Dallas, TX -- (SBWIRE) -- 04/23/2014 -- Tenantify (https://tenantify.com/) has exited public beta to disrupt the $1B tenant screening business. Tenantify’s employment/income verification overcomes the shortcomings of a traditional credit check, assesses the tenant’s true ability to pay, and makes it scalable for both one-time landlords and multi-unit property managers.
Residential tenant screening is a $1B business. 40M American households rent rather than own a home, and they stay in the same unit for an average of 2 years. This leads of 20M rental transactions each year. Rental transaction is high-friction, as landlord spends around $50 for each rental unit to overcome information asymmetry.
Traditionally, Landlords opt for credit report. However, credit report only touches a tenant's historical ability to pay back credit. It says little about the tenant's current ability to pay. On the other hand, everyone knows that the true indicator of a tenant's ability to pay is a stable job and a stable income. However, many landlords do not perform employment / income verification because it is manual and time-consuming.
Tenantify plans to solve the problem. Its co-founder Songhua Hu says, “We try to make tenant employment and income verification as easy as pulling a credit report.” Specifically, Tenantify connects with the bank backend systems and will directly pull a bank statement from these banks with tenant’s permission. It then automatically scans through the statement, picks out the employer name from payroll direct deposits, and summarizes monthly net income for landlord.
Since it launched in public beta a couple of months ago, Tenantify has gained traction among many landlords. The company does not disclose the user and revenue numbers, but Songhua Hu says, “Almost 100% of our customers have used our service multiple times, indicating that our product fulfills a great need in tenant screening”.
In terms of the future plan, Songhua Hu indicates that the team will continue to innovate on the product based on customer feedback. He says, “We are small but nimble. Just a couple of weeks ago, some landlords indicated that they preferred to get a PDF report via email for record keeping. We delivered the feature in one week!”