You might not think about how much personal information you handle during the tenant screening process, but if you get hacked or key paperwork is stolen, you could be facing a data breach lawsuit. The average data breach costs consumers over 20 hours and $770, according to The New York Times, although the monetary and emotional damages could rise even higher if the tenant has to deal with fraudulent accounts listed on their credit report.
You need the tenant's personal information to screen them, and you just can't do your due diligence on a tenant without referencing sensitive information. You need more than a name to find out whether someone has good credit, if a criminal history exists, and whether they have any judgments against them. People may have a commonly used first and last name, a falsified name or otherwise have information that needs additional sensitive data so you are certain to get their records and no one else's.
If you aren't an IT security expert, you probably don't know the best practices to follow when it comes to your tenant's sensitive information, nor do you have the infrastructure in place to securely store and transmit the data. After all, you got into the property management business, not the IT business, so this isn't the type of thing you want to handle. Hackers have plenty of ways to get into the computer systems of larger companies, so the network at your office provides many vulnerability points. Viruses, laptops, and unsecured networks are all easy victims of a data breach. Instead of taking on this burden without the technical expertise required to properly protect your tenant, a property management platform such as LandlordStation can handle the tricky IT parts for you.
How Do Property Management Platforms Work?
Instead of handling a tenant's personal data directly, you can go through the property management platform for application forms, document signing and screening information. With LandlordStation, you can link the prospective tenant to an online application. This application is hosted on cloud servers with enterprise level security, which is the same type of IT security you'll find at large companies. LandlordStation verifies the tenant's identity for the screening process, and data integration in the platform means the tenant doesn't even need to fill out the information a second time. This cuts down on the amount of time it takes to get a tenant from the application to the screening process.
The biggest information security advantage with LandlordStation's service is that you don't handle any sensitive information at all. The applicant's social security number, date of birth (on some levels of reports), and other important identity verification information is given directly to LandlordStation and passed over to Trans Union. You also avoid handling checks or credit card information, as online rental payment can also go through these servers. If there's a problem with the system, LandlordStation can handle the IT problems, freeing you up to take care of your property without worrying about IT.
In a tech-savvy world, information security is one of the most important benefits you can offer your tenants. A property management platform such as LandlordStation takes the data protection liability out of your hands and uses top-of-the-line tech solutions to keep data safe and secure. It's the best solution for both landlords and tenants alike.
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