Navigate Property Management Show - Episode 3

Introduction

• Episode theme: Running an application or the application process
• Emphasis on learning from both mistakes and successes
• Statistics:
  • 5,000+ turnovers
  • Managed 2,500+ properties
  • 7,000+ leases
  • Reviewed 20,000+ applications

Identity Fraud

• Identity fraud is rampant and easier than ever (Photoshop, AI voice impersonation)
• Example Story:
  • Young woman used her mother's identity to sign a lease
  • Discovered during court proceedings
  • Importance of verifying identity and trust but verify approach

Key Points for Application Process

1. Property Debt

   • Using software to check for property debt
   • Verify through landlord verification, credit report, and evictions
   • Automatic disqualification for unresolved property debt

2. Landlord Verification

   • Use professional email and phone numbers
   • Verify through tax records if individual landlords
   • Importance of positive landlord verification
   • Be cautious of fake emails and phone numbers

3. Verify Income

   • Ask for two different proofs of income (e.g., pay stubs and tax returns)
   • Be wary of fake pay stubs and fake employer verifications
   • Use tools like Experian for income verification
   • Experian's tool provides comprehensive income data

Red Flags and Pro Tips

• Red Flag: Avoid allowing applicants to split security deposit payments over several months
• Process & Protocol: Follow set processes and protocols before using personal judgment
• Pro Tip: Do not allow residents to pay their first month's rent and security deposit with a credit card (risk of fraud)
• Example of Credit Card Fraud: Tenant paid rent with a stolen credit card, resulting in chargebacks and loss of funds

Conclusion

• Encourage to like, subscribe, share, and submit questions for the Q&A segment
• Tease next video and additional content