LOS ANGELES, Aug. 18, 2022 (GLOBE NEWSWIRE) — Instantaneousthe leader in application fraud detection for residential property managers, today announced that it has been named “Application Processing Solution of the Year” in the annual PropTech Breakthrough Awards program hosted by PropTech Breakthrough, a leading independent market intelligence organization that rates and recognizes the most outstanding real estate technology companies, products and services worldwide.

Snappt is a solution capable of identifying fraudulently altered financial documents. Snappt’s proprietary technology analyzes financial documentation and certifies whether the documentation is genuine or fraudulently altered within 24 hours.

Snappt’s data-driven tenant screening helps property managers identify fraudulently altered documents and minimize fraud losses. Designed to complement any existing rental process, Snappt software provides a fast, low-cost fraud detection engine that helps property managers accurately detect fraudulent documents, minimize the risk of renting to high-risk tenants, and avoid costly evictions.

Snappt’s three-step approach includes proprietary technology that scans a wide range of properties for evidence of tampering. This includes image analysis, state-of-the-art data-driven detection algorithms that help detect whether or not a document has been tampered with, as well as historical analysis that examines a historical database to identify other micro-abnormalities.

“What an honor to receive this recognition from PropTech Breakthrough. I founded Snappt with Noah Goldman to address a growing issue we both face with our family properties in Southern California. ensure that the applicant can really afford to pay the rent. Unfortunately, 1 in 8 applicants change or falsify their financial documents,” said Daniel Berlind, CEO of Snappt. “Over the past year, 85% of property managers were victims of a fraudulent application, which accounts for approximately 25% of evictions.Our proprietary software minimizes the risk of renting to high-risk tenants and reduces the loss of rental income.

In just three years, Snappt has digitized over a million documents, saving property managers over $100 million 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 best technology companies, solutions and products in the real estate technology industry today. This year’s program attracted over 1,500 nominations from over 12 different countries around the world.

“The rental application process has remained virtually unchanged for decades. Current solutions require 3 days of processing time to determine if a candidate is qualified. Worse still, current methods are blind to app fraud. It could be using Photoshop to add an extra number on a bank statement or ordering a fake pay stub from an online resource. Unfortunately, the property manager is unwittingly accepting an unqualified candidate,” 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 genuine or fraudulent. It also integrates seamlessly into your rental process, making it an invaluable tool for landlords. Congratulations on winning the “Application Processing Solution of the Year” award.

Additional Resources:

Snapshot: Blog
Snappt’s LinkedIn

About Snappt
Snappt, a Los Angeles-based real estate technology company, provides a fast and inexpensive data-driven fraud detection service that can accurately spot fraudulent documents. Snappt is used by 8 of the top 10 property management companies in the United States. For more information visit www.snappt.com

About the 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 business creativity, hard work and success. , technologies and products in the broader area 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 finance, property management, short-term and vacation rentals, shared space , marketplaces, investing and crowdfunding, agent tools and services, property closing, insurance, construction technology and more. For more information visit PropTechBreakthrough.com

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