Increased use of online rental applications in today’s property market means identity fraud has become a risk all Property Managers need to be across.
To minimise this risk, teams must be diligent about using a tool that makes this task easier and helps to qualify a suitable tenant.
We’ve all heard (or experienced) the horror stories: tenants starting their own DIY drug labs or engaging in other criminal activities, and visa holders skipping town within a few months. Often these properties have been leased by tenants using falsified information.
How are identity fraud and identity theft impacting Property Managers?
Technology advances have made it easier for criminals to attempt and commit identity theft (taking over someone’s identity) or identity fraud (creating a fake identity). This poses significant issues in the real estate space, as criminals attempt to lease properties by fabricating a fake identity, allowing them to:
- Use the property for illegal purposes (e.g. start a drug lab), or
- Use the property as their main address to commit other crimes (e.g. apply for a home loan, car loan, credit cards, etc.).
The only real way to ensure you avoid these applicants is to make sure you screen them correctly.
Tenant screening made easier with Rent.com.au
It’s not all doom-and-gloom. The great news is that many prospective tenants who have set up a Renter Resume on rent.com.au have also completed a RentCheck. The RentCheck tool on rent.com.au verifies the individual’s identity, while also checking their name against the Equifax National Tenancy Database (NTD) for any reported breaches, bankruptcies, debt agreements or court records, and VISA information.
When a prospective tenant provides a RentCheck with their Renter Resume, this becomes available with their enquiry or application details. You can find these details on your rent.com.au agent dashboard. The .pdf link will be provided, along with the prospective tenant’s details.
“The fact that a prospective tenant has purchased a RentCheck themselves is a great indicator of a highly-motivated person,” said David Berridge, rent.com.au’s National Agent Services Manager. “That additional available information from their Renter Resume can also prove useful to Property Managers wanting to ascertain the suitability of an applicant.”
Want to perform an ID and NTD tenancy check on a prospective tenant? This can be done online via your rent.com.au agency dashboard. Simply sign into your account and click on the RentCheck tab.