RealPage Announces New Products to Attack Rental Fraud

Innovative leasing verification solutions help property managers quickly detect and deter increasingly organized fraudsters

RealPage, a leading global provider of software and data analytics to the real estate industry, today announced two powerful new proptech offerings designed to combat increasingly sophisticated and well-organized rental fraud for the multifamily industry. The new offerings will be available with the company’s OneSite and On-Site leasing and property management platforms, leveraging technology from Plaid, a global data network that powers easy, safe and reliable financial data connectivity to apps and services.

The two solutions, RealPage Identity Verification – Premium and RealPage Income Verification, offer better protection and are seamlessly integrated into the existing leasing process, making adoption easier for staff and more efficient for applicants.

RealPage recently announced results from its extensive fraud study that sheds light on the impact of fraud today, its increasing complexity and the need for solutions to detect fraud earlier in the leasing process.

“Our nationwide study revealed that often over half of rental fraud is discovered after a resident moves in, which leaves the property vulnerable to extensive damage,” said Josh Albrechtsen, RealPage SVP and GM, Front Office Solutions. “In partnership with Plaid, RealPage is innovating to help customers detect fraud as early in the process as possible by offering multifaceted verification across data, device, document and biometrics, leveraging robust AI and machine learning, while streamlining the tenant sign-up process.”

Key capabilities of these two new solutions include:

• Robust anti-fraud engine – Detecting more instances of fraud risk through AI, contextual analysis, scanning of expanded risk signals, increased verification methods and broader coverage across over 16,000 document types.
• Seamless user experience – Avoiding prospect loss via an easy-to-use UI, fast identity verification, and full integration of verification processing and results into the OneSite/On-Site leasing processes.
• Expansive identity coverage – Identity verification of over 16,000 ID document types in over 200 countries and territories.
• Enhanced result transparency – Providing robust information with every verification result to empower leasing staff to make the best-informed application decisions and facilitate property-wide adherence to screening policies.
• Data from the source - Verifying income and employment quickly and accurately by accessing consumer-permissioned data directly from tenants’ bank accounts, income documents, or payroll providers.

“We’re excited to partner with RealPage to put identity and income verification powered by Plaid into the hands of thousands of property managers across the U.S. Through this partnership, property managers can now access cutting-edge fraud prevention tools that scan across hundreds of risk and fraud vectors to stop bad actors from applying to become tenants,” said Alain Meier, Head of Identity, Plaid. “We look forward to partnering with RealPage to help property managers approve more prospective residents and reduce operational overhead.”

Highlighting Risk Management Innovation

Multifamily property operators and owners can learn more about anti-fraud protection and other risk management solutions at today’s event, RealPage Innovation Day: Mitigating Today’s Risk. Registered attendees will hear from industry experts sharing specific trends and data from the new fraud study, as well as risk management solutions that drive ancillary revenue while enhancing protection.

RealPage Identity Verification – Premium and RealPage Income Verification will be available in Q2 2024.

About RealPage, Inc.

RealPage is a leading global provider of AI-enabled software platforms to the real estate industry. By using RealPage solutions for operational excellence in the front office and back office, many leading property owners, operators and investors gain transparency into asset performance with data insights, enhancing experiences with customized tools and improving efficiencies to generate incremental yield. In 2021, 2022, 2023 and 2024, RealPage was recognized as ENERGY STAR® Partner of the Year for Sustained Excellence from the Environmental Protection Agency (EPA) and the U.S. Department of Energy. In 2024, RealPage was recognized as one of America’s Best Employers by Forbes and one of America’s Greatest Workplaces for Women by Newsweek. Founded in 1998 and headquartered in Richardson, Texas, RealPage joined the Thoma Bravo portfolio of market-leading enterprise software firms in 2021 to realize faster growth and innovation in serving more than 24 million rental units from offices in North America, Europe and Asia. RealPage has been certified as a Great Place to Work in India, the Philippines, the UK and the U.S. For more information, visit https://www.RealPage.com.

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