Snappt vs. Docuverus: Which is Best For Your Property?

In today’s digital age, the real estate industry grapples with the constant threat of fraud. It’s easier than ever to alter documents, and the fakes look almost as good as the real thing. As a result, document fraud detection is one of the best weapons you can have in your arsenal. Platforms like Snappt and Docuverus were created to stop these fraudsters in their tracks. But how do they stack up against each other?

To help you decide which option is the best for you, let’s discuss how they’re different, how they’re similar, and which one will fit the needs of your properties.

Differences

Expertise and Experience

One of the most significant differences between Snappt and Docuverus is the number of documents each company has scanned. But why does that matter? The more documents you scan, the more accurate the algorithm is. The more accurate the algorithm is, the better it will be at catching fraud. The better it is at detecting fraud, the more protected you are from bad debt and evictions. You get the idea.

Snappt has successfully scanned over 6 million documents, establishing a solid reputation for providing customers with an extra layer of trust and confidence in the authenticity and accuracy of their results. With state-of-the-art technology and rigorous quality control, Snappt ensures that every document is meticulously processed and verified, giving customers the peace of mind they deserve.

Docuverus has only scanned tens of thousands of documents, meaning their system could be more prone to false results.

Integrations

Integrations refer to the process of connecting and integrating property management software with other systems or platforms. Integrations allow for seamless data sharing and communication between different software applications used in property management. Property management integrations typically involve linking software solutions such as accounting systems, customer relationship management (CRM) platforms, maintenance management tools, online listing platforms, payment processors, etc.

Switching between different applications, also called context switching, harms productivity. According to psychologist Gerald Weinberg, each extra task or ‘context’ you switch between eats up 20–80% of your overall productivity. For example, task switching between two tasks at a time can eat up 40% of your productive time for each, and 20% is lost to context switching; task switching between three tasks at a time can eat up 20% of your productive time for each, and 40% is lost to context switching. Integrating your systems means property managers can streamline workflows, eliminate manual data entry, and improve overall efficiency.

Snappt offers several integrations with third-party software, including ResMan, Yardi ScreeningWorks Pro, and ResidentIQ. A roadmap of additional integration offerings will be coming in the near future!

Docuverus does not provide any integration capabilities at this time, making it more difficult to streamline the leasing workflow.

Identity Verification

In the ever-evolving landscape of property management, identity verification has emerged as another shield against the threat of fraud, offering property managers a powerful tool to ensure the credibility of their tenants and the safety of their leasing staff. This process verifies an applicant’s ID and confirms that the person is who they say they are. It can help you catch fraud earlier in the leasing process, increase property safety, and give leasing teams more confidence in their decisions.

Snappt offers ID verification as part of Snappt Pro, its all-in-one fraud detection and identity verification plan. Its technology can scan over 4,600 document types from 200 countries and territories. Its validation process includes over 30 comprehensive checks, ensuring that every ID scanned undergoes meticulous security protocols.

Docuverus offers ID verification as an add-on to its fraud detection platform (for a small fee). The tenant will scan their driver’s license, passport, permanent resident card, or US Visa during the screening process, and shortly after, you’ll have the confirmation you need to proceed with their application.

Automatic Income Calculation

It’s no secret that managing a property can be quite a burden. New tasks and problems arise daily, and managers often look for ways to lighten their load. Automatic income calculation helps make their day a little bit easier and can make the screening process faster and more efficient.

Studies have shown that the average worker spends over 50% of their time on low or no-value tasks, such as data entry and manual calculations. By implementing automatic income calculation, property managers can dedicate more of their time to high-value tasks.

Here’s how it works: the tool reads the income documents submitted by the applicant and does all the number crunching to calculate their total income for you. This means property managers don’t have to spend time manually sorting through documents and adding the amounts together.

Keep in mind if someone’s been sneaky and doctored their financial documents, auto calculation won’t catch that. It’s a helpful feature that saves managers a few extra seconds during the screening process, but it still relies on starting with an authentic document and trusted fraud detection practices.

Snappt does not currently offer automatic income calculation, but they have plans to incorporate this feature in the very near future.

Docuverus provides automatic income calculation to its customers,  which makes the screening process run a little faster and saves time for leasing teams.

Similarities

Accuracy

The accuracy of a fraud detection platform is critical – it’s what makes property managers feel secure in their decisions and keeps more fraudsters out of their properties. Fraudsters constantly evolve their tactics to bypass detection systems. An accurate fraud detection platform is equipped to adapt and stay ahead of these techniques, continuously updating its algorithms to identify new patterns and emerging fraud trends.

Fraud detection systems with a high rate of accuracy help reduce operational costs by automating the process of detecting and flagging fraudulent activities. This eliminates the need for manual intervention and reduces the resources required for investigating and resolving fraudulent incidents. A high level of accuracy also helps minimize false negatives by effectively spotting suspicious patterns and behaviors, preventing potential financial losses for businesses.

Let’s look at an example of how a lower accuracy rate costs you in the long run.

Company A charges $1.50 per unit, and Company B charges $1.10 per unit. Company A has a 99.8% accuracy rate, whereas Company B has a 90% accuracy rate. This means that 10% of the applications that make it through Company B’s screening process contain fraudulent information and go undetected. Since fraudulent applications directly correlate to the number of evictions a property manager sees, the eviction rate for Company B goes up. With the average eviction costing $7,000+, you’ll spend more than you saved on going with the cheaper company.

Snappt has scanned over 6 million documents and is 99.8% accurate, an unmatched rate in the industry. Customers can feel confident that their prospective tenant’s documents are being efficiently and accurately screened, which can help them avoid costly evictions down the road.

Docuverus claims to have a 99.98% accuracy rate but has scanned fewer documents. While their high accuracy rate is good, the smaller number of documents scanned might give users pause and make them feel less confident in their results.

SOC2 Compliance

Document verification products have two main responsibilities: accuracy and keeping information safe. They manage highly sensitive information, so if a company isn’t handling the data appropriately, it’s a big risk to the business.

If you don’t know what SOC2 compliance is, that’s okay – but now is the time to get up to speed. A SOC2-certified company maintains a very high level of information security and is better equipped to deal with cyber attacks and breaches than non-certified companies.

Both Snappt and Docuverus are SOC2-certified companies and provide the highest level of security for customer data.

Who Snappt is Best For

Snappt is the way to go for top-notch fraud detection and secure identity verification. They’ve scanned more documents than their competitors and are 99.8% accurate, so the chances of a sneaky fake slipping through the cracks are slim.

Their system is SOC2-certified and user-friendly, and you can get it up and running in a matter of minutes. They also have a dedicated customer support team to help you implement their software into your current leasing process and answer any questions you may have.

Who Docuverus is Best For

Docuverus is a choice for property managers seeking a basic solution for their fraud detection needs. They have a few different pricing options, depending on if you want to pay by unit or by applicants received. They provide automatic income calculation, which can be a perk if you’re looking for a platform to handle that task. But remember, you still need an authentic document to make this feature worthwhile.

To Sum Up…

In the world of document fraud detection, Snappt and Docuverus offer seemingly similar products. However, both platforms have their perks, and the choice ultimately depends on your priorities for your business.

If your primary concern revolves around bolstering your defense against fraud and evictions, Snappt stands out as the top pick. With a vast database of over 6 million scanned documents, its accuracy and effectiveness in catching fraudulent activities are noteworthy. Snappt’s user-friendly interface, SOC2 certification, and excellent customer support make implementation a breeze.

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