What the eviction ban means for property owners & why preventing rental fraud is crucial
The nationwide Eviction Moratorium was first put in place in September, and while it was set to expire at the end of January, it was recently extended until March 31st. In fact, this was one of the first executive orders signed just hours after Biden’s inauguration. While this effort to support the nearly 44 million rental households in America is extremely important for many, it also raises a number of concerns for the property management industry. Renter fraud has increased nearly 30% during the pandemic from March-August and continues to be a glaring issue that this industry is facing. As the rental industry has adopted many new digital tactics to become contactless, this has also opened the floodgates for fraud. Taking this into consideration along with the eviction ban, it should be making property owners extremely cautious of whom they’re allowing to rent their properties. To further understand this issue, one of our most recent clients explains:
In Washington State, there is an Eviction Moratorium that halts the eviction proceedings during the pandemic. We knew our company was potentially in a compromisable position. If we let in the wrong people, we would have a hard time getting them out! With an increase across the country in fraud, and after having a few close calls, we decided we needed a program that would help with our verifications.
–Jamie Beatty, Community Manager, Bell Marymoor Park
Since the eviction ban makes it nearly impossible to evict tenants, it’s more crucial than ever for property managers to be proactive in preventing rental fraud. A single incident of renter fraud can be extremely costly in both time and money. So, how can property owners combat this problem? ID Verification. By scanning IDs at the time of the apartment tour, you can catch fraud before it becomes an issue. Keep reading to learn more about how CheckpointID has helped property managers to prevent rental fraud.
Utilizing ID verification software to prevent rental fraud during the pandemic
As mentioned, it’s more imperative than ever for property management companies to be proactive in their approach to preventing rental fraud, and ID verification plays a major role in these efforts. With CheckpointID’s online verification system, you can scan IDs in real-time, and within seconds know whether it’s valid or not. Our software utilizes the 2D or MRZ code found on government-issued IDs to provide real-time verification services. With a quick scan, a leasing agent can verify Domestic & International IDs. The user-friendly interface makes it simple to use, and our software can also integrate with your property management system.
Learn more about CheckpointID
Rental fraud has been a rising issue for many years, and with the shift to digital-based applications during the pandemic, it’s more prevalent than ever. Whether the eviction ban gets extended longer or not, is still unclear. However, it’s the responsibility of property management companies to take action and be proactive in preventing rental fraud. CheckpointID’s online verification provides a wide array of benefits for property owners in reducing rental fraud. Contact us today to learn more!
Sares Regis Group protects communities and stakeholders with ID verification
Founded in 1993, Sares Regis Group offers vertically integrated asset management. They draw on over 30 years of real estate experience to build, market, manage, and maintain communities that remain attractive to customers while ensuring top performance for owners. Business Challenge: SRG management were seeing abnormally high rates of bad debt at three properties in … Continued