MRI Software Introduces Enhanced Multifamily Capabilities at NAA Apartmentalize
The expanded MRI LivingTM software suite helps property managers save time and reduce risk through advanced features and AI-powered automation
SOLON, Ohio, June 22, 2022 /PRNewswire/ -- MRI Software, a global leader in real estate technology, is introducing enhancements to its MRI LivingTM suite of property management solutions at Apartmentalize powered by NAA (June 22-24). The new capabilities will enable multifamily property managers to reduce business risk and prevent fraud through enhanced ID verification, screening, AI-driven resident insurance programs, and embedded payments functionality.
"Managing risk is critical for helping multifamily properties avoid financial loss and keep staff and residents safe," said Brian Zrimsek, Industry Principal at MRI Software. "Traditional methods of managing risk are time-consuming and subject to human error, but AI has vastly improved the process. That's why we've incorporated AI-powered automation into several of the tools we're showcasing at Apartmentalize."
The tools include:
ID Verification and Screening
Fraud is becoming more common and sophisticated, making it nearly impossible for property managers to stay ahead of evolving threats. Scams proliferated during the pandemic, according to MRI's CheckpointID team, which discovered more than 50,000 false IDs in 2021. This equates to one bad actor per client per week and would have resulted in more than an estimated $600 million in bad debt if the fraudsters had become residents.
To protect properties, staff, and residents against fraud, MRI's CheckpointID now offers new layers of identity validation, enabling property managers to spot fake IDs without taking time away from other tasks. The technology validates government-issued IDs across credit bureaus, fraud and watch lists, SSA records, and telecom and utilities databases. Enhanced AI capabilities automatically identify and match data from the front and back of an ID against DMV records, further reducing risk.
Falsified paystubs cn mask a candidate's inability to pay, leading to bad debt and evictions. MRI's resident screening solution now offers income verification services, which pull payment records directly from payroll providers and reduce the time property staff spend verifying income by 90%. Multi-factor authentication (MFA) ensures that any individual with a high identity risk score has a phone number that matches known credit or phone company records.
Resident Insurance Programs
MRI also announced Intelligent Insurance, a new AI-driven solution to help multifamily communities increase insurance coverage by up to 40%. Although many communities require renter's insurance at move-in, an average of 70% of residents will not use preferred coverage plans, while 30% or more will cancel their policies after move-in. Intelligent Insurance protects residents and communities by automating the review process of third-party proof-of-insurance documents to ensure coverage continues to meet leasing requirements, saving leasing staff thousands of hours while protecting residents from unexpected expenses. Plus, it monitors existing coverage to ensure policies remain active and that they are renewed on time, eliminating coverage gaps that can lead to significant losses for residents and communities in the event of a disaster.
"MRI's multifamily insurance is a key component of our organization's risk management strategy," said Michael Belka, COO, Harbor Group Management. "With the help of the managed services team and Intelligent Insurance that now includes AI technology, we have achieved and now maintain nearly 97% overall compliance with our enhanced resident insurance program."
Improved Payments Experience
RentPayment from MRI improves the digital experience for residents while preventing payment gaps. With the new embedded payments functionality, RentPayment clients can easily add the ability to pay directly into their resident portal. From paying rent to receiving important communications, residents now have a single digital destination for all property interactions and touchpoints, simplifying their life. The software also gives communities control over the experiences they provide. It works with any property management system to eliminate the need for APIs or developer resources, providing a simple tool that makes it easier for property managers to use the solutions they need to make their business run better.
MRI's tools for multifamily property managers are designed to work together, separately, or alongside existing technology. MRI's software solutions are used by 80% of the top 50 managers on the 2022 NMHC 50 list.
Apartmentalize attendees can visit MRI at booth #1323 to see demos of CheckpointID, Resident Screening, Intelligent Insurance, RentPayment and more from the MRI LivingTM suite of multifamily solutions.
About MRI Software
MRI Software is a leading provider of real estate software solutions that transform the way communities live, work and play. MRI's open and connected, AI-first platform empowers owners, operators and occupiers in commercial and residential property organizations to innovate in rapidly changing markets. MRI has been a trailblazer in the PropTech industry for over five decades, serving more than two million users worldwide. Through innovative solutions and a rich partner ecosystem, MRI gives real estate companies the freedom to realize their vision of building thriving communities and stronger businesses. For more information, please visit mrisoftware.com.
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SOURCE MRI Software