WHAT MAKES A SECURE PASSWORD?

Regularly Change your Password
It is debatable whether regular changes to your passwords make you more secure. Some analysts believe that requiring users to change their passwords on a regular basis may lead users to create passwords that are less secure. Nevertheless, if your password has been compromised, changing passwords on a regular basis limits the time frame of the potential damage.

Others believe the best approach is to change passwords multiple times per year in order to stay ahead of potential hackers. Many advise, and many companies require, a password change every 90 days. The easiest way to remember to keep to this schedule is to change your password with the changing of the seasons. Use a mix of characters, none of which are a keyboard pattern.One way you can help to remember various passwords is by using unique phrases that are familiar to you and substituting numbers and symbols within the phrase. Take the phrase “Go Team Blue.” It could be written as several different variations for use as a password.

The trick is to ensure you remember not only the phrase but also the portions that were replaced and with what they were replaced. Each of the sample passwords in the first column is followed by an estimate of the amount of time it would take a desktop PC (not a supercomputer) to crack the password. These estimates, (as well as others referenced in this article) were obtained from the website HowSecureIsMyPassword.net which can be used to check your favorite passwords. Another helpful tool, www.passwordmeter.com, will point out the strengths and weaknesses of a specific password.

Any combination of upper and lower case letters, along with numbers and symbols, can combine to make a strong password provided that they are over a minimum of eight characters and are not a keyboard pattern. Keyboard patterns are commonly known repetitions such as 12345, ASDF or qwerty. Many of these can be found in password dictionaries easily accessible online.

Longer Passwords are better
Computer hackers work using a database of the most commonly used passwords (e.g. password). When they resort to using algorithms to crack a password, they start with the smaller combinations and work up to larger ones. The longer the password, the more difficult and time-consuming it is to crack. For example, an eight character password (digits and both upper and lower case alpha characters) can be cracked in 15 hours. Increase that number to twelve characters and it takes 25,000 years. It is only used for one account and has not been used for any account in over a year.

Do a quick mental inventory of how many accounts you have. Between various email accounts, social media sites, banking and utility accounts, most people are easily in the double digits. That doesn’t even begin to include shopping accounts, discussion forums and various other fitness and lifestyle sites you may have joined. Do you have any accounts that use the same password? If so, you are putting yourself at risk. If just one of those accounts is hacked, every other account with the same password instantly becomes vulnerable. The only way to truly ensure security for each account is to have a unique password for each entry point.

Creating a password that is both secure and memorable isn’t the easiest task to accomplish. You may be following all of the rules to keep yourself as secure as possible, including a mix of characters with one password per account and updating your password on a regular basis. With that you may be running out of ideas of what to use next, so it seems easy to use a password from two to three rounds ago. Think again. Until a password has been dormant for over a year, it shouldn’t be used again, no matter if the password was previously used on a different account than the intended, the risk is not worth the reward.

Multi-word Phrases
For years, the idea that a random gibberish passwords as secure as you can get has prevailed. That train of thought is on its way to derailment. Many sites are now allowing the use of spaces within a password so a sentiment such as Maddy is Crabby (46 billion years) would be much more secure, and much easier to remember. Use uncommon words within your phrases to make them even harder to crack.

PASSWORD MANAGEMENT

Your password may be completely secure with no ability for guesswork but that does not help if you can’t remember it. Writing down passwords defeats the purpose of all of the security you are working to put in place.
If you have difficulty in remembering your passwords, consider the use of a password manager. The simplest variety of this tool is built in to most web browsers. The problem is that most browsers (Chrome and Internet Explorer) store your passwords in an unencrypted format on your computer. Firefox allows you to encrypt your saved passwords with a single “master” password but lacks advanced features
of dedicated password managers.

LastPass, a popular cloud-based password manager, automatically saves your log-ins and passwords for each site you visit. There is a free version as well as a premium version – and the download is available for Windows, Mac, and Linux. KeePass is a popular desktop application for managing your passwords. This open-source product includes browser extensions and a mobile app.

Always use a password for your computer and mobile devices (tablet and smartphone). This will help keep the contents from prying eyes, particularly the stored unencrypted passwords (remember the web browsers we just talked about).

SECURITY CHALLENGE QUESTIONS

When creating your password, you are often asked security challenge questions to provide a mechanism for resetting you password if you forget it. Don’t let your guard down now. Avoid the use of familiar answers. For example, don’t use any information that is well known or easily accessible (e.g. your social media profiles) such as your birthday, spouse’s first name, mother’s maiden name, your auto license plate, or city where you live.

A number of accounts were compromised by a hacker using information publicly available online to respond to security questions allowing them to reset the password and therefore gain access.

CONCLUSIONS

As computers become more powerful and hence password-cracking techniques advance, more secure methods are needed. A recent study from Carnegie Mellon University challenges the safety of long grammatical phrases, warning that cracking programs are now matching long sentence-like passwords. They suggest that bad grammar may be more advisable. I feel my high school English teacher shuddering as I write this. The challenge is balancing security with convenience. Multi-factor authentication improves security, but is less convenient. The latest release of Windows incorporates the use of picture passwords in which the user may use any combination of three motions
anywhere within their selected image.

Remember that it is not a question of if your account will be compromised, but when. Use these techniques to put that event off for as long as possible.

The post Cracking Your Password appeared first on PropertyBoss.

Most renters incorrectly assume that the landlord has a responsibility to make them whole financially if there is a fire or plumbing leak. This responsibility only exists if the landlord can be shown to be negligent.

I recently had an extended conversation with a client about renters insurance. The conversation led to a lot of questions which led me to do some detailed research. My research uncovered a number of additional considerations that I thought would be worth exploring in this article.My previous understanding of the value of recommending (or in many cases requiring) that tenants purchase renters insurance was focused on protecting the renter from the loss of their belongings. Most renters understand that they are on their own if they suffer a loss of their belongings as a result of a theft or negligence on their part. Most renters incorrectly assume that the landlord has a responsibility to make them whole financially if there is a fire or plumbing leak. This responsibility only exists if the landlord can be shown to be negligent.Most renters do not understand that probably the greater need for renters insurance is liability protection for their actions that result in property damage or harm to others. Depending on the damage done, the tenant’s liability can be many times more than the value of their belongings.
An important legal doctrine is subrogation.

The concept is that the first party (insurance company for the property owner) makes a payment (pays the owner’s property damage claim) on an obligation of a third party (the renter whose actions or inactions resulted in the loss). The first party invoking the subrogation principle can then recover the paid damages from the third party. The following legal case, although taken from a condominium context, highlights many principles that could apply to any of your rental units. The extent of the liability only increases as the primary unit is connected to other units (duplex or condominium setting).

INSURANCE COMPANY VS. NEGLIGENT TENANT

The specific case is Travelers Property Casualty Company of America v. William Wesley Terry, No. M2005-020350-COA-R3-CV, Tenn. App. 2007. The short version of the case is the insurance company for the condominium association (Travelers) successfully sued the occupant of one of the condo units (Terry) to recover damages resulting from a fire that damaged the property.

The fire was allegedly caused by an unattended candle in a unit which, at the time, was being rented by its owner to a third party (Terry). The monthly rental agreement (lease) between the condo owner and Terry made no mention of property or liability insurance. The lease did require that the tenant was to repair any damage that resulted from his negligence.

Travelers alleged that Terry lit a candle in the bedroom and left it unattended. As a result, the fire damaged the building and the common areas. Terry not only denied liability but also filed a motion for summary judgment to stop any claim by Travelers. The trial court granted this request based on the so-called “Sutton co-insured anti-subrogation rule.”

Travelers appealed maintaining that this rule was inapplicable because Terry was not in privity of contract with the insurer or its named insured, the association. In other words, there was no direct contractual relationship between the insurer and the tenant. When this relationship is lacking, there is no privity of contract. The court explained that this “co-insured subrogation rule” had it origin in a 1975 case where a landlord’s property insurer sued a tenant and his young son, claiming subrogation rights for a fire caused by the son. The jury returned a verdict against the father. On appeal, the Oklahoma Court of Appeals held that the insurer had no right of subrogation against the father. The reason, the court explained, was that the law considers a tenant to be a co-insured of the landlord, absent an express agreement between them to the contrary.

As it turned out, the case was remanded back to the trial court for further proceedings, because the court could not conclude whether the tenant was a co-insured or had a justifiable reason to believe he was a co-insured under the association’s property policy. This decision was based on the fact that:

• tenant did not have a contractual relationship with the association and therefore was not in privity with the association or its insurer,
• there was proof that the tenant’s rent payments did not go toward fire insurance premiums,
• the rental agreement did not induce the tenant to believe he would benefit from the association’s property insurance policy, and
• to the contrary, the rental agreement specifically provided that the tenant “shall be responsible for damages caused by his/her negligence and that of his/her family or invitees and guests.”

The costs of the appeal were assessed against Terry.

LEASE DOCUMENT ELEMENTS

Although the number of successful subrogation attempts is few because of the co-insured defense, some do have a similar outcome to the previous case. So how should you address this in your lease? Most insurance companies recommend that you waive your right of subrogation in return for the tenant waiving their subrogation rights referred to as a protective mutual waiver of subrogation. This protects you and the property owner against any liability for negligence on either of your part. For example, you can be held liable for property damage resulting from failure to correct a hazardous condition in a timely manner of which you were previously aware.

The second item to address in the lease is the requirement for renter insurance. Not only will the tenant benefit from protection from loss of their contents and negligent liability, but your owner will benefit from profit reduction due to tenant-negligent actions resulting in property damage. The damage amounts are often less than the owner’s policy deductible. The liability component of the tenant policy will often step in to cover these losses.
The Insurance Services Office (ISO) defines a standard renter insurance policy designated as HO4. It defines (and therefore is limited to) 16 perils that the policy covers for personal property loss. Most HO4 policies have a Section II Liability provision providing the tenant with general liability insurance and medical payments to others, with insurance coverage generally limited to $100,000. Some policies will allow the policy holder to increase this limit or suggest that a separate umbrella policy is purchased.

The best way to ensure that the tenant has and maintains the renter insurance policy is for the owner or property manager to be named as an “additional interest,” also known as a third-party designee. This endorsement does not convey any coverage to you or add any cost to the tenant. A copy of the declaration page which specifies the policy limits will then be sent to you. You will also receive notice of any change in coverage, including cancellation and non-renewal.

Do not confuse this with an “additional insured” endorsement which appears to offer you additional benefits, when in practice may actually reduce coverage for the property owner. There are many adverse consequences of this designation that are best explained by your insurance broker. One such reason is that most renter policies have significantly higher liability limits to third parties than to the named insured. This is one of the counter-intuitive
items that you are best to avoid.

IN SUMMARY

Here is a convenient checklist to implement the previous suggestions:

• Consult your attorney and insurance broker to advise you on the issues regarding requiring renter insurance and the associated implementation matters.
• Review your standard lease and check that the question of subrogation is addressed.
• Consider requiring renter insurance as a lease condition; set a minimum for the liability limits based on the value of the rented property.
• Require that you are listed as an “additional interest.”

Disclaimer: I am a technologist and not an attorney or insurance broker. Nothing in this article should be interpreted as a recommendation to buy or sell any insurance product, or to provide financial or legal advice

The post How Insured Are Your Tenants? appeared first on PropertyBoss.

TRADITIONAL ADVERTISING

Newspaper Advertising
You won’t get any more traditional than this format! Now that most newspapers have also moved to duplicating their publication online, your ad will be available to a wider audience. Many out-of-towners will begin their search here. All you need to include are a few details about the property, such as number of bedrooms, location, and price. Be sure to prominently display your website address to direct users to obtain more information about your properties.

“For Rent” Signage
Although you won’t reach the masses with this technique, it can and will display that this property is available for those that are interested and may be driving around the area. Or so I thought until I talked with Rex Eagon, President of EasyAds. He referenced a National Association of Realtors (NAR) study which found that the use of yard signs as an information source has increased from 36% in 1999 to 55% (59% for the 18 to 24 age group) in 2011. Add in QR codes and/or text messaging (more on these approaches later in this article), and you have bridged the traditional with the present.

Signage also may help to drive word-of-mouth advertising for others that live in the vicinity. Those who have found the property through other sources and are interested in receiving more information, will also find the yard sign helpful when attempting to locate and identify your property. Again, make sure that your website address is prominently displayed on the sign.

Direct Mailings
For certain markets, sending direct-mail postcards may be an appropriate mechanism to get the word out. Postcards can be easily tailored to advertise the specific property, and some software packages allow direct mail-merge of the information to third-party printers. For full-color front and back printing with mailing, your cost is significantly under a dollar per postcard including postage and mailing.

Word-of-Mouth Advertising
You simply cannot get any advertising that is more valuable than word-of-mouth. If you have current tenants who are satisfied, let them know of your current vacancy, as they may have a friend or family member that is currently looking. Your current residents may also be looking to move to a different or nicer location. Also inform your friends and business associates so they may inform those within their networks as well.

Post Flyers
One way you may also drive word-of-mouth advertising is to create flyers featuring your available property to place upon billboards within your local community(churches, schools, community centers, restaurants, etc.). People will be passing by these quickly, so just have the relevant information such as number of bedrooms, location, and rental price, along with your contact information and one picture of the property. You’ll want to save the details and additional images for the website you will drive them to via a web address or QR code.

WEB ADVERTISING

Internet Listing Service (ILS)
Many people searching for rental properties are foregoing an initial search in traditional printed formats, such as the newspaper, in favor of digital media to glean the information for which they are looking. Many of these services such as Craigslist, Trulia, Zillow, and Rental Homes Pro will provide listings for free or for a minimal charge and allow you to include multiple available features. These sites will also allow prospective tenants to contact you directly and locate your See the Technology Matters article in the January 2013 Residential Resource, pages 16-17, review of this channel.

Social Media
Millions of people use an array of social media sites such as Facebook, Twitter and Google+. Your company should be taking advantage of this power by having an account through each of these offerings. Your ability to reach scores of people with a single post is unprecedented!

Interactive Web Brochure
If you would like to separate your property from the pack, consider having an interactive web brochure created. Although this medium may not necessarily be mainstream yet, you can provide the traditional print reading experience with the bonus of digital enhancements, such as streaming video, dynamic slide shows, and active hyperlinks to access information directly from your website without the necessity of any downloads. Consider this approach particularly for advertising higher-priced rental properties.

ADDITIoNAL RESouRCES

Quick Response (QR) Codes
Traditionally, property flyers have featured a phone number or web address for prospective tenants to gather more information. Prospects could either take that information with them by copying it to another piece of paper or tearing off a paper tab at the bottom. They had to not only keep up with these additional pieces of paper, but they also had to remember to follow up to see the information at a later time. The rapid increase in the use of smartphones allows for the gleaning of said information in real time and the adoption of QR codes have made that even easier. Adding a QR code to a flyer you have posted will allow for those that scan it to instantly be directed to your web page or the interactive web brochure you have created. This allows the spark of interest that was initially created by your flyer to be followed up in real time. Include the website address on the brochure for people that are resistant or not familiar with QR codes.Don’t make the number one mistake of not modifying your website for mobile presentation. Many spend a great deal of effort to include QR codes, only to drive traffic to a non-mobile website and lose the opportunity.

SMS Messaging (Texting)
Place a five or six digit Common Short Code (CSC) along with a property identifier on your For Rent signs and other advertising media (e.g. newspaper ads and flyers). Automated services are available which will respond to this request with information about the property, including the most popular statistics that fit within this 144 character format (typically rent amount, number of bedrooms and baths, and a link to your mobile website’s detailed listing). You can offer the prospect additional information and the option to be informed of similar properties. The best feature of this approach is that you can capture the prospect’s mobile phone number which can also provide their name through reverse lookup. You now have the ability to contact them directly.

Websites
These days it is fairly simple (and cost-efficient) to create an information-rich website for your company. A prospect portal for your website can help you market your properties by creating an online directory leading to detailed listings for each of your available properties. It can also help to guide the online viewer thru the next steps that lead more quickly to a signed lease. This process can be beneficial by giving the prospect the ability to schedule a viewing of the property, allowing for the submission of contact information of the prospective tenant or facilitating the completion of

Blogs
A blog can be a valuable resource to keep your current tenants engaged and informed, as well as to increase the flow of quality prospects. Don’t discount writing a post to feature available properties and to point out what makes each unique. The word-of-mouth buzz that may be generated within your online community can help to bring qualified and interested prospects to your door.

CoNSIDERATIoNS

You can help to increase your visibility with the right audience by considering what kind of tenant you are looking to place. If it is a student, consider placing your ads in student publications and posting flyers around campus. Similarly, consider your locale, although some locals may be interested in relocating across town, you are likely to have better luck focusing your efforts within the immediate geographical area in which your property is located. While it seems that the trickiest part of getting your property rented is finding the right tenant, in reality it is getting the right tenant to find you!

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INTeGRaTeD Vs. INTeRfaCeD

What is the difference between an integrated accounting system and an interfaced accounting
system?
An integrated accounting system is an integral part of your property management enterprise software. The accounting component includes the features most often used within the business processes of property management.
An interfaced accounting system refers to an independent product separate from your enterprise software solution. Popular choices include QuickBooks, Sage 50 (formerly Peachtree), Microsoft Dynamics, etc. They are sometimes referred to as “best of breed” solutions because they are focused solely on providing the best accounting functionality. They are “interfaced” because there are multiple points of interaction between the two different systems.

INTeGRaTeD aCCOuNTING sysTeM

Pros
One of the most common reasons businesses choose to use an integrated system is that it is fast and easy. You only have to make one decision about which software to use and there are fewer steps to install, train, and implement the software.

Typically, an internal system is less likely to have issues with integrating between the property management functionality, and the accounting functionality since the two systems are developed by the same programmers; and the accounting does not depend on the property management system exchanging data.

Integrated systems are designed specifically for property managers and will have the ability to offer features that reflect the business process available within the primary property management software solution.

Common accounting transactions include rent collection, vendor & owner payments, and many times it will have the ability to integrate with your financial institution as well.

Downfalls
With all that integrated systems offer, they do have a few drawbacks as well. Integrated systems, because they focus just on the property management solution, do not have the sophistication, accounting rigor, and reporting flexibility that can be found within a dedicated commercial accounting package.

Commercial accounting systems have capabilities including payroll, taxes, depreciation schedules, currency conversions, partnership interests, etc. that are typically much more advanced than are found in most integrated systems. Also, if your company has activities other than Property Management, integrated systems rarely offer the level of capabilities you need to handle divisional accounting.

Accounting/Tax firms are also very familiar with commercial accounting packages and can quickly derive the necessary tax information from an accountant’s copy of the software or specialized reports for the accountant. A common refrain from your tax accountant is to “just send your QuickBooks file to me.” They have a software copy (often a specialized version) of
the popular accounting software packages enabling them to review the file directly. This lack of extensive experience with the integrated accounting system may require much more research and preparation time for you and your accountant.

INTeRfaCeD aCCOuNTING sysTeM

Pros
Moving forward with an interfaced accounting system provides you with a solution that is an industry standard. Within the accounting community the integrated system you choose is likely to be well known and understood by accountants.

Industry standard packages will also provide a wider array of reporting and functionality as it applies to various ownership structures and classes. They also tend to offer the capability of handling payroll, tracking timesheets and many times can even track, process and manage shipments within your organization.

The additional functionality available by an integrated system also applies to your company as a whole, as it can consolidate finances of several divisions, including your property management division.
Downfalls
As wonderful as the wider array of functionality and universal standard seems to be, interfaced systems also have their share of pitfalls.

Running two systems requires people who understand both systems and understand how the interface sends information between the systems. It is the lack of understanding of how the interface works that often causes problems. For instance, if you want to delete/void a check, how do insure that both systems stay in sync? If the change is made in one system, will the change be reflected in both? If the systems do get out-of-sync, how do you go about finding and correcting the discrepancy.

CONsIDeRaTIONs

Now that you know the pros and cons of each option, you may be asking yourself how to choose the the accounting system that is right for your company? Here are some considerations:

• Company Size A smaller company dedicated solely to property management may not need all of the bells and whistles that a commercial accounting package provides. In practice, the additional functionality may prove to be more cumbersome that beneficial. In this situation, an integrated system may be more helpful.

  Larger companies particularly those comprised of different divisions may find an integrated system to be a detriment to their needs for growth, accountability, reporting, and transparency within the organization.

  Of course, smaller companies often become bigger or more complex companies over time. As your needs change, you may need to change from an integrated accounting system to an interfaced accounting system. Some software vendors provide a choice of options that may give you this ability to change.

• The Human Factor The employees who will be using the chosen software must be taken into consideration. Those without a financial background will find an integrated system easier to use, as there are fewer choices to make and generally a lower degree of training and knowledge that is needed.

  The input of your accountant is also important as they may prefer a particular accounting system with which they are already familiar. Their input into your selection process can improve the speed (as well as the cost) of them being able to complete your accounting and tax statements.

• Impact of Growth When considering an accounting system, it is really important to ask yourself a few questions, including:
  • What do I need to run my business today
  • What will I need to run my business five years from today?
  • What would I change about the way I run my business if my accounting system would support it?
  • Does this accounting system make it easier to run my business?

  Growth of your company must be a consideration from the beginning of the selection period as time, energy and effort must be invested when launching an accounting system. Make sure you are selecting a system you can use, not only today, but for several years to come.

  IN CONCLusION

  While every system has its limits, choosing the right system for your company now, as well as for the future, can save you time, money and headaches.The right accounting system can not only help you save on costs, but many of these services can help you spend more time growing your business rather than just accounting for it.

  The post Making Your Accounting Add Up appeared first on PropertyBoss.

  ]]> https://propertyboss.com/techmatters-narpm-3/ Wed, 01 Apr 2015 05:21:42 +0000 http://www.propertyboss.com/?p=3930 Most lease-ups result in entrusting a rental unit to a total stranger. The only method we have to mitigate this risk is to try to check the background of the prospect using the best tools and technology we can. This background check can include credit, criminal, and personal references. This process can lead to three … Continue reading Screening for Better Tenants →

  The post Screening for Better Tenants appeared first on PropertyBoss.

  ]]> Most lease-ups result in entrusting a rental unit to a total stranger. The only method we have to mitigate this risk is to try to check the background of the prospect using the best tools and technology we can. This background check can include credit, criminal, and personal references. This process can lead to three results: the applicant is approved as-is, approved conditionally (where they may be required to increase their deposit or provide a cosigner), or rejected.

  THE APPLICATION PRoCESS

  A prospective tenant completes an application, pays an application fee and, depending on your criteria, pays a deposit to hold the property.Your rental application collects the personal information of the applicant that you will need to screen the prospective tenant. This information includes their social security number, date of birth, address, employment, and criminal/eviction history. The applicant’s signature attests to the accuracy of the provided information, their agreement to any terms and conditions, as well as their consent and acknowledgement to obtain a screening report. Be sure to comply with the Federal Trade Commission’s (FTC) identity theft Red Flags Rule since you are collecting personal information.

  THE SCREENING PRoCESS

  Before you screen any applicants, you must first determine what selection/approval criteria you will use when screening applicants. It is absolutely essential that you apply this criteria routinely and fairly to prevent any potential charges of unfairness. The best approach is to let your credit reporting agency utilize technology to automatically apply your criteria to their reports and give you an automated yes/no/maybe decision. This approach limits any liability you have for decisions made and also prevents rogue employees from approving/rejecting applicants for personal reasons. There should also be a mechanism in place by your provider to seamlessly change these factors based on any criteria you would update, such as lowering or raising credit scores based on occupancy.

  wHAT IS A CREDIT REPoRTING AGENCy?

  A Credit Reporting Agency (CRA) can save you time and money by doing the legwork, as well as making sure you are in compliance with policies defined and regulated by the Fair Credit Reporting Act (FCRA). There are three different types of Tenant Screening services.

  Traditional Tenant Screening
  A CRA has its own application process you have to follow to be able to pull credit reports. This process, including a site visit to your office, must be completed before reports can be requested. To comply with reporting requirements, the CRA must verify your identity and your business purpose. If you have a smaller business and work out of your residence, you may not qualify for many of the CRA programs. Inquire about this requirement upfront if you have reason to believe you will not pass the underwriting requirements. Some CRAs have special programs to address these situations.The credit report will also be provided to the prospective tenant upon their request. These agencies can provide you with a depth of information while also complying with the Fair Housing guidelines and removing the subjectivity in the process.

  Applicant Initiated Screening (Direct to Consumer)
  The prospective tenant orders the report before providing it to you and other prospective landlords. You need to know of, and trust the CRA, so you can ensure that accurate information is provided and has not been altered.

  Tenant “Report Cards”
  These are fairly new to the world of tenant screening. Essentially, these services collect references online from property owners and managers and share them with other owners/managers. Although they are compliant with the Fair Housing Act, Privacy Laws and the Fair Credit Act, your information is only as reliable as the source. You may be able to glean more
  information if an eviction did not reach the courts and therefore does not have a case associated with it, but caution should be executed as these may be subjective views by previous landlords rather than indisputable facts.

  wHAT wILL My SCREENING REPoRT INCLUDE?

  The tenant screening process may include some or all of the following:

  • Credit Score -Credit score, defaults, late payments and judgments against that individual (or individuals) is obtained from one of the three national credit bureaus (Equifax, TransUnion or Experian).
  • Criminal Records -Many property owners consider this one of the most important reports; this data is more difficult to obtain from the many different agencies and can contain false positives. You should carefully examine this report for mistakes.
  • Sex Offender Registry -If a prospective tenant is a registered sex offender, you many want to reject their application to negate the liability you may encounter.
  • Tenant Scorecard – Grades a tenant from A to F based upon their previous performance as a renter(cited for property damage, eviction, or missed rent payments).
  • Eviction Records – Shows filings in addition to judgments; you can see that someone was in the process of being evicted, but then paid their rent and the eviction was dropped.
  • OFAC Search – Identifies individuals (through the Office of Foreign Asset Control) with U.S. Department of Treasury economic or trade sanctions.
  • Employment Verification -A call is made to the stated employer to confirm that the applicant has a steady income level to cover the rent.

  wHAT ARE My RESPoNSIBILITIES?

  The primary governing body for consumer reporting is the Fair and Accurate Credit Transactions Act(FACTA). States also have passed their own laws regulating consumer reporting, although Federal law does pre-empt state law in the instance of any inconsistencies. The regulatory authority of these laws is the Consumer Financial Protection Bureau.

  These laws affect consumer reporting and the screening process in many ways. In a nutshell, they are in place to protect individuals from being treated differently regardless of race, ethnicity or other protected classes. They also protect the consumer’s personal information by providing regulations of how the information may be used and how it must be protected. These laws also often limit what landlords may charge for the screening process, typically not to exceed the costs associated with acquiring the information.

  LEGAL AND LEGISLATIVE TRENDS

  Advocates for fair housing are beginning to incorporate the ‘doctrine of disparate impact’ to bring discrimination claims against landlords. The doctrine states that practices may be discriminatory and illegal if the “adverse impact” they have upon a minority group is disproportionate to the whole.

  An argument is that those of certain races and ethnicities are disproportionately represented within the criminal justice system, thereby making the use of criminal records within the tenant screening process disparaging among those groups.

  Landlords and property owners are countering with the argument of their right to protect their properties and the communities within them from those committing serious crimes against person or property.

  They are also limiting their liability to claims by using criminal records holding convictions versus arrests and specific offenses that are directly relevant to tenancy.This argument and potential future legislation are ongoing and it will be interesting to see where it leads over the next few years.

  SELECTING A CRA

  A few items to consider in choosing a CRA:

  • Industry Experience – Number of years in business
  • Integration Partners – Seamless access to reports directly through their property management software
  • Industry Affiliation – Active in the industry, not just providing reports. Does the CRA provide rental specific information?
  • Customization – options for multiple properties, multiple locations, and customized reports
  • Data Integrity – Make sure you are getting the best information for where you are located and what meets your selection criteria
  • Easy to read reports – Not all reports are easily displayed with a decision evident; ask for a sample
  • Timeliness of delivery – Instant reports should be just that (4-6 seconds); another benefit from a direct interface
  • Value – Get the report that meets your criteria for move in at a good price, not the least expensive reports that may
    create holes in your selection process

  To assist in this process we have constructed the table below. The list was compiled by polling property managers and exhibitors at NARPM® conferences. A more comprehensive list is available online at propertyboss.com/narpm or by using the QR code on page 13. Please identify any CRAs that you would like added to the list.

  

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  ]]> https://propertyboss.com/techmatters-narpm-4/ Sun, 01 Mar 2015 05:00:50 +0000 http://www.propertyboss.com/?p=3927 Traveling can be a challenging experience in and of itself, but add in a misplaced laptop and you’ve entered a whole new world of stress.Travel safety is constantly in the news and airport security measures may put you at higher risk of losing your laptop. Since you are trying to avoid those pesky baggage fees, … Continue reading Safer Travels! →

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  ]]> Traveling can be a challenging experience in and of itself, but add in a misplaced laptop and you’ve entered a whole new world of stress.Travel safety is constantly in the news and airport security measures may put you at higher risk of losing your laptop. Since you are trying to avoid those pesky baggage fees, traversing the TSA checkpoint involves juggling various plastic bins along with your carry-on. Once you’ve passed through the full-body scanner, the scramble continues. Not only are you putting your shoes, belt and jacket back on, but also reacquiring the contents of your pockets, replacing the plastic baggy of 3 oz. liquids into your suitcase, all while the bins and people keep coming at you. During that rush you may forget to put that most important device, your laptop, back into your bag. The loss of a laptop isn’t only felt through its monetary value, but also through the data that may be stored on it, especially if it contains personal data of others.

  A ReAl-woRlD story

  Not only can this happen to you, it did happen to me. Returning from the NARPM® convention on the last flight from Reagan National Airport last October, I discovered my laptop was missing when deplaning. I can still recall the panic at midnight on that fateful Friday night. Since the laptop bag was weighted down with materials from the show, I did not notice the absence of my laptop. After the dread subsided, I mentally retraced my steps and determined that I had failed to retrieve the laptop from a bin at the TSA security checkpoint in Washington, DC.

  Finding a TSA agent at that hour was a challenge. She was pleasant, but not helpful. Once home, I conducted an online search and located a phone number for the DCA TSA office. After a seemingly eternally long number of rings I managed to talk with a TSA agent. He told me that all abandoned items were turned over to the airport lost and found department. Further research provided a phone number which I called immediately. After a number of attempts, I reached an agent who responded to the desperation in my voice. After the requisite disclaimers, he acknowledged that a device similar to my description was in the previous night’s take. Unfortunately, the lost and found office did not open until the following Monday morning. As instructed, I submitted a claim online and then battened down for a very long weekend.

  In what I suspect was a move on my wife’s part to get my sorry self out of the house, was a suggestion that I fly back to Washington. I rejected this proposal only because I deemed the probability of success very low. Late Monday morning, I received a call from a very pleasant lost and found agent. She confirmed that they had my laptop and asked for a FedEx® account number. The following afternoon, the MIA laptop was back in my expectant hands with a cheerful cover letter from the agent. It was a happy ending to a very trying ordeal. I did learn a number of measures you can take to increase the chances a missing laptop is safely and quickly returned to you.

  secURIty MeAsUres yoU cAN tAKe

  Consider the following suggestions to improve the security of your laptop:

  • Affix your name & contact information to your laptop. – Attach your name and contact information (a business card works well) on the bottom of your laptop. Adding an additional note such as “Reward if lost or stolen – no questions asked” may also increase your chances of recovery in the instance of theft or a simple mix-up.
  • Record laptop information – Save a detailed description of your laptop, including serial number, manufacturer, model, and color in a few easily retrievable locations. You will need this information to identify and assert ownership to the lost and found agent.
  • Make sure your laptop is listed on your homeowners or company’s insurance policy. – In the event that your laptop is lost or stolen and cannot be recovered, make sure your property is covered under a policy in order to recoup your loss. Review the fine print as some policies require a police report to be filed within a specified time period.
  • Install a security/anti-theft program – MacBooks come with a built-in anti-theft program, called “Find My Mac.” You just have to activate it through the iCloud program. PC owners can download programs such as LoJack. Both programs allow its user to locate, remotely lock and wipe their laptop giving an extra level of security and comfort.
  • Back-up your data before leaving – Backing up your data serves two purposes; one preventing against the loss of data should your computer unexpectedly crash on you without your trusted IT vendor nearby, the other protecting against data loss from a stolen or misplaced computer. There are multitudes of online back-up services so your data is readily accessible should you need it, even when on the go.
  • Use a screen guard – Be wary of predators who attempt to glean your personal information by peering over your shoulder. Screen guards help prevent others from
    viewing your screen, even if they peek over your shoulder. They are especially useful if you are working on sensitive information in a public area.
  • Use strong passwords and encrypt essential data. – You’ve heard it time and time again but using a secure password (and different passwords for each application) is the first step to thwart unauthorized access to your laptop and your files. These passwords that you have worked hard to develop will do you no good if you have them listed within your briefcase or on your computer. Without those or other important access numbers, it becomes more difficult for a thief to access your personal and business information. Encrypting your data gives you another level of security beyond passwords. This way, even if someone does gain access to an important file, they cannot view your protected information.
  • Carry your laptop with you – Be sure to carry your laptop with you at all times rather than checking it with your luggage. As you travel to your destination, if you need to put your bag down, be sure to rest it against your leg so you are always aware of its presence. If traveling by car, be sure to lock your laptop in the trunk if you cannot take it with you.
  • Use a nondescript bag -Not only are laptop bags a sure sign that you have an important piece of equipment with you that is filled with potentially lucrative data, many look exactly the same. Using a padded briefcase, messenger bag or suitcase gives you a discreet option and has a higher probability of differentiating you from all of the other travelers.
  • Be careful when using Wi-Fi – Most public wireless networks are unsecured, leaving you vulnerable to attack. The best solution to use if you must connect through a public network is by signing into a VPN which will encrypt all data coming and going from your laptop. An even better option would be to create your own WiFi hot spot through your smartphone, Mobile HotSpot Unit or USB Internet Stick. Regardless of what option you
    use, make sure that any web-based services you access have a URL beginning with “https” to ensure you are using a secure connection.
  • Avoid leaving your laptop in your hotel room – When at all possible be sure to carry your laptop with you at all times. If you must leave it within your hotel room, place it out of sight. Use a laptop security cable to affix the laptop to a stationary piece of furniture and place the “Do Not Disturb” sign on your door.

  wHAt to Do IN tHe cAse oF loss

  Hopefully you have exercised the suggested measures of backing up and encrypting your data should you misplace your laptop or discover it has been stolen. Regardless, here are some additional steps to take in the event of loss:

  1. Change your network password in order to restrict access to corporate servers.
  2. Report the theft to your local authorities as well as to your IT department or vendor so they may help you to take additional precautions based upon your company’s particular needs.
  3. If there was customer data on the missing laptop, contact their account representative, your legal representative, and other necessary personnel at your company so they make take the appropriate actions to inform the customer of the possible breach.

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  ]]> https://propertyboss.com/techmatters-narpm-5/ Sun, 01 Feb 2015 19:11:38 +0000 http://www.propertyboss.com/?p=3923 ILS providers supply a valuable service by providing a low-cost marketing platform to quickly and easily accumulate your listing information and disseminate that information to a wider audience. In the January 2013 Residential Resource, we discussed ILS (Internet Listing Service) providers. As valuable as that service may be, it does come with a few drawbacks. … Continue reading What If Your Property Is Highjacked →

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  ]]> ILS providers supply a valuable service by providing a low-cost marketing platform to quickly and easily accumulate your listing information and disseminate that information to a wider audience. In the January 2013 Residential Resource, we discussed ILS (Internet Listing Service) providers. As valuable as that service may be, it does come with a few drawbacks. One problem that has recently become an epidemic is having your property listing highjacked.

  We’ve all heard stories about someone who has been duped by a false listing of a rental unit. The perpetrator replicates the online listings by replacing the contact information with that of the impostor. Unsuspecting potential renters have a difficult time telling that the listing is a fake. The most popular website for this scheme is Craigslist. The prospective renter remits their initial rent payment and deposits, only to find later that the so-called property management company is actually an unknown third-party who may live halfway across the world. This situation can cause a problem for you if the victim argues that they paid your agent and then demands occupancy of the property. The problem can be even worse if the victim gains access and occupies the property. Now you have an eviction dilemma.

  STANDARDS FoR ILS PRoVIDERS

  ILS providers are still fairly new to the marketplace and with every addition there is a learning curve for the providers. A few of us discussed this problem at the last NARPM® annual convention and synthesized the fol-lowing approach.
  
  All listings (both the abbreviated and detailed) use a universal symbol and color classification system to identify the reliability of the source of the data. Three categories are suggested:

  • Verified/Green – listings from trusted sources or partners such as a direct feed from verified source (the property management company or their designated agent)
  • Partially Verified/Orange – listings from a verified syndicated source who comply with this standard
  • Unverified/Red – all other listings (i.e. entered manually through the ILS website or other unveri-fied sources)

   

  We have submitted this proposed standard to the ILS providers identified in last month’s article and hope to obtain agreement on a common solution to this security problem. A unified effort of this type will raise the quality and trustworthiness of the participating ILS providers and enable us to educate the users together. Perhaps a seal could be designed for display on con-forming websites that indicates that the ILS provider is in compliance with this standard similar in concept to the UL or Good Housekeeping symbols.

  PRoTECT youRSELF

  Although you do not have control of security standards implemented into ILS provider sites, there are some actions you can take on your own to protect your listings. Many of these are similar to how an artist or photographer may protect their images. As many artists and photographers have learned the hard way, protecting yourself before a theft occurs will save youlots of hassle.

  wATERMARk youR PHoToS

  Watermarking your photographs is a fairly simple process and doesn’t require expensive photo-editing software or a degree in design. There are many free online sites such as picmarkr.com, watermarktool.com and watermarquee.com that work as simple as uploading the images you’d like to watermark, selecting what you’d like your watermark to be (i.e. your logo, your company name, etc.) and what type of file you’d like to export the watermark to be.

  If you’d rather have a program that does the watermarking for you there are plenty of off-line applications that easily provide watermarking services such as WatermarQue, Impression or JetPhoto Studio. These can be as simple as dragging and dropping the image into the program, selecting the watermark you’d like to use and the type of file you’d like the output to be.

  Be careful about what you include in the watermark that you choose and where it is placed on the image. You want the watermark in a location so that the criminal cannot crop it out of the picture. We recommend you consider having your phone number or website address in the watermark to prevent the criminal from simply representing himself as your company and the
  watermark giving the prospect a false sense of security.

  FIND ILLEGAL uSES oF youR IMAGES oNLINE

  As technology advances there have been new developments that make searching for an image simple and free.

  For a one-time search of a single image, Google Image Search allows you to upload your photo and will show you any instances in which they find a visually similar image. This solution requires more tedious work on the user’s behalf but is a viable option.

  A service called TinEye allows you not only to search for your image but also for instances in which your image may have been cropped or altered rather than just as you initially used the image.

  Another service, called PicScout, is the most advanced. It allows you to upload your image to their exchange service which tracks when the images are used, how they are used and then sends you an alert as your photos are found.

  I’VE BEEN HIGHJACkED, Now wHAT?

  If you’ve taken all of the precautions you can, and during your regular image search, you find that someone has created an unauthorized listing of your property, there are steps you can take to protect yourself and fight back against the highjackers.

  The first step is to contact the ILS service on which you find the listing. Most have a “Report Fraud” or “Report Unauthorized Listing.” This will give the ILS provider the opportunity to remove the listing for you. Be aware that this process may take a little bit of extra time and effort on your behalf as they will have to ensure that you are, in fact, the legitimate agent of the property owner before they can remove the listing.

  The next step is to contact your local law enforcement authorities to make them aware of the fraudulent activity. You can report the listing by calling the nonemergency line and explaining the situation. The law enforcement agency will provide further instructions for you to follow.

  Finally, you will want to contact the Federal Trade Commission (FTC) at 877.FTC.HELP and the FBI’s Internet Crime Complaint Center at www.ic3.gov.

  SuMMARy

  With every advance in technology, there are often accompanying adverse consequences. This “arms race” requires us to be knowledgeable and proficient in the use of the best offensive and defensive tools.

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