If your goal is to get to faster, more accurate decisions, VeriFast is your best bet. Dale Coffin, co-founder Marda Management
Marda Management is a full service property management company located in the Windsor-Essex region. They have 400 owners managing over 1600 units. Marda Management has high standards for bringing applicants into their units, which benefits the business with a low eviction rate, but had its downsides. One of which was a glaringly slow and cumbersome application process. “I did a company evaluation in early 2021 and came out with four core values for managing the business going forward. Two of those values were speed and a great, frictionless customer experience, which we weren’t offering with our applications.” Explained Dale Coffin, Co-founder of Marda Management.
Previously, applicants who were interested in one of Marda Management’s properties would apply through an online application, which tied back to a CRM property management tool. Marda’s staff would comb through the applicant’s information and make decisions based on the applicant’s income to rent ratio, credit screening and provided documentation. “Our old application process took too long, required many documents and was clunky for our applicants. The drop rate was high, and it typically took around three days to fully screen the applicant. Coming out of that meeting, I had a lot of motivation to change it. ” Dale turned to VeriFast to redesign his business’s screening process. “I am delighted by the willingness of VeriFast’s team to make the service work for us and serve our needs.”
Now the screening portion of Marda’s application has been automated, and the speed at which the candidates complete their application is at an all time high. On average, Marda’s applicants complete their entire application and have their financial qualifications verified in under three minutes. Verifast’s platform gave Dale the speed he was looking for, without the need to compromise on Marda Management’s high standard of screening. Using VeriFast’s approval center feature, Marda Management sets the requirements the business is looking for in an applicant. From there VeriFast’s algorithm calculates a score on how well the applicant meets those requirements based on their financial metrics.
This has resulted in the biggest achievement Marda Management has accomplished by implementing VeriFast’s platform, moving quickly on top candidates. “Our ideal goal is to provide an immediate yes or no decision on our most qualified candidates within 10 minutes or less. VeriFast has put those building blocks in place.” Dale Coffin affirmed. “We’re able to offer our most well qualified candidates fast, real time decisions. If they blow past our requirements, we offer them a lease right away.”