Exploring How Digital ID Could Alleviate the Strain on Tenants and Property Managers Amid Increasing Data Collection Pressures
In Australia, the rental market is undergoing a severe crisis, a reality well-known to property managers, owners, and tenants alike.
Property managers often face overwhelming demand, with over 300 expressions of interest for a single apartment becoming a common occurrence. This surge in demand has led to the normalization of gathering extensive personal information from prospective tenants.
Tenants are routinely asked to provide a plethora of sensitive documents such as passports, marriage certificates, visas, social media profiles, medical records, and employment contracts. This demand for personal data has raised concerns among some observers regarding the excessive intrusion into renters’ privacy in the pursuit of securing accommodation.
“The real estate and property management industry has seen minimal evolution in the past five decades, particularly concerning data and information privacy. A significant amount of personal data is shared, posing unnecessary risks and creating friction in the rental process for all stakeholders.”
Jeremy Goldschmidt, CEO of RentBetter
To address these concerns and enhance data security for prospective tenants, RentBetter has forged a significant partnership with ConnectID, a digital identity verification service. ConnectID boasts a client base that includes major banks and offers real-time identity verification without the need to store or view personal data.
“Amidst a rental crisis and heightened awareness of identity fraud risks due to data breaches, this technology allows us to verify identity while minimizing the duplication of sensitive information and associated risks. It also fosters a more robust, trusted rental experience for landlords and tenants. Digital ID presents an exciting opportunity for the industry. It not only addresses growing privacy and security challenges but also enhances tenant trust. Moreover, it offers a scalable solution that businesses of all sizes can embrace.”
Jeremy Goldschmidt, CEO of RentBetter
Beyond improving data security, RentBetter and ConnectID anticipate that their collaboration will also yield cost savings for property managers.
“The common practice of oversharing sensitive data during the rental process incurs significant storage and security costs, particularly for smaller agencies. In the event of a breach, the consequences can be devastating.”
Andrew Black, managing director of ConnectID at AP+
In conclusion, the integration of digital ID solutions like ConnectID into rental management processes has the potential to alleviate the strain on tenants and property managers by enhancing data security, reducing costs, and fostering greater trust between all parties involved in the rental market.
