Rental fraud is on the rise, and it’s becoming increasingly difficult for property managers to protect their properties from cybercriminals and scammers. Along with a surge in squatting and illegal trespassing, fraudulent activity is causing both financial and reputational damage to the rental industry. Incidents of rental fraud aren’t just costly in terms of lost revenue, but they can also severely damage your brand’s reputation, making it harder to attract legitimate renters.
The Growing Problem of Rental Fraud
Fraudsters are getting more creative and bold in their tactics. According to the Federal Trade Commission (FTC), over 10,000 rental scam cases were opened in 2023 alone, and this is only the tip of the iceberg. The better business bureau also reports a staggering 45% increase in rental scam complaints over the past two years. Shockingly, 95% of property managers say they struggle to identify, mitigate, or prevent rental fraud.
Rental fraud doesn’t just result in lost revenue; it also puts your property at risk for squatters and trespassers. Each incident can lead to financial losses ranging from $5,000 to $50,000, depending on the severity of the damage. Fake listings, often posted by individuals posing as landlords, are one of the biggest threats. These fraudulent listings trick unsuspecting renters into wiring money and illegally occupying properties, leaving both the renters and property owners in a vulnerable position.
The impact of rental fraud goes beyond just financial losses. Fraudulent listings can damage a property management company’s reputation, making it difficult for legitimate renters to trust your brand. When renters fall victim to scams, it creates a negative perception of the property owners and the management company, even if they are not directly at fault. This can lead to poor online reviews, negative word-of-mouth, and strained relationships with prospective tenants.
As property owners and managers, it’s essential to stay ahead of these growing threats and find effective ways to protect your assets and reputation. So, what can you do to prevent rental fraud and safeguard your properties?
Rently’s Solution to Combat Rental Fraud
Rently is taking proactive measures to help real estate operators and property managers stay ahead of fraud threats. By partnering with Property Shield, Rently is now offering Fake Listing Monitoring, a powerful tool that enhances security for rental properties and protects your brand’s online reputation.
Starting on October 21, 2024, Fake Listing Monitoring will be available as an add-on for clients using Rently’s Single Family Self-Guided Touring Platform. This tool prevents fraudulent actors from creating duplicate or fake listings.
How Fake Listing Monitoring Works
Fake Listing Monitoring works by continuously scanning online platforms for unauthorized duplicates of your property listings. The tool operates on three primary functions:
- • Identify: Automatically syncs your listing details (such as images, addresses, and property descriptions) to create a reliable source of truth.
- • Monitor: Scans social media sites and real estate listing platforms in real-time, identifying fake or unauthorized listings that could mislead renters or damage your reputation.
- • Remove: Upon detecting fraudulent listings, the tool works quickly to have them removed, ensuring your properties remain protected and minimizing the chances of renters falling victim to scams.
This service monitors more than 13 social media platforms hourly, providing comprehensive protection for your rental properties across a wide range of online channels. Whether it’s Craigslist, Facebook Marketplace, or other platforms where fraudsters are known to operate, Fake Listing Monitoring keeps a constant watch on your property’s digital presence.
Top Social Media Sites Scanned
Property Shield’s Fake Listing Monitoring covers the most popular social media sites, including:
- • Facebook Marketplace
- • Craigslist
- • Zillow
- • Zumper
By scanning these platforms, the service can quickly detect and report fraudulent listings before they impact your properties or mislead potential renters.
Fake Listings Removed Within 24 Hours
One of the standout features of Fake Listing Monitoring is its efficiency in removing fraudulent listings. Once a fake listing is detected, the service works to have it removed within 24 hours, drastically reducing the risk of scams. This rapid response minimizes the window of opportunity for scammers and ensures that your properties are not compromised for extended periods.
Rently Takes Security Seriously
Rently has always prioritized security, and Fake listing Monitoring is the latest addition to its suite of security tools. From the moment prospective renters create an account, Rently applies advanced security measures such as identity and location verification. These measures, combined with built-in security tools applied before, during, and after property tours, make Rently’s self-guided tours the most secure in the industry.
With the introduction of Fake Listing Monitoring, Rently is further enhancing its ability to proactively fight fraud. This addition gives property managers peace of mind, knowing that they are protected from unauthorized listings, impersonations, and fraudulent activities.
How to Get Started with Fake Listing Monitoring
Getting started with Fake Listing Monitoring is easy, whether you’re an existing Rently client or new to the platform. Here’s how:
- • Existing Rently Clients: Log in to your Rently Manager Portal, navigate to the “Security” tab, and request to add Fake listing Monitoring for an additional monthly fee.
- • New Clients: If you’re not currently using Rently, you can schedule a demo with our team or check out our available plans online. Our experts will guide you through the setup process, ensuring you get the full protection of Fake Listing Monitoring from day one.
The Bottom Line
In an era where rental fraud and online scams are increasingly sophisticated, property managers and real estate operators must take proactive steps to protect their properties and their digital reputation. Rently’s Fake Listing Monitoring offers a comprehensive solution that not only detects and removes fraudulent listings but also safeguards your brand from long-term damage.
With coverage across 120 markets in the US and advanced technology that has already protected more than 174,000 listings, Rently’s Fake Listing Monitoring is an essential tool for any property manager looking to stay ahead of fraud. Don’t wait until it’s too late—invest in proactive protection today.
Get started with Rently’s Fake Listing Monitoring today and ensure your listings are safe, secure, and fraud-free.