With the rise of fraudulent documentation and other concerning practices, the property industry is vulnerable to fraud and scams. Whether you need to verify the identity of your sellers, landlords, or tenants, there is no question that Australian real estate professionals need a secure and compliant method in order to reduce risk, prevent fraud, and streamline their operations. Leading agents are finding that using a digital VOI platform like Scantek not only enhances their security measures but also saves them valuable time and money.
So, whether you’re a sales representative, a property manager, or the licensee of your business, let’s look at five key ways Scantek’s digital VOI solution is helping real estate agents just like you to meet their compliance requirements and improve efficiency.
1. Reduced Paperwork and Manual Processing
Traditional methods of identifying the parties in a real estate transaction vary greatly. Perhaps in your business, you view your client’s ID and then make a note in your file to confirm it’s been done. Or maybe you’re satisfied if you receive a text message with a blurry document to hold on file. Whatever the process you follow, there is no doubt that there are some administrative burdens, as well as a significant risk that your clients are providing false, fraudulent or otherwise non-compliant documents.
Every week, we speak to real estate professionals still unwittingly relying on unsafe and unprofessional methods for receiving sensitive documents, such as email or SMS. These channels are not secure and leave sensitive information vulnerable to interception or data breaches. Furthermore, simply sighting a document opens up the risk of accepting fake or fraudulent IDs, as there’s no way to verify the legitimacy of what’s being provided.
With identity theft on the rise, consumers are becoming more aware of cyber-security risks and expect their professional partners to adopt more secure practices. By continuing to use outdated methods, not only are you putting your clients at risk, but you may also damage your reputation as a safe and trustworthy professional.
With Scantek’s digital VOI solution, the entire process is secure and streamlined. ID documents are captured digitally and securely through our platform, meaning they are never stored on your or your client’s device. Upon receipt, documents are accessed via our secure portal and not stored on your local device, reducing the risk of data breaches.
For a property manager, this could be the difference between accepting a suitable tenant who will look after the property as their own compared to someone impersonating another party to use the property for illicit purposes.
For sales representatives, verifying a seller’s identity with a digital VOI system ensures that records are received securely and verified properly, protecting your business from reputational damage.
Real estate licensees benefit from a reduced administrative load, allowing them to focus on more value-adding activities within the business.
2. Improved Security with Biometric Verification
Security is a paramount concern in today’s property industry landscape. The risks of identity fraud and document forgery are ongoing, particularly when dealing with property sales and lease agreements. We have heard of countless cases where sellers or prospective tenants have tried to provide false identity documents, potentially exposing agents to fraudulent activity that could have serious legal implications.
Scantek’s Digital VOI solution addresses these concerns with advanced biometric facial recognition. Our technology requires the person uploading the documents to capture a live selfie of themselves so that it can be compared to the images of the person on the ID documents. In addition, biometric checks include liveness detection, which prevents the use of static images or pre-recorded videos as fraudulent identities.
For property managers and sales reps, biometric verification ensures that landlords and sellers are legitimate, reducing the risk of false ownership claims, and for prospective tenants, it ensures their identity is genuine and not linked to prior rental fraud or damage. This significantly reduces the risk of leasing properties to individuals with fraudulent histories or persons with illegal intentions.
From a licensee’s perspective, having this level of security in place means that every transaction is completed with confidence, knowing that compliance regulations have been met and the chances of identity fraud have been dramatically reduced, ultimately protecting your business and reputation.
3. 24/7 Availability
A digital VOI solution like Scantek offers round-the-clock availability. Traditional in-person verification methods require clients to visit the agent’s office during regular business hours, which can cause delays, especially if clients have busy schedules or, alternatively, have the agent meet them outside of business hours, often at their own inconvenience.
Scantek’s digital VOI solution allows sellers, owners and tenants to complete their verification from anywhere in the world at any time (day or night). This 24/7 availability means successful tenants can verify their identities outside of office hours, allowing property managers to move forward with lease agreements more efficiently. Similarly, sellers can complete their verification process without needing to schedule an appointment or risk their identity being stolen by emailing copies. This reduces friction for both the client and the agent.
For licensees, this flexibility increases operational efficiency. It reduces bottlenecks in the client onboarding process, meaning transactions can move forward more quickly, all while maintaining security & compliance.
4. Automatic Record-Keeping
For real estate professionals, staying compliant with their state’s government regulations is crucial. Typically, and depending on the jurisdiction they’re operating in, one of these requirements is identifying their clients. How this is done varies by state, but in any case, where people’s personal ID documents are concerned, there is always the risk of data loss or error when managing physical documents manually.
Scantek’s digital VOI solution automates record-keeping. Our verifiable summary report is available to real estate professionals for auditing purposes, and all sensitive information is deleted from the platform after agents have had the opportunity to review it. This reduces the risk of non-compliance while also saving agents the time they would otherwise spend maintaining paper files.
For licensees, automatic record-keeping ensures that the business adheres to regulatory obligations, reducing risks related to compliance and protecting the business from potential penalties.
5. Enhanced Client Experience
Today’s consumers expect efficiency, convenience, and a seamless experience. Scantek’s digital VOI solution offers just that. Clients can complete their identity verification from the comfort of their home, without needing to travel to an agent’s office. The platform is intuitive and user-friendly, guiding clients through the process step by step, which leads to greater satisfaction. Scantek’s team is readily available in the unlikely event that a seller, owner or tenant encounters technical difficulties completing their ID check.
For real estate agents, particularly those dealing with sellers, this streamlined approach enhances the client’s overall experience, making them more likely to recommend the agent’s services in the future. Property managers also benefit from this, as prospective tenants can complete their verification remotely, expediting the lease agreement process.
Consumers are understandably scared of identity theft, with the constant news reports about data breaches. The power of being able to promote data privacy and security as a point of difference for one’s business also cannot be underestimated. Licensees benefit from this increased client satisfaction, leading to repeat business and positive word-of-mouth. Happy clients also mean fewer complaints, ultimately reducing operational risks.
Enhance Your Real Estate Transactions with Scantek’s Digital Solution
As regulatory demands and security threats continue to rise, adopting a digital VOI solution is a necessity for all real estate businesses. Scantek’s solution offers Australian real estate agents a host of benefits, from saving time and money to enhancing security and improving client satisfaction. It provides an efficient, secure, and client-friendly solution that meets the needs of sales representatives, property managers, and licensees alike.
Partnering with Scantek ensures you’re staying compliant, protecting your client’s sensitive data, and creating a smoother experience for everyone involved in your real estate transactions.
For more information on how Scantek’s digital VOI solution can benefit your business, contact us today to schedule a demo.