Our Investment in 100

Fraud is amongst the biggest challenges multifamily property managers face today. As tenant fraud becomes more sophisticated and delinquency rates persist, outdated processes are costing multifamily operators billions.

Verifying tenant information and preventing fraudulent applications are persistent pain points. With 40 million multifamily rental units in the U.S.—28 million institutionally owned—property managers collectively spend billions annually on tenant screening and combating fraudulent applications. The multifamily market faces roughly 1 million delinquent accounts, creating a significant financial burden with billions in outstanding debt.

These problems exist in large part due to inefficient and siloed processes, reliance on traditional and largely-manual practices, and a patchwork of largely outdated technologies. Tenant screening is primarily performed in-house by property managers’ leasing teams, which underwrite tenants according to their individual criteria at the time of application. Few property managers are able to dedicate the resources to develop truly state of the art screening and fraud detection operations in house and even those that do are limited to a point-in-time view of the health of their rent roll and little to no visibility into a tenant’s history with their prior landlords. In short, the current state of tenant screening leaves property managers burdened with unnecessary fixed costs, reliant on suboptimal data, susceptible to a troubling level of fraud, and in the dark regarding the ongoing health of their rent roll.    

Enter 100, the modern, end-to-end screening and servicing platform for multifamily operators to eliminate fraud and friction from the rental process.

With the launch of a first-of-its-kind Verified Renter Network™ ("VRN") and partnership with CLEAR, 100 is rethinking tenant screening for a more efficient and secure future. The VRN, which is rolling out nationwide with several of the largest multifamily owners and operators, is a membership network that expedites the rental application process for pre-approved, low-risk renters. By providing a streamlined verification experience, the membership network reduces screening time, enhances tenant satisfaction, and raises security and trust standards within the rental market (think what the Known Traveler Number or TSA-Pre did for travel). The enrollment process involves a few steps:

• Identity Verification: Members verify their identity biometrically
• Financial and Background Assessment: Applicants undergo comprehensive checks, including employment verification, credit and rental history, and income assessment
• Approval and Membership Issuance: Once approved, renters receive a VRN membership, which grants access to expedited rental application processes

With 100, renters enjoy a more streamlined application process, while operators cut costs, reduce fraud, and improve payment rates.

The 100 founding team is composed of individuals with deep multifamily domain expertise and, collectively, decades of experience building technology for the category. With a combined three exits, four million in units sold, and $2 billion in enterprise value created, the team is uniquely equipped to start and scale a business in this category.

MetaProp has had the privilege of working closely with CEO and Co-Founder Caren Maio for over a decade. Throughout her career, Caren has consistently demonstrated a unique ability to lead with vision and execute at scale. Her success as the Co-Founder of Funnel Leasing, a company that revolutionized multifamily real estate marketing and leasing, speaks to her nuanced understanding of the multifamily technology category. 

MetaProp is excited to participate in 100’s Pre-Seed financing alongside Freestyle Capital, RiverPark Ventures, Contest Point, and a coalition of strategic investors. We’re excited to partner with the 100 team on their mission to reduce the friction, inefficiency, and bias involved in renting an apartment. 

For multifamily operators looking to tackle fraud and streamline their application processes, we encourage you to connect with the 100 team today [caren@get100.com], [LinkedIn]. 

Further reading: "100 Raises $5.2 Million to Address Multifamily Rental Fraud" via Commercial Observer.