LOS ANGELES, Aug. 18, 2022 (GLOBE NEWSWIRE) -- Snappt, the leader in application fraud detection for residential apartment property managers, today announced it has been named “Application Processing Solution of the Year” in the annual PropTech Breakthrough Awards program conducted by PropTech Breakthrough, a leading independent market intelligence organization that evaluates and recognizes standout real estate technology companies, products and services around the globe.
Snappt is a solution that can spot fraudulently altered financial documents. Snappt’s proprietary technology analyzes the financial documentation and certifies whether the documentation is authentic or fraudulently altered within 24 hours.
Data-driven tenant screening from Snappt helps property managers identify fraudulently modified documents and minimize losses from fraud. Designed to complement any existing leasing process, Snappt software provides a quick and inexpensive fraud detection engine that helps property managers accurately detect fraudulent documentation, minimize the risk of renting to high-risk tenants, and avoid costly evictions.
Snappt's three-step approach includes proprietary technology that analyzes a wide range of properties looking for evidence of fraudulent alterations. This includes image analysis, data driven state of the art detection algorithms that help detect whether or not a document has been tampered with, as well as historical analysis which reviews against a historical database to identify additional micro anomalies.
“What an honor it is to receive this recognition from PropTech Breakthrough. I founded Snappt along with Noah Goldman to fight a growing issue we both faced with our family properties in Southern California. It's crucial property managers make sure the applicant can truly afford to pay the rent. Unfortunately, 1 in 8 applicants edit or fake their financial documents,” said Daniel Berlind, CEO of Snappt. “In the past year, 85% of property managers have experienced application fraud, which accounts for an estimated 25% of evictions. Our proprietary software minimizes the risks of renting to high-risk tenants and reduces rental income loss.”
In just three years, Snappt had scanned more than one million documents, saving property managers more than $100M in lost rent and eviction costs.
The mission of the annual PropTech Breakthrough Awards program is to conduct the industry’s most comprehensive analysis and evaluation of the top technology companies, solutions and products in the real estate technology industry today. This year’s program attracted more than 1,500 nominations from over 12 different countries throughout the world.
“The rental application process has remained largely unchanged for decades. Current solutions require 3 days of processing time to determine if an applicant is qualified. Even worse – current methods are blind to application fraud. It could be using Photoshop to add an extra digit on a bank statement or ordering a fake paystub from an online resource. Unfortunately, the property manager unwittingly accepts an unqualified applicant,” said Bryan Vaughn, Managing Director of PropTech Breakthrough Awards. “Snappt fights tenant financial fraud and is the only tenant screening software that certifies whether documentation is authentic or fraudulent. It also seamlessly integrates into your leasing process making it an invaluable tool for property owners. Congratulations on winning the 'Application Processing Solution of the Year' award.”
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About Snappt
Snappt, a Los Angeles based real estate technology company, provides a quick and inexpensive data-driven fraud detection service that can accurately spot fraudulent documentation. Snappt is used by 8 of the top 10 property management firms in the U.S. For more information, visit www.snappt.com
About PropTech Breakthrough
Part of Tech Breakthrough, a leading independent market intelligence organization for global technology innovation and leadership, the PropTech Breakthrough Awards program is dedicated to honoring and recognizing the creativity, hard work and success of companies, technologies and products in the larger field of real estate technology. The PropTech Breakthrough Awards provide a platform for public recognition around the achievements of breakthrough Real Estate Technology companies and products in categories including Financing, Property Management, Short Term & Vacation Rental, Shared Space, Marketplaces, Investment & Crowdfunding, Agent Tools & Services, Property Closing, Insurance, Construction Tech and more. For more information, visit PropTechBreakthrough.com
Press Contact:
Holly Hagerman
Connect Marketing
801.373.7888
hollyh@connectmarketing.com
