RealPage, Inc., a leading global provider of software and data analytics to the real estate industry, has launched Identity Verification (IDV) across its leasing, screening and payments solutions. RealPage IDV is the industry’s first comprehensive solution designed to prevent fraud at multiple touchpoints across the leasing and payments process, saving property management operators over $30 per unit per year.
Identity fraud is a pervasive issue, and the problem has accelerated in recent years. According to the Federal Trade Commission, in 2020, 2.2 million consumers filed fraud reports and 1.4 million filed identity theft reports, up 115% from 2019. This resulted in $3.3 billion in total fraud losses, up from $1.9 billion in 2019. Identity theft has intensified during the pandemic, with one in 10 U.S. adults reporting identity theft since the pandemic began.
In multifamily real estate, the costs associated with identity fraud are considerable, and include lost rent revenue, increased legal costs, lower productivity and reputational damage. Industry research indicates that property managers incur many thousands of dollars in additional expenses in connection with eviction-related vandalism and other expenses due to application, screening and payment fraud.
RealPage IDV provides property managers with a complete, easy-to-use solution that helps them reduce fraud. It employs comprehensive, dynamically-updated identity intelligence and pattern recognition which provides visibility into the profiles of both the application and the applying identity to detect multiple forms of identity fraud.
“In the short time we were in beta with IDV, we identified three fraudulent applicants which saved us $50,000,” said Corissa Steinman, RealPage customer and Operations Project Manager at Thrive Communities. “We estimate over the next year we could save hundreds of thousands in reduced skips and eviction-related costs.”
As prospects, applicants and residents increasingly rely on self-service and online options, and as in-person tours return to normal, an integrated solution to confirm the true identity of the person touring or renting a property is becoming a necessity.
Applicant IDs are verified via a contactless, multilevel government-issued ID validation process, all done through the applicant’s phone. The Document Validation process is also integrated with onsite touring options (self-guided or guided), preventing bad actors from putting agents and properties at risk.
At payment, IDV integration helps ensure that online ResidentDirect payments are verified before processing begins, which can prevent costly chargebacks and lost rent payments.
“Dishonest characters who gain access to properties by using a false identity can put agents and residents at risk, costing owners millions of dollars and significant reputational damage,” said Michael Mauseth, SVP of RealPage Screening Services. “RealPage’s integrated Identity Verification solutions mitigate fraud at point of tour, point of application, and point of payment, streamlining the process and increasing the productivity and safety of both residents and agents.”
For more information about RealPage’s Identity Verification, please visit RealPage Identity Verification.
RealPage provides a technology platform that enables real estate owners and managers to change how people experience and use rental space. Clients use the platform to gain transparency into asset performance, leverage data insights and monetize space to create incremental yields. Founded in 1998 and headquartered in Richardson, Texas, RealPage currently serves over 19 million units worldwide from offices in North America, Europe and Asia. For more information about RealPage, visit RealPage.com.