I recently bought my first property in Chicago and right now I am dealing with a Property management company (I am based in California). We are working on the Change of management paperwork. They require my SSN as a necessary information in order to proceed and have them managing my property. I heard this is normal as I am the owner and I do not have the property under LLC.
What I am more worried about is the way my personal information is handled by the company. I have mailed them my personal documents, including the SSN, because I didn't want to provide my personal information through the email and they did not offer any safer option for me.
They ended up sending a follow up document for me to sign, consisting of all documents I mailed them earlier. Believe it or not, they sent this document to me VIA EMAIL. I was expecting they will be sending this to me via Docusign which seems safer to me than email.
Does anyone have similar experience with other Property manager companies? How do you guys usually share personal information with them?
All institutions I have been dealing with so far had a secured website where I could upload all personal docs or they used Docusign for signing documents. Nothing ever went though email correspondence.
I will be thankful for any insight.
Call the company to give them your sensitive information. A SSN is typically required so that they can make appropriate 1099 tax filings.
You should never email your social security #. It should only be given over the phone, faxed, or sent via secure email. I would ask the property manager what their office policy is on storing your social security number and keeping it secure. Every real estate office is required to have an office policy manual. If they dont have a practice or policy in place for your secure data then I recommend using somebody else.
@Monica Breckenridge thank you very much. I am seriously thinking about going to someone else as this lack of care of my privacy information worries me. I will ask them about the manual