Property Shield Protects Maymont Homes Against Rental Scams

Objective

To demonstrate the effectiveness of Property Shield's data security software in preventing rental scams and protecting property management companies like Maymont.

Background Information

Founded in 2011, Maymont Homes, previously Conrex Property Management, has become an industry leader in providing high-quality, affordable single-family rental homes. With a mission to improve the lives in the communities they serve, Maymont focuses on delivering clean, safe, and comfortable housing options to thousands of people.

By leveraging advanced technology and software, Maymont has streamlined its processes, ensuring efficient property acquisition, renovation, and management. Headquartered in Charleston, SC, Maymont currently operates in over 26 cities across the Midwest and Southeast and continues to expand its reach. With a portfolio of more than 10,000 homes, Maymont is dedicated to finding the perfect rental home for each investor and each resident.

However, as their portfolio expanded, Maymont faced an increasing number of squatters, leading to months of uncollected rent and long legal battles. These issues prompted Maymont to seek a comprehensive solution to address this issue.

The Problem

The nationwide surge in squatters and illegal trespassing was posing severe financial risks for Maymont Homes, with potential losses reaching into the hundreds of thousands of dollars. Additionally, these incidents were not only costing the company monetarily but also tarnishing its reputation and straining relationships with clients.

The Solution

Property Shield delivered a state-of-the-art data security system to Maymont Homes, tailored to prevent unauthorized listings and fraudulent accounts. This technology deploys sophisticated algorithms to scan, identify, and remove suspicious activities, offering robust protection against squatters. When any unusual behavior is detected, the software immediately notifies the Maymont team, allowing them to respond swiftly and prevent further complications. By proactively addressing security risks, Property Shield ensures a safer environment for Maymont Homes and its tenants.

Implementation

Maymont Homes integrated Property Shield's software in less than 12 hours, with minimal disruption, thanks to Property Shield's efficient technical support. Their team provided comprehensive training and ongoing assistance, ensuring a smooth transition. Property Shield's swift response and personalized support empowered Maymont's staff to fully leverage the software's capabilities, leading to optimized data security from day one.

Results & Outcomes

Within the first two months of implementing Property Shield's software, Maymont Homes prevented 71 fraudulent listings, saving an estimated $53,250. Over the course of a year, Property Shield successfully helped Maymont Homes identify and remove 2,207 fraudulent threats, causing a significant reduction in squatters, while saving U.S. renters a potential total of $6,682,796.

Assumptions:

• 5% - 10% of fraudulent listings left active lead to a squatter occupied property
• Total cost of eviction per squatter (including uncollected rent, legal cost, property damage, cleaning fee, and the opportunity cost of time wasted) - $10,000

Analysis & Takeaway

Property Shield's software delivered a preventative solution to Maymont Homes's fraud and squatter issues. It effectively secured their properties and enhanced their brand reputation among potential residents. By addressing these critical challenges, Maymont Homes not only avoided significant financial loss but also reinforced their market reputation, positioning them as a safe, trustworthy, and reliable property management company.

Protect your property management business from rental scams with Property Shield's advanced data security platform. Contact us today for a demo and discover how we can help secure your residential real estate business.

Testimonial

"The Property Shield team is just getting going but we've already seen a major improvement in thwarting scams, which will be only more critical as the economy gets worse this year. I'm confident this organization can assist you, as well!"

- Scott Kelly, COO, Maymont Homes