Vacancy Fraud – Reduce Your Risk

By the Accounting Team, Summerfield Management

Vacancy fraud happens when an unethical employee leases a unit under-the-table and pockets cash. The most common act we have heard, is when they take cash for the initial pro-rata rent, pocket it, and record the move-in as of the beginning of the upcoming month.
Like a hornworm on a tomato plant, disappearing cash may be hard to spot, but it still eats a chunk out of your profits like any bad spending decision.
A No Cash policy at your property is important, but it’s not enough. To reduce your exposure further you need at least two additional best practices,
Take steps to reduce your risk; make sure your Property Management regularly inspects vacant units and say no to cash; only accept checks or online payment.
If you’re interested in learning more about Summerfield or want to request a management proposal, shoot one of us a text, call, or email. We’d love to hear from you anytime.
Robert Parmar Headshot

Robert Parmar

Danielle Daily

Communications Director

ddaily@smfield.com

703-972-5755

Want More Content?

We are frequently asked how Summerfield Management handles important issues facing the Multifamily industry.

We have complied our Best Practices into a members-only library. Join now and unlock all of our Best Practice Articles:

Summerfield specializes in the management of apartment properties that are approximately 125 units or larger, and is licensed to manage in Washington, Oregon, Idaho, Florida, Georgia, & South Carolina.

If you would like to discuss additional specifics of our management program, please reach out to our Managing Director, Robert Parmar at rparmar@smfield.com or call 770-628-5943.

Join the conversation. Follow us on social media.