Company: Findigs
Founder: Steve Carroll
Website: https://www.findigs.com/
About Findigs
Findigs is the decisioning platform for rental housing. The platform provides an automatic yes-or-no decision for every rental application submitted, so property managers can lease units quickly and collect as much rent as possible.
While most of the rental industry operates with screening tools that terminate at report and score level, decisions made by property managers take days, applicants leave, and the issue of fraud persists. Findigs took a different approach and created a platform that makes a decision, meaning the decision is the product. Founded in 2018 in New York City, Findigs creates an automated solution that replaces screening tools by verifying applicant identity, income, and document authenticity, underwriting risk against criteria specified by an operator, and making an automatic yes or no decision.
Findigs platform works with four core areas. The screening process includes identity, income, and document verification. Underwriting means assessment of the risk against criteria the operator can tune, producing a yes or no decision in the end. Optimisation is about tuning screening policy and marketing spending based on lease outcomes. Data shows decisions, leases, and payments across the entire operator portfolio.
The thing that makes Findigs special is that all of the criteria used by the decision engine are explainable. There is no black box score; instead, all of the requirements are enumerated one by one, and an applicant who passes all of the steps is automatically approved. Besides, a 24/7 human support team and an escalation team stand behind each and every decision. Findigs is also the only vendor in its category that provides a contractual fraud guarantee for approved applications later connected to fraudulent activity.
Results are shown in numbers. Findigs median decision time is 3.4 hours versus the industry average of two to three days. Application completion rate goes up by 12.5%. Bad debt drops by up to 60% and evictions by up to 80%. Currently, more than 400,000 units of residential properties across the United States work with the Findigs network, and every lease outcome makes the underwriting process smarter for the entire network.
Findigs provides its services to property management companies across the United States, both regional and some of the largest players in the residential real estate market. The company is venture-backed and based in New York.
In order to make further progress, the company is planning to grow the network beyond 400,000 units, expand the Optimization layer to help operators fine-tune leasing policy and spending on marketing based on real lease outcomes and aim towards creating something even bigger: the operating system for real estate where renting a home is as quick and easy as booking a trip. The basis is to make one single right decision: will this home rent to you, and Findigs built a solution to do that.
Want to find out what TechRound can do for your business?
