
Thank you for all that you do. Snappt has been a game changer.
We used to vet applications by hand. That took upwards of three days, and we had a high number of applicants bowing out as a result. With Snappt, we’ll submit the resident’s information and we have an answer in less than a day — often just an hour.
Snappt verifies the proof of income within 24 hours! Love it. It has taken so much of the investigation process off of the site team. Not to mention the response from the client when the documents don't pass is at times priceless.
Snappt is simple, inexpensive and accurate. Our onsite team is happy and that means Catalyst is happy.
Property managers are a tight group, we talk to each other all the time. I’ve been telling everyone I know about Snappt. I tell them that even if you don’t have a lot of fraud, it’s still a good system to have in place so you avoid the risk.
I am thrilled with the product and the service. This is a MUST need for every property management company!
Wow. Thank you for your great service! I would like to think I could tell when there's fraud involved, and usually, I can... but not this time, which makes this specific case a prime example of why we need your services. I'm happy and thankful that you saved us from a big problem down the road!
We are really happy with this service. Snappt has helped us catch countless fraud applications here, which immediately translates to less of a headache for us as a staff.
Love it! First time ever that I had an ATL lease-up at 90%+ with $50 delinquent. We love trailblazing at Pegasus Residential!
Snappt is an amazing fraud detection software that has saved my investors money across the board. I am now with a new management company that is adding Snappt to their programs and I am SUPER excited to work with the Snappt team once again. This service pays for itself 200%. I cannot express how imperative this fraud detection is!
Wanted to take a moment and say thank you for the wonderful service you guys provide. We were able to set a record lease up and to my knowledge there hasn't been any tenants that have gotten in with fraud. It’s made the property a breeze to manage. We can't live without Snappt.
I launched the program across my entire portfolio, and seeing how many fraudulent applications Snappt catches monthly, never ceases to amaze me. Thanks to Snappt, the team can rely on a third-party system to help verify application documents, and our process is much more streamlined. Highly recommended!
The increase in fraudulent applicants in the last 24 months has been astounding. I’ve definitely noticed spikes as Federal moratoriums have been lifted. Not only does your software save us the high expense of an eviction, but the soft costs are worth highlighting as well. My teams no longer have the burden of playing detective. Such a fantastic product.
I have been using Snappt for almost a year now and it truly has helped in the screening process when it comes to fraud documents.