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DGS 116: Automated Income Verification in the Property Management Industry with Stephen Arifin
Description
Do you need a place to rent? But you can't complete or submit your application because you don't have the required information and documentation for the property manager? This is a common and frustrating problem.
Today, I am talking to Stephen Arifin of The Closing Docs, which offers automated income verification in the property management industry. The Closing Docs is a modern way to help applicants prove their net income, which is the best indicator of their ability to pay rent. The Closing Docs provides property managers with income information needed to make a decision that can be defended.
You'll Learn...[01:48] Early Entrepreneurship Experience: Stephen started solving problems using technology to make money from the time he was in kindergarten through college.
[02:50] First Job Out of School: Full-stack Web developer at Microsoft, where a small team taught Stephen the fundamentals of how to build a Web application from scratch.
[03:08] Missing Entrepreneurial Spirit: Stephen leaves Microsoft to pursue broken industries in need of technological innovation to save time and money.
[03:31] Mortgage Lenders: The Closing Docs was founded to fill in the gaps of loan application processes by automating income verification.
[05:21] How it Works: The Closing Docs receives permission from applicant to prove their net income, the money that goes into their account to pay their rent.
[07:00] The Closing Docs has developed integrations with property management software, including Buildium, AppFolio, On-Site, and Yardi.
[12:18] Why switch to The Closing Docs and not follow the status quo? Information collected directly from banks is better and trustworthy for an approval recommendation.
[13:38] Operational Cost Savings: People and software are expensive, so what can property managers/applicants expect to pay for The Closing Docs? $10 per screening.
TweetablesBroken Industries: Paper-and-pencil processes are ripe for technological innovation.
Net income is the best indicator of applicant's ability to pay rent.
The Closing Docs doesn't ask or expect clients to change their software.
The Closing Docs's standardized information helps people close more deals faster.
ResourcesAutomated Income Verification Process: How It Works
The Fair Credit Reporting Act (FCRA)
DoorGrow Cold Leads Calculator
TranscriptJason: Welcome, DoorGrow Hackers, to the DoorGrow Show. If you are a property management entrepreneur that wants to add doors, make a difference, increase revenue, help others, impact lives, and you are interested in growing your business and life, and you are open to doing things a bit differently, then you are a DoorGrow Hacker.
DoorGrow Hackers love the opportunities, daily variety, unique challenges, and freedom that property management brings. Many in real estate thi