Tenant screening in property management can be a labor-intensive process when done manually.
Numerous documents, ranging from rental applications and lease agreements to tenant background checks and utility bills, can collectively contribute to the screening procedure. Each of these documents not only adds to the complexity, but also increases the time and effort required for the entire rental application process.
Traditional screening techniques often face issues stemming from human errors, such as inconsistent income assessments and unintentional approval of deceitful applications. These oversights substantially elevate the risks of expensive delinquencies, evictions and fraud-related losses.
In today’s increasingly digital world, document automation offers increased efficiency and accuracy, reshaping how property managers review applications and manage their rental properties.
Faster, more accurate screening
Document automation technology enables property managers to streamline their screening, enhancing both the speed of application processing and establishing a scalable screening framework.
The efficiency of multifamily tenant screening often hinges on the ability to swiftly and accurately process tenant applications. It’s essential for property managers to not only prioritize speed but also maintain stringent accuracy standards to safeguard against costly delinquencies and evictions.
Harnessing the power of document automation ensures that every piece of essential information from rental applications and associated paperwork is extracted and analyzed with pinpoint accuracy. By relying on comprehensive and accurate data, the likelihood of errors or oversights that could impede the screening process is significantly diminished – giving property managers greater confidence in their decisions.
Document automation also introduces a standardized, uniform approach to the screening process. This consistency ensures that all applicants are evaluated on a level playing field, eliminating discrepancies and biases. This streamlined, scalable screening process, powered by document automation, enables property managers to process more applications with greater speed, aligning perfectly with the demands of the modern rental landscape.
Fraud in the multifamily industry has steadily increased in recent years. In 2021 alone, the FBI reported a staggering 64% increase in real estate/rental scams, causing 11,578 individuals nationwide to lose over $350 million. In 2022, real estate fraud accounted for losses of nearly $400 million.
Leveraging document automation for fraud detection proves invaluable for property managers looking to better manage risk. Automated systems scan and validate application documents with precision, rapidly identifying discrepancies or falsified information. This not only protects against potential financial setbacks but also expedites the overall screening process.
By using proactive fraud prevention tools, property managers can safeguard their financial interests and also attract high-quality residents. When prospective residents recognize that a property management firm employs advanced measures to ensure safety and authenticity, it speeds up their decision-making process. This means faster turnarounds, quicker approvals and an enhanced reputation for the property management firm—all contributing to processing more applications more quickly.
Case study: STYL Residential
Chicago-based STYL Residential, known for their stylish living spaces across five states, faced a rising tide of counterfeit rental applications. STYL’s manual applicant screening processes, which took a taxing six months, were proving inefficient.
To address this, STYL turned to Ocrolus’ AI-driven document automation. With the prevalence of self-employment, STYL leveraged Ocrolus’ to increase consistency and stability in their income assessments, using only three months of bank statements.
With Ocrolus, STYL ensured consistent income evaluations and a standardized screening process. Plus, Ocrolus’ tagging capabilities helped STYL ensure consistent income calculations across employment types, eliminating potential discrepancies that can arise when manually determining what qualifies as income.
By adopting this tech-forward approach, STYL not only sped up their application process but also fortified their stand against fraud, maintaining their industry reputation for quality and trust.
Ocrolus benefits for property managers
In today’s digital-first environment, tenants anticipate a smooth and secure rental application journey. By ensuring rigorous verification of identity and supporting an impressive array of over 300 documents — including commonly used ones like bank statements, pay stubs and tax documents — Ocrolus ensures that applicants face no hurdles due to documentation challenges and enhances their overall experience.
From data entry and document organization to meeting verification requirements, Ocrolus enables property managers to expedite the tenant screening process. At the same time, by reducing human error, rapidly detecting fraud and consistently calculating applicant income, Ocrolus provides a level of data accuracy that manual methods can’t match.
Finally, Ocrolus’ intuitive, web-based interface is designed with all users in mind, ensuring that property managers and leasing agents, regardless of their tech-savviness, can navigate it with ease.
At its core, Ocrolus isn’t just a tool – it’s the next evolutionary step in property management efficiency.
As tenant expectations rise and the demand for swift, error-free processing becomes paramount, embracing AI-driven document automation emerges as a clear differentiator in the multifamily industry.
By harnessing this technology, property managers not only expedite tenant application processing but can enhance the entire workflow of multifamily tenant screening. Ultimately, with AI-driven document automation technology, property managers can make more informed decisions faster and with greater accuracy.
Book a demo to learn how Ocrolus can help modernize your multifamily screening workflows with AI-driven document automation.
- AI-powered document automation streamlines tenant screening by ensuring rapid, accurate and standardized application processing.
- Document automation combats the rise in multifamily rental fraud by swiftly validating application documents, safeguarding finances and attracting quality residents.
- In a digital-first era, automation enhances the rental application journey by minimizing documentation challenges and elevating data accuracy, setting a new standard for efficiency in property management.