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Over 93 percent of multifamily operators have experienced rental fraud within the past year, but a new startup offering access to a network of verified renters hopes to change that.
By: Brad Randall, Broadband Communities
A network of verified renters will soon be at the fingertips of the multifamily industry, according to Caren Maio, the CEO of 100, a startup that hopes to eliminate bias and fraud for multifamily operators.
Maio pitched her company’s services at the 2024 OPTECH Conference & Expo, in National Harbor, Maryland, held earlier this week.
According to Maio, 100 is offering the first renter verified network thanks to a partnership with CLEAR, a technology company that offers traveler verification services that are commonly used at airports.
“The same folks keeping us safe in the skies, keeping us safe on the ground,” she said.
Maio said the software analyzes renters based on core points like identity, income, and background.
“For operators, it serves up a group of verified renters who are who they say they are, make what they claim to make, and are ready and willing to honor their commitments,” she said.
At OPTECH, Maio said that 100 shouldn’t be considered just another fraud company.
“Most fraud companies are multiple years old, so I say to you, if they were effective, would we be here right now?” she asked.
In her pitch, which was posted on social media, Maio said rental fraud costs the multifamily industry billions per year, with the problem only expected to become more costly in the future.
The firm’s debut at OPTECH is the latest momentum for the new startup.
A week ago, MetaProp, a venture capital firm, announced $5.2 million in pre-seed funding for 100, saying the company’s network of renters is “rethinking tenant screening for a more efficient and secure future.”
A statement published on 100’s website, from Derek Gottfrid, the chief product officer at CLEAR, said his firm was excited to partner with 100.
“We’re thrilled to collaborate with 100 to enhance efficiency and security for real estate operators and provide renters with a frictionless experience when selecting their new home,” he said.
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