Fraud prevention is always a priority in property management, but it’s an even bigger issue now that many (or most) interactions occur online. Plus, fraud is more common than some people realize. According to Kent Simpson, industry principal of screening and fraud solutions at Yardi, about 1-4% of applicants provide fraudulent identification and 4-10% submit fraudulent proof of income.
“One slip can waste your time, money and damage your reputation. The average eviction costs $7,500 per instance,” he said.