State of Apartment
Tenant Screening Survey
Never has the need to accurately screen applicants been so important.
Snappt recently conducted a survey of 230 US property managers to better understand today’s challenges.
Download the survey to learn what we found and how property managers are preparing to fight back.
What's Up with Tenant Screening?
The 2022 Snappt State of Application Screening survey sets out to discover:
- What keeps property managers up at night.
- What are the biggest challenges during tenant screening.
- And, what steps are most crucial to making sure only legitimate tenants get into your community.
What Keeps Property Managers Up at Night?
Property managers face a wide range of issues. Here are the top three things that keep them awake at night:
- Rent-related issues. Tenants being late on rent payment, paying less than full rent and (worst of all), stopping rent payments completely.
- Damaged Properties. Increasingly, property managers are seeing damage done to properties after tenants move out.
- Evictions. The cost of evictions averages more than $7,000 – and much more in high-end properties. Evictions are the single highest cost property managers face. In today’s world – with the pandemic, rising rents and an increase in fraud, evictions are becoming more common.
How Much Can You Save by Accurately Identifying Fraudulent Financial Documents?
Developed by Snappt’s leasing industry experts and based on research from forensic fraud analysts, this calculator determines your estimated savings and estimated portfolio value increase that may be achieved by integrating Snappt's fraud detection software into your tenant screening process.
What Are the Most Time-Consuming Tasks for Verifying Rental Applicants?
The top three uses of staff time while screening tenants are as follows:
Checking the accuracy of the bank statement
Checking that the pay stubs are correct
This came as no surprise to us at Snappt, since we've witnessed firsthand how difficult it is to examine financial applications.
Biggest Tenant Screening Challenges?
The answer to the problems that keep property up at night is to screen your tenants more effectively. But that’s not so easy! Here are the top four challenges property managers face when tenant screening:
FINANCIAL DOCUMENTATION HAS BEEN ALTERED BY THE APPLICANT.Checking paystubs and bank statements is hard enough without introducing high-quality fakes that are impossible to spot by eye.
AVOIDING VIOLATIONS OF THE FAIR HOUSING ACT OR FAIR CREDIT REPORTING ACT.Sometimes an application just seems too good to be true. But trusting your gut can cause compliance violations.
OUR SCREENING PROCESS MISSES SPOTTING BAD TENANTS.This is the big issue – application vetting processes that let bad applicants in.
TOO MUCH STAFF TIME.Finally, application vetting can be extremely time-consuming for staff.
230 Property Managers, 100 Properties, 30+ Stats & Trends
Snappt surveyed 230 property managers in the United States. Download the survey to learn what we found and how property managers are preparing to fight back.
Property Managers Told Us Spotting Fake Financial Documentation is Their Biggest Challenge. Snappt can Help.
One in eight pay stubs and bank statement have been fraudulently altered by the tenant. Worse yet –you can’t spot the fakes manually. Snappt solves this problem. It scans the pay stubs and bank statements your tenants submit, and tells you within 24 hours if they are legit or fraudulent. The biggest benefits?
Reduce staff time checking financial documents
Stay clear of Fair Housing Act and FCRA violations
Best Tenant Screening Practices for Property Managers
Many property managers are feeling the effects of the significant surge in fraudulent applications as a result of the digital tenant screening procedure. Anyone with a computer and Adobe Acrobat can alter documents in order to gain application acceptance.
Download your comprehensive guide to learn the best practices and technology you can implement to begin combating fraud in your community.