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customer stories
Ziprent achieves an automated tenant placement process with Ocrolus’ AI-driven automation solutions
Property Management | Detect
Ziprent, headquartered in Tiburon, California, is a pioneering real estate property management company committed to delivering the most efficient property management experience for its tenants, landlords and property managers. By seamlessly integrating AI-enabled technology with best-in-class customer service, Ziprent’s platform optimizes property monetization, maintenance and utilization while minimizing costs.
Challenge
A time-consuming and error-prone manual application process
Solution
Automated tenant placement process without relying on paystubs
Result
Reduced processing team from five individuals to one
Challenge
Property management has traditionally valued human involvement in an industry resistant to change despite the growing demand for more immediate and accurate responses, where humans can struggle with increasingly swift and precise replies.
Arvand Sabetian, Ziprent CEO, faced a significant challenge in processing 200 to 300 units monthly, yielding approximately 10 applications per unit. During peak seasons, such as summer, the volume escalates from 2,000 to 3,000, which poses a substantial obstacle for Sabetian and his team. “Manual processing by four to five staff members, involving application review and pay stub analysis, is time-consuming and error-prone,” says Sabetian.
While partnerships with other companies for obtaining income data were able to address 20% of applications, the remaining 80% required laborious manual review and processing.
Solution
In search of a transformative experience, Ziprent turned to Ocrolus, an AI-driven document automation solution, to automate the application process without relying solely on paystubs. “80% of our tenant placement is now automated. With the click of a button, we can efficiently find and place a tenant for a property, achieving automatic placement in most cases.”
Through Ocrolus, Ziprent revamped its application process, where applicants upload pay stubs, W-2s and IDs. Using Ocrolus, they extract raw data and, utilizing their proprietary AI-enabled tech, normalize it for decision-making on income eligibility. Sabetian adds, “The recent ID integration allows Ziprent to quickly verify legitimacy based on expiration date and name matching, adding an initial layer of vetting before progressing.”
Result
Sabetian envisions the future of the property management industry as being nearly 100% automated, with application processing being a pivotal component.“I feel like our company is at the forefront of that thanks to the integration with Ocrolus.” Ocrolus enables faster tenant acquisition and nearly automatic application processing, providing prompt responses compared to traditional manual office reviews.
“We’ve efficiently reduced our processing team from five individuals to one, particularly in the 20 to 100 applications requiring pay stubs,” emphasized Sabetian. The streamlined approach has proven effective at Ziprent’s current scale.“Considering the 50 to 100% annual growth rate, these efficiency gains could translate into significant savings over the next five years for Ziprent.”
Ocrolus has revolutionized our application process by successfully reducing our processing team from five individuals to one, particularly in the 20 to 100 applications requiring pay stubs. Considering the 50% to 100% annual growth rate, these efficiency gains could translate into significant savings over the next five years.”
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