5 Common Rental Housing Scams and How To Spot Them
As the demand for rental housing continues to be strong so do the rental housing scams. The scammers continue to evolve their techniques as the renters catch on to their old scams. Today I am giving you Five Common Rental Housing Scams I see out there as well as 5 Tips To Avoid Being Scammed By A Rental Housing Scam.
Let’s get to the list of Five Common Rental Housing Scams:
Advertising Leased Properties - In this rental housing scam a fake landlord or property manager collect application fees, deposits or other fees on a property that is already leased and not on the market.
Fake Rentals - A fake listing is created to draw interests with low prices, from there they scam potential renters out of fees and deposits.
Over Hyped Properties - These listings do exists however they are advertised to have amenities or features that really don’t exists. Often the renters show up to be disappointed but are pressured to rent anyways or even worse they sign a lease only to later find out they don’t really have those amenities.
Bait And Switch - A scammer will advertise a property that isn’t for rent but instead has another less desirable property for rent. When the person shows up they reveal it is not available and try to rent the other unit instead.
Altered Rental Listings - A scammer lists a property that is for rent however the listing or property does not belong to the scammer. The scammer will put their contact information, payment and other details to try and get those funds from the renter.
Okay so by now you might be scared or maybe just a bit more aware, but what can you do to avoid being scammed?
Here are a 5 Tips To Avoid Being Scammed By A Rental Housing Scam
Do Your Research! - Get as much information about a property before you visit the property or make any payments. With so much information on the internet today you can find lots of information to be able to gain confidence if you are dealing with the proper person on a property. The best source is public information sites like the appraisal district, social media and rental listing websites. Find your local deed or title records and find out who is the real owner and if that is someone you are dealing with. You can use social media to help research who you are dealing with to find out if that is the proper representative for the property.
Protect Your Information - Don’t give our your personal and confidential information out unless it is absolutely necessary like when you actually apply or sign a lease. Before you actually sign a lease or apply you should not have to give out your information. Keep in mind scammers don’t just need money, but confidential information is just as important to scammers to take advantage of you.
Always Visit The Property In Person - You always want to make sure you visit the property in person, even in a pandemic. Scammers can create fake pictures, fake virtual walk throughs and anything you ask but visiting the property in person just can not be replicated. When you view the property you know what your are getting and don’t be afraid to take pictures or shoot video of the visit.
NEVER PAY IN CASH - Never pay for any of the fees in cash, always pay in a way you can have proof of payment such as a check or other similar payment types. Cash payments are not able to be traced or proved they happened and scammers like that so don’t pay in cash for fees or deposits.
Hire A Professional - Many renters don’t know that you can have someone on your side by hiring a Realtor® or apartment locator to help with your rental property search. Many times the fees they charge are paid by the landlord and the services of the professional like a Realtor® are free to the renter. In this case you can have a professional on your side to help with your search and reduce your risk of being taken advantage of by a scam.
I hope these 5 Common Rental Housing Scams help you in your rental journey. I strongly believe a better informed and educated consumer makes a better decisions and are less likely to be taken advantage of. If I can help or have questions please do not hesitate to reach out, you are more than welcome to contact me.
If you are thinking about buying, selling or just have a real estate question please do not hesitate to reach out and contact me.
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Luis Cuevas, Broker/Realtor® Serve Realty (214) 783-0535 [email protected]
