Navigate Property Management Show - Episode 3

Key Topics:

• Importance of verifying identity in property management
• Application process for property management
• Common challenges and solutions in managing applications

Introduction

• Episode 3 of the Navigate Property Management Show
• Target Audience: Landlords, Realtors, Brokers

Identity Fraud

• Increasing ease of identity fraud due to technology (e.g., AI, Photoshop)
• Vital to ensure authenticity in applications
• Example: A young woman impersonating her mother to lease a house
  • Found out during an eviction hearing
  • Led to legal complications and fraudulent activity

Application Process

• Experience: Over 5,000 turnovers, 2,500 property managements, and 7,000 leases
• Key Learning: Run thorough checks and remove emotions from decisions
• Instincts are valuable, but must be supported by a process

Verification Strategies

1. **Property Debt: **

   • Use legitimate software for property debt checks
   • Check for unpaid rents or damages
   • Landlord verification for recent history
   • Credit report checks for property-related debts

2. Landlord Verification:

   • Ensure communication with professional emails or recognized management company numbers
   • Cross-check with tax records and ownership verifications
   • Caution against fake references and emails

3. Income Verification:

   • Use multiple proofs (tax returns, pay stubs, HR confirmation)
   • Experian's income verification service recommended

Red Flags and Pro Tips

• Red Flag: Avoid splitting security deposits over months
• Pro Tip: Do not allow first-month rent or security deposit to be paid by credit card due to fraud risks

Conclusion

• Emphasize process over personal judgment
• Call to Action: Like, subscribe, and engage with the show for more detailed insights and Q&A sessions.