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The US Real Estate Industry is worryingly reliant on email as a form of document and data collection according to PlanetVerify CEO, Owen Sorensen

·2-min read
PLANET VERIFY LIMITED
PLANET VERIFY LIMITED

Owen Sorensen

PlanetVerify CEO
PlanetVerify CEO

MALVERN, Pa., Sept. 14, 2022 (GLOBE NEWSWIRE) -- Research from PlanetVerify shows that the majority of real estate companies in the US are still using email, form-fillers, or mail to collect tenant data and documents.

A staggering 84% of US companies have experienced phishing or ransomware attacks in the last 12 months (Source), and, as this figure continues to rise, US real estate companies — with their overreliance on email as a document collection method — are leaving themselves highly vulnerable to data security risks.

Using email to collect tenant documents and data can create a number of issues for real estate companies:

  • Security: Unknown attachments and emails from unknown senders are an opportunity for malicious parties to launch cyber attacks via phishing, malware, ransomware, and other nefarious tactics. 94% of malware is delivered via email (Source).

  • Data compliance: As more states enact compliance legislation, real estate companies will face uncomfortable truths about the way tenant data is being collected and managed.

  • Productivity: Email is a 50 year old communication tool that was not designed to manage the modern data and document-heavy tenant application process and results in lost files and hours of manual work.

A New Way

Sorensen said, “Real estate companies are simply unaware of how much time can be saved by an automated collection platform. One example; PlanetVerify is saving a medium sized client the equivalent of $30K p/a. Furthermore, companies who use email to collect tenant personal data will soon find themselves facing a range of data compliance issues as new legislation comes on stream. The time to act is now.”

Brian D’Arcy of D’Arcy Real Estate said, “PlanetVerify has simply transformed how we interact with the public, dramatically reducing the number of hours spent processing paperwork and allowing us to spend more time focusing on our clients' needs.”

About PlanetVerify

Founded in 2014, PlanetVerify is an award-winning, cloud-based system which helps real estate companies eliminate these issues around security, compliance, and productivity. Once signed up, real estate companies can, within minutes, begin collecting tenant documents and data securely, efficiently, and in a compliant manner. To learn more visit www.planetverify.com

Media and Investor Contact

Cóbhan Phillipson
cobhan.phillipson@planetverify.com
+12242028800

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ae2aa56b-af7b-403d-b423-e11f2ba7043d