Property Managers Report Application Fraud Increase

Every year, 3.7 million residential evictions are filed costing property managers an average of $7,500 each.
By: Winston Rowe and Associates
 
ST. CLAIR SHORES, Mich. - Dec. 5, 2022 - PRLog -- A recent apartment tenant screening survey found that one in eight have been fraudulently altered.

The survey finds that 85% of property managers think consumers are increasingly becoming more comfortable with application fraud.

The survey reveals that the most common goals for application screening include making sure applicants have the financial resources to pay rent; avoiding evictions; reducing criminal activity; avoiding disruptive tenants; and avoiding property damage.

Regarding financial fraud, the most common problems faced in today's market are rent-related issues from late payments to paying less than the full amount to not paying at all. Damaged property, disruptive tenants, criminal activity, and tenants abandoning properties are also major problems

Property managers reported that the most crucial elements of applicant screening they use to overcome the issue include verifying the accuracy of identification, pay stubs and bank statements, which can be time consuming.

Some tips to avoid fraud.

A credit check and prior evictions check.
Criminal background check.
Complete the rental application in person.
Must have valid government issued photo ID.
Have the prospective tenant sign an IRS 4506 form, to verify income and employment representations.
A disclosure / release of information form to directly contact employers.

If a prospective tenant does not want to complete any of these forms or meet in person, beware.

Winston Rowe and Associates prepared this article, they can be contacted at 248-246-2243 or visit them online at https://www.winstonrowe.com

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Tags:Business
Industry:Real Estate
Location:St. Clair Shores - Michigan - United States
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