Landlord Tenant Screening

Today, the rental property industry seems to be making a move towards a more fully online process. There are virtual walkthroughs for tenants to view properties and online applications to move forward in the rental process. While the ease of completing everything online is a convenience, it can also be harder to spot fraud. Instances of fraud in the rental industry are on the rise. To avoid being taken advantage of, be aware of these top cases of tenant fraud.

Synthetic Fraud

If someone has failed a background check before, they may be hesitant to use correct information for fear of failing again. With synthetic fraud, an applicant instead uses all false information to fill in the application process. Nothing used is actually correct or valid information. Instead, the application is pieced together with both stolen and fabricated information. For example, the potential renter could be using the social security number of a person that is deceased instead of their own. Hopefully, thorough background checks in place during the application process will alert rental property owners to this issue so that it can be addressed before a property is rented out to someone it shouldn't be.

Identity Manipulation Fraud

Similar to Synthetic Fraud, identity manipulation fraud doesn't use accurate information. However, in this instance, information on the application is only slightly changed and not completely falsified. This could be something as simple as putting down a different birthday or changing just one number in their social security number. The majority of the information is correct, but just a few numbers here or there are changed slightly to manipulate the complete identity of a potential renter.

First-Person Fraud

Not everyone who applies for a rental property under their name is going to be accepted, and if they have filled out applications and been rejected before, they know this. To avoid this problem, as a workaround, some may fill in the application with the name of a family member or friend instead of themselves. The information may all be correct and the application may pass all background checks, but the person who submitted the application is not the person that intends to live at the actual address of the rental property.

Third-Party Fraud

Third-party fraud is when someone attempts to steal another person's identity and use that information on a rental application. If you are familiar with identity theft, then you understand third-party fraud. The person putting down the information on an application has no relationship with the name and information of the person they used to actually fill out the application. This case of fraud is potentially damaging to many, specifically the person whose identity was stolen.

Fraud of any kind can be frustrating for rental property owners or managers. It is important to do a complete background check into potential tenants to make sure there are no suspected cases of fraud. Tenant Background Search can help with this process. We have safety measures in place to help prevent instances of tenant fraud. Contact us today to find more information about our services.

This entry was posted on May 19, 2022 at 3:09 AM and has received 4536 views. There are currently 0 comments. Print this entry.

Experienced landlords know that it is in their best interest to do a very thorough screening of prospective tenants. This process involved checking references, doing a background check, looking into places of work or previous addresses, credit checks, and more. But what if it's also the other way around and potential future tenants are also doing their research on you? If this is the case, you want to be the ones that stand out a league above everyone else. So what exactly might prospective tenants be looking for from those they are looking to rent from?

Professional Behavior

First and foremost, professionalism is an important quality to display. Tenants want businesspeople who take their roles as landlords seriously. How you present yourself and the first impression you make could be important to gaining tenants. Being a part of business associations also shows that you are serious about operating a business.

Reputation

Next to professionalism, a great reputation is also key. It's sometimes through word of mouth that tenants may hear about rental properties opening up. If you have a reputation for being a business that is great to rent from, it's more likely tenants will come seeking you out. People will talk, and if they do, what will be said about you?

Dependable

When it comes to finding a place to live, tenants want to know that the person they are dealing with is dependable. Will they do what they say they will do? Will they follow through? This plays a large part in whether or not they choose to live at one property or another. Phone calls should be answered or returned promptly. Be available when you say you will. If tenants know you are reliable, they will appreciate the gesture and know they can depend on you when needed.

Organization

It never looks good to a future tenant to appear disorganized. Organization when running any type of business is a crucial component to being successful. It gives tenants peace of mind when they see papers are ready to be signed right away and processes are documented properly. All renter forms such as background checks, lease agreements, emergency contacts, and more should be readily available and within reach, as needed.

Communication and Honesty

Being on the same page is only achieved through communication. A tenant appreciates honest communication. Be truthful about pointing out all aspects of the rental property. Communicate any upfront issues the renter may need to be aware of. Give them all the appropriate information so they can make an informed decision that suits their needs. Start out all tenant and landlord or business relationships on a positive and respectful note. A positive working relationship goes a long way in any type of business.

While you may not realize a tenant is also checking you out, it is still good to be prepared should it happen. Have all your bases covered and be prepared at all times. For more information about being prepared with tenant background searches, reach out to us today.

This entry was posted on May 19, 2022 at 2:41 AM and has received 4243 views. There are currently 0 comments. Print this entry.