RentSpree’s latest reporting product is designed to help property management providers more accurately verify rental applicants’ income.
Innovation is Inman’s DNA — that’s why we’re excited about August’s event Technology and Innovation Month. We’ll kick things off by expanding our scope to celebrate the companies and individuals driving the industry forward Inman Innovation Award exist Inman Connect Las Vegas. We then continue our celebration of the brightest minds in real estate all month long.
RentSpree’s latest reporting product is designed to help property management providers more accurately verify rental applicants’ income, Inman has learned in an exclusive press release.
The fintech feature is the result of an integration with Mastercard’s Finicity, which links to an individual’s bank account and records transactions over the past 12 to 24 months, pulling data directly from the source, a practice that has been manual, paper-based and Just rely on credit institutions. Applicants often scan or provide physical copies of pay stubs and rely on reference calls to employers.
“Finicity provides a one-time encrypted connection, during which applicants are prompted to log into their bank account, resulting in detailed financial reports,” the release said.
RentSpree provides automated solutions to all stakeholders in the rental industry, including residential sales agents, primarily through partnerships with multiple listing services. It has features like processing payments, streamlined tenant screening, enhanced marketing capabilities, and automated application processes.
RentSpree co-founder and CEO Michael Lucarelli, who just participated in a panel at Inman Connect Las Vegas, said his company’s reporting tool can save a lot of time, and this tool can especially alleviate pain points for rental agents.
“This feature helps quickly verify applicants’ income based on actual transactions, providing clear evidence of their ability to pay their monthly rent,” he said. “Accurately assessing the income of rental property claimants is extremely challenging.”
Fraud is not uncommon during the income verification process and can result in failure to recover lost rent or pursue tenants for damages.
For years, Lucarelli has had his company offer a variety of listings to encourage sales agents to rethink how they view rental communities. He often says it’s not uncommon for renters to become buyer leads, and for agents to serve as property managers or multifamily investors.
RentSpree will add tenant credit building to its functionality in early 2024, allowing users to report on-time payments to credit bureau TransUnion.
The demand for rental apartments remains critical to housing Americans. Global commercial real estate company CBRE expects vacancy rates to remain healthy in 2024 and 2025, saying “sufficient demand should keep average occupancy above 94%.”
“Multifamily real estate plays a more important role in alleviating the severe shortage of single-family homes (at least 3.1 million units) that makes homeownership challenging, especially in a high-interest rate environment. CBRE said in 2024 The premium between the average monthly mortgage payment and the average monthly rent for new homes is expected to remain above 35%, reaching 52% in 2023.
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