The Company
Towne Properties is a full-service property management company based in Cincinnati, Ohio. They manage over 15,000 multifamily units across four states, along with commercial and recreational facilities. Founded in 1961, Towne Properties is driven by community-first values.
The Challenge
Towne Properties faced a growing challenge of fraud within their applications. Fake pay stubs and the rise of fraud package purchases worsened the problem, leading them to seek solutions to tackle the ongoing issue.
The Solution
Towne Properties significantly reduced the risk of fraudulent applications with Yardi’s advanced screening solutions. By leveraging powerful AI, they could instantly authenticate identities and incomes, eliminating the need for manual verification and freeing their team to focus on higher-value tasks.
The Story
An alarming rise in fraud in multifamily
Towne Properties have relied on Yardi’s property management software since 2003. When fraudulent applications became more challenging to manually identify, they turned to Yardi’s advanced resident screening solution for help.
“Yardi approached us proactively and said that they were developing new products like ID Verify and Income Verification,” said Leslie Henry, SVP of strategic solutions and development at Towne Properties. “Over 90% of owners and developers were experiencing some kind of fraud, so we had to do something.”
With Yardi’s screening solutions, Towne was able to automate their fraud identification process, saving potential revenue loss and freeing up their leasing teams’ time.
Enhancing security with ID Verify & Income Verification
ID Verify and Income Verification proved to be successful in deterring fraud for the Ohio-based company. By running approximately 13,000 applications through ID verify, Towne Properties identified 400 cases of fraud, saving about half a million dollars in lost rental revenue.
The operational efficiency gained was equally significant. Towne Properties’ teams no longer had to spend hours trying to validate documents.
“We’re not chasing behind people and trying to get pay stubs. We’re not trying to get creative with copies of IDs for people who are leasing online out of state. In doing this, we realized that we were saving about one to three hours per application,” Leslie stated. From a payroll perspective, this translated to a saving of at least $200,000.
A tech partner who looks out
These optimization efforts, combined with Yardi’s proactive support, have placed Towne Properties ahead when it comes to identifying fraudsters, ensuring financial savings and operational efficiency.
“Yardi helps us stay ahead of the game with the best possible cutting-edge technology that’s out there,” Henry concluded. “They have truly become a partner in making sure that we’re on top of it.”
