Brooklyn-based MNS Real Estate, a full-service real estate brokerage and consulting firm, has selected Vero Technologies, a financial technology solution that streamlines residential leasing, as the company’s exclusive leasing software partner.
The announcement comes on the heels of New York’s new rent stabilization laws, which restrict landlords’ ability to charge fees traditionally used to offset the cost of processing applications and executing leases. In a regulatory environment that limits these fees, Vero reduces the time it takes to convert leads to renters by more than 99 percent, which helps minimize the cost of acquiring a tenant while allowing applicants to secure an apartment in minutes, without waiting days for manual verification and approvals.
Andrew Barrocas, CEO of MNS, sees the new regulations fundamentally changing the business of leasing, which ultimately led the firm to Vero.
“The screening process for applicants is now more challenging than ever. The new rent regulations and caps on application fees necessitate streamlining an outdated manual process for vetting applicants that hasn’t evolved for more than a decade,” said Barrocas. “Vero provides a solution for instantly verifying employment, banking and rental history without running the risk of receiving fraudulent documents.”
Unlike other leasing software solutions, Vero does not rely on third-party call centers to verify an applicant’s financial information. Instead, the company uses financial technology to validate where applicants work, how much they make and the value of their assets instantly in a mobile-friendly workflow. Once approved, Vero’s lease generation and execution capability allows leasing decision-makers to approve and execute e-Leases from their mobile device in a few simple steps.
MNS represents some of New York’s most active developers and landlords with current projects spanning more than three dozen new developments. MNS has managed marketing, sales and leasing for more than $10 billion worth of luxury condominium and rental projects across Brooklyn, Queens and Manhattan, ranging from four to 1,200 units.
