Many business owners worry about the security of their data on the internet. As cybersecurity becomes an increasingly pertinent buzzword in the news, landlords also have concerns.
How do you ensure tenant information is safe? What about bank account and credit card numbers? Are online transactions really secure?
For landlords, there’s no safer tool for managing rental units than property management software. Property management software is designed specifically for landlords and recognizes the importance of protecting sensitive tenant information.
If you’re worried about security on your software, don’t be. Your software is already equipped with all the security and safety features you need to manage a rental business in the digital era.
Here are four security benefits of using property management software.
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For those unfamiliar, data encryption is how information is stored securely on the internet. Encryption involves repeatedly translating data into code (using another alphabet or alphabets) until the data is unrecognizable to anyone without a decryption “key.” Strong encryption is how anyone from huge companies to individuals can store data safely in digital space.
Data encryption is also how property management software companies store data. Since cloud-based software relies on the internet, all software companies need to encrypt sensitive data.
If you’re concerned about security, rest assured that you and your tenants’ identities and personal information is encrypted and secure.
If you use online rent collection, you and your tenants will need to enter sensitive information like credit card and bank numbers onto the software. You might wonder whether this information is protected—after all, you should always be careful when entering personal information on the internet. How do you know your accounts are safe?
Property management software is designed to protect this kind of information. You and your tenants only need to enter account numbers once, during the initial setup. After that, the software stores those numbers on secure servers, out of the reach of hackers and the public.
Some tenants, especially those less familiar with technology, will naturally have concerns about security. If this is the case for you, encourage wary tenants to use credit if they’re uncomfortable entering bank numbers. The third-party credit card company serves as a safeguard against fraud.
If your tenants ask for specific details about online payments, don’t be afraid to reach out to the software platform directly.
The ESIGN Act is a federal law that passed in 2000. This law recognizes electronic signatures and records as legally valid.
Since the ESIGN Act was signed, many landlords have realized the strengths of eSignatures over traditional (or “wet”) signatures. eSignatures are significantly more secure because they retain extra information about the signer that can be verified online.
For instance, eSignatures record the signer’s email address, IP address (physical location), and a timestamp of the signature. Without the signer’s personal credentials, no one else can sign the document.
In contrast, wet signatures retain virtually no information about the signer. A signature on paper can’t tell you for sure that the document was signed when it was dated or the true identity of the signer. They can also be forged with a pen and a little practice.
As a bonus, eSignatures are infinitely more convenient. Both landlords and tenants appreciate the ability to sign leases remotely, especially when it’s unsafe to meet in person.
Cloud-based software relies on the internet to store files and data. While you need an internet connection to access it, cloud-based property management software offers much more long-term security than locally-based software.
For instance, cloud-based software avoids the vulnerabilities of your hard drive. Hard drives are liable to all kinds of accidents. Have you ever lost or broken your laptop? If so, how easily were you able to recover your lost files? Likewise, if your computer is stolen, the thief instantly has access to local software, including all the sensitive information stored on it.
Hard drives are also susceptible to clutter and disorganization. It’s easy to lose track of files related to your rental business on your hard drive, especially if they’re mixed with other documents.
Cloud-based software eliminates these security risks. With cloud-based property management software, your files are automatically saved on the cloud—no matter if you lose, break, or retire your physical computer.
Safeguarding you and your tenants’ information is as simple as switching to cloud-based property management software.
Secure Rental Success with Property Management Software
The best way to secure success is via a secure management system. Property management software is landlords’ best resource for managing rental properties safely. Given the attention paid to security by software developers, there’s no safer route for landlords than property management software.