Risk Averse? 4 Ways to a More Secure Property Management Business

risk_aversion-01-1In the course of its day-to-day operations, the $540 billion apartment rental industry collects millions of data points containing sensitive information, including everything from rental agreements and security deposit transactions, to email exchanges, property files, and owner financial records.

Business needs and legal compliance require this huge trove of data to be stored securely for years. With risk at the top of most owner and manager agendas, companies like Domuso are thriving because they offer efficient ways to stay clear of risk while simultaneously accelerating their clients’ financial performance.

Here’s how.

Go Paperless and Reduce Audit Risk

Digital files and data that reside in cloud-based storage systems are less likely to be lost or stolen and are secure from physical disasters compared to their physical paper counterparts. Electronic records are also more readily accessible than files stored offline and can be easily transferred and verified. Reduce risks by automating your audit trail, simplifying record retention costs and enabling the easy transition of records from one owner to the next.

Reduce Manual Touchpoints

Let technology interact for you. Reduce manual financial exchanges with residents and security risks such as accepting checks in drop boxes, accepting cash or money orders in the leasing office, taking credit card information over the phone and photocopying credit cards for storing in printed files. Reduce errors with integrated payment systems that are mobile friendly and have a digital certified option to replace cash and cashier’s checks.

Move to More Secure Payment Methods

Online payments happen through secure channels and require ID verification. Move to risk-free digital alternatives for accepting cash, money orders and checks and maximize cash flow, circumvent potential fraud and remove the need to resolve payment discrepancies with banks. Digital certified funds eliminate application fee disputes as they are the digital equivalent of a cashier’s check or money order. Protect your data with fully integrated digital payment systems with streamlined workflows and automated reconciliation.

Switch to Short-term Contracts

Don’t lock yourself into agreements with software that may not meet your needs in six months or a year. Today, companies are developing better competitive models and some offer monthly contracts, allowing you to try the technology and only continue using it if it truly meets your needs.

As the multifamily housing industry continues its transition to digital payment and communication systems, the implied objective is to do so within a secure ecosystem for all of its stakeholders. Following these guidelines will ensure your organization adheres to required security protocols, while also improving its overall efficiency and profitability.

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