Trigo

??The prevailing consensus in multifamily today is, “Don’t bother with rent verifications. Landlords don’t answer those requests anymore.” We’ve discovered that can’t be farther from the truth. ??PMs gradually abandoned rent verifications over the past decade because they were too time-consuming and distracting. This eroded underwriting standards, but who has the time to chase these and call a leasing office 5 times in less than 48 hours? ??Trigo's AI now enables on-site teams to reincorporate this valuable dataset and restore this critical best practice, which is a game-changer for your resident screening.

Thanks for the shoutout Sarah Lamont and the F-Prime team! This State of Banking report is replete with awesome data and market commentary. We also couldn't agree more with your thesis that data aggregators like Trigo will be a vital part of the ecosystem as Open Banking makes the incumbent banks and institutions data-hungry consumers. The benefits are clear so that they can get a much fuller financial picture of their own users. Page 15: https://lnkd.in/ed25xidB https://lnkd.in/eXbN86Jh

??We get asked all the time: “So why are rent verifications so important in the resident screening process? I thought those were a ‘nice-to-have’, not a need?” The way we answer this question is typically the lightbulb moment for most operators. The short answer TLDR: legacy screening datasets (e.g., FICO / Income / Criminal / Eviction) are great, but they have glaringly large blind spots, especially for Class B and C, workforce housing, and market-rate affordable communities. The long answer: so what are those large “blind spots” you speak of? Well, consider these 3 non-obvious facts that most folks in the multifamily industry are not taking into consideration today: 1?? FICO: less than 3% of landlords proactively report to the credit bureaus. FICO & Vantage scores "include" rent, but what good is that if landlords don't report it? ?? If someone was a good renter or a horrible renter and owes their landlord $9,000, there’s a 97% chance you won’t learn about it in their credit report. Credit card and utilities companies report to the bureaus like clockwork, but landlords do NOT. If a landlord sends a balance owed to a collections agency, it may end up in a credit report 9-12 months later… if you’re lucky. 2?? Eviction Records: Those have us covered, right? Wrong! Did you know that >80% of landlord-tenant disputes are settled OUTSIDE of court, not in it? ?? Everyone is familiar with the term “cash for keys”, right? If a resident owes you $6,000, there’s a much greater likelihood you will settle on a handshake agreement to avoid court and pay a portion of that balance and move out by the first of the month. That’s great for the current landlord, but the next one has NO idea that transaction occurred or that remaining balance owed was written off. This doesn’t exist in a database; rent verifications are the only way to detect these. 3??Eviction Records: they are not real-time and, in fact, have a significant timing lag. ?? If there is a court-level adjudication in favor of the landlord, county-level databases often take between 3 and up to 120 days to reflect that judgement. By that time, it’s likely already too late. That applicant has already applied and moved into one of your communities. So how do you detect evictions real-time? The only way: timely and diligent rent verifications. ?So what’s the best predictor for how someone will pay their future rent? Hint: it’s not how they pay their utilities bill or credit card, or how much income they make! ?Stop flying blind on the most critical dataset for resident screening. Invest in your rent verification processes, and please don’t hesitate to reach out to Trigo if we can help fully automate and standardize that process for you with AI.

??What are some common misconceptions about rent verifications (aka landlord reference checks)? ? “Landlord’s don’t respond to those requests anymore.” While that’s a commonplace assumption in the industry, Trigo has tens of thousands of data points to prove this is a fallacy. The truth is, property managers just don’t have the time or resources to get them done manually. Without technology, they are set up to fail. ? “Landlords always lie on reference checks.” Trigo has thousands of red flag verifications that were reported by institutional and “mom & pop” landlords, alike. That data couldn’t be collected if landlords aren’t truthful. Additionally, institutional landlords know there are legal ramifications for misrepresenting a resident’s performance. Policies strictly dictate that, if the resident has provided written consent, the company is required to furnish the information swiftly and accurately. ? “Applicants don’t disclose addresses where they didn’t pay rent.” A few things to consider: 1?? They don’t have to! Trigo has access to data sources that pull an applicant’s address history independent of the application itself. 2?? Most applicants assume the landlord is already aware of their rent history from the credit report. However, the applicant is unaware that landlords rarely, if ever, report rental data to the bureaus. As a result, rent data is a massive blind spot for the credit bureaus. This comes as a surprise to most consumers. 3?? While the applicant always provides consent for a rent verification, they often don’t connect the dot that the address they self-report, write on the application, or submit on their driver's license is the same address the landlord is utilizing for a reference. ? “We know AI is the future, but it can’t help us yet.” AI can improve your job today, and in ways you may not even be aware of yet. Trigo is applying AI to reimagine what’s possible for data retrieval, specifically for rent data. Beyond that use case, there are thousands of other personal and business applications that are already made possible by AI but not generally accessible to the public “off-the-shelf” without technical support. #RentVerification #Multifamily #PropertyManagement #ResidentScreening

Excited to present at RETCON in a few weeks! If you've ever read Zero To One, you know there's such thing as first-mover advantages and disadvantages: The Advantage: No competition! Our competition is the status quo -- aka usually not performing rent verifications at all. The Disadvantage: Awareness & education! Many in the industry may not fully realize the limitations in traditional screening methods. Legacy datasets, such as Credit / Income / Criminal / Eviction, have significant, non-intuitive gaps that have been overlooked. As a first-mover, it's incumbent upon on us to, not only shed light on these non-obvious vulnerabilities, but also to show the hard data to prove it. Other recent examples over the past 5-10 years are Identity Verification (IDV), Bank Credentialing (Plaid), and Document Fraud Detection. Over time, those tools reached their 'tipping point' for mass adoption. Rent performance data is next :) We want to share the compelling data we've collected the past 2 years, far and wide, to play our small part in advancing the multifamily industry. That's why we're grateful for opportunities like this to share our unique perspective on this game-changing dataset. Discover how to leverage more comprehensive data for smarter, more informed leasing decisions.?Catch you at RETCON Vegas in March!

Thanks for the Trigo shoutout Tamela Coval??! Couldn't agree more with this article from Propmodo, highlighting the impacts of AI on institutional multifamily and property management. Exciting times ahead: "One of the most critical areas where the deployment of AI can help is operational efficiency. Everyday and repetitive tasks are often one of the biggest time consumers for onsite teams, and many of these can easily be handled by AI. Multifamily professionals who stay ahead of these trends and invest in AI technologies will not only gain operational efficiencies but also reshape the standard for resident expectations."

??New feature alert: Trigo's self-serve landlord product As a conduit between landlords, we've created a rent verification flywheel -- landlords respond to our requests for verification from other landlords, in a virtuous cycle. When the smaller mom & pop operators ask, "I'm happy to help out your client, but how can I use your product too?" we now have an answer! #RentVerification #Multifamily #TenantScreening #Landlords #ManufacturedHousing

??We're looking forward to our first conference of 2025 this week in KY for the Louisville Manufactured Housing Show, one of the largest MH conferences of the year! ??To learn more about Trigo's AI-powered Rent Verifications for resident screening, make sure to stop by our Booth #213, or book some time to meet with Sam Stein (https://lnkd.in/eU_S5Fss) #RentVerifications #LouisvilleShow #ManufacturedHousing #PropertyManagement #Trigo #ResidentScreening

Some great insights from our co-founder on the Atlanta multifamily market after a whirlwind last 2 days of 2024. And more importantly, a heartfelt thank you ?? to our 2024 customers and channel partners for trusting Trigo to elevate your resident screening and fraud protection with our AI-powered #RentVerification

?? Integration Update - Trigo is now a fully qualified Yardi? Standard Interface Vendor! ??For institutional owners & operators who use Yardi, you can now seamlessly integrate Trigo into your Yardi resident screening process with full automation, eliminating the need to switch between multiple platforms or manually submit orders. ??Why PMS integrations matter Integrating with property management software is critical for PropTech companies like Trigo for two primary reasons: 1?? The integration streamlines workflows and allows Trigo to automate tasks, improving efficiency and reducing manual work for property managers. This could involve automatic data transfer, eliminating the need for double entry, or triggering actions based on specific events within the PMS. 2?? The integration enhances the user experience. Property managers and leasing professionals can access Trigo's features and insights directly within their familiar PMS environment. Learn more here: https://lnkd.in/e2EdehEQ