Guillermo Salazar, CEO of Iris CX—a leading visual customer experience platform for multifamily property operators—hosted an engaging LinkedIn Live session with Mark Fiebig, the visionary Founder and CEO of Payscore. The discussion, titled “Getting to Hell Yes!”, explored innovative strategies to tackle property management fraud, a challenge faced by an astounding 93% of property managers. With over two decades of experience in property management and technology, Mark shared actionable advice on leveraging innovation to streamline operations. Here’s a recap of the highlights and three game-changing takeaways from the session.Enter your text here...
A Visionary in Property Management
Mark Fiebig’s impressive career has made him a trailblazer in property management technology. As the founder of Payscore, a platform that has transformed income verification for rental housing providers, Mark has revolutionized how property managers assess tenant affordability. Payscore’s cutting-edge solution has already benefited over 1 million rental units across the U.S., addressing critical pain points like fraud and inefficiency in tenant screening.
Tackling the Income Verification Challenge
Historically, income verification has been a cumbersome and error-prone process. Before the digital age, applicants would provide physical pay stubs, bank statements, and paper applications during property tours. While functional, this manual approach was vulnerable to errors and manipulation.
In today’s digital era, the problem has escalated. As Mark explained, “It only takes a few minutes to create a completely fabricated pay stub or bank statement using AI tools.”
Payscore has reimagined income verification by eliminating reliance on documents altogether. Instead, it uses a data-first approach, analyzing deposit histories and other source data to deliver accurate, defensible insights about a tenant’s ability to meet rent obligations. Unlike older methods like Optical Character Recognition (OCR), which Mark described as “chasing flaws,” Payscore provides property managers with reliable, unbiased results they can trust.
Ensuring Fair Housing Compliance
One of the standout benefits of Payscore is its ability to enhance Fair Housing compliance. Traditional income verification methods often introduce unintentional bias, creating inconsistencies that put property managers at legal risk.
“Fair Housing compliance is about leveling the playing field,” Mark emphasized. “Payscore ensures every decision is defensible, data-driven, and free from bias.”
By using Payscore’s data-centric model, property managers can confidently evaluate applicants based on facts, ensuring fair treatment for all prospective tenants.
Supporting Non-Traditional Earners
As the gig economy grows, nearly half of Americans now rely on side hustles or non-traditional income sources. This trend poses new challenges for property managers trying to assess income stability.
“Someone might have two or three side hustles or no W-2 income at all,” Mark explained. “Payscore reports income from sources like PayPal, Square, or Google Wallet, providing a clear picture of an applicant’s earning history.”
This comprehensive approach helps property managers evaluate non-traditional earners fairly while maintaining compliance with Fair Housing regulations. “Money is coming from everywhere,” Mark noted. “Payscore gives property managers the tools to assess it accurately.”
Final Thoughts
Guillermo Salazar’s LinkedIn Live session with Mark Fiebig was an inspiring exploration of innovation, leadership, and strategy in property management. For those looking to combat fraud, streamline operations, and ensure Fair Housing compliance, the insights shared in this discussion are invaluable.
If you missed the live session, don’t worry! You can catch the recording "Getting to Hell Yes! LinkedIn Live with Mark Fiebig" and join the conversation in the comments. Don’t miss out on the chance to learn from two industry leaders driving the future of property management.