Scammers know no boundaries when it comes to stealing money from people. One of the typical real estate scams is rental scams. The scammers here put up fake property listings to lure interested renters.
Then they steal their money by showing them fake properties or making them pay a security deposit without offering them any lease agreement first. They only want the renter’s money without renting any unit to interested customers.
So, how do you spot such fraud? Here are some ways to spot rental scams before they happen to you –
They Are Not Up For A 101 Meeting
It is a shady business if someone posts a rental listing and says that they are not available to meet you in person. Also, even if they explain that they are not able to meet you in person, they should be able to provide you with a real-time walkthrough video of the rental property. This ensures the authenticity of the property in the listing.
If the said landlord is not doing either of them, then they are definitely raising a red flag. A genuine landlord renting out a property would want to meet their new tenant. They want to have a comfortable discussion with their renter about the property deal. One of the rental scams is to come up with fake property listings and not show up with a one-on-one chat with the renter.
They Ask You To Move In Instantly
One of many rental scams includes the landlord not showing the property entirely to their renters. They only ask the renters to move in instantly without having a proper tour of the rental property. As a renter, you need to see the property in person first and ensure that the place is available for rent.
One common rental scam is to show the property in the online listing without any access to the inside. These scammers usually ask the renters to move around the outside of the property without giving them any indoor access. They might charge you with an advance deposit and leave without handing in the keys. Properties that are available for rent right away are usually a scam. So beware before you rent.
Asking For A Security Deposit Before Signing A Lease
Another common rental scam is to ask for the security deposit or the rent for a month or two before you get to see the lease agreement. Be it a property manager, a landlord, or a real estate agent, you must sign a lease agreement first by adhering to its terms and conditions. Then you are ready to pay whatever security deposit or rental amount is mentioned in the contract.
Most of the typical rental scams involve these fake landlords asking for rentals for properties that do not exist. They often make renters pay a security deposit before both parties can meet or sign the lease agreement. They usually ask renters to wire money online before they have even met. In most cases, they frame people by saying that the owner lives overseas and wants the money wired to them.
It is necessary for the rental to have someone like a property manager or a realtor living close to the property. They can handle these logistics in favour of the landlords. However, if such is not the case, you can list the property listing individual as a fraud.
An attractive price
The rental price these retail properties ask for is too good to be true. One of the common rental scams is having the rental price way below the local market rental price. It is a potential red flag and can be a rental scam.
It is one of the common examples of Bait and switches. The renter usually sets a lower rental price for the property to lure the renters out. Then before the renter signs the agreement, they change, take the listing off the online market, and replace it with a similar one. They want the renters to act fast and want them to sign quickly despite the sudden change in rent.
The best way to fight against such scams is to do thorough research on the property first. You have to learn about the location, the market price, the amenities, and more before signing any agreement.
However, it is also possible for the landlord to not know the current market rent and place a lower rate on the listing. So, it is always to enquire before proceeding towards any judgment.
Listing With A Typo Or Grammar Error
A serious landlord would care to take their time while writing their rental listing. The rental listing should not have any typos or grammatical mistakes if it is coming from a real landlord. One of the common signs of rental scams is to have typos and errors in the rental listing. If there are excessive typos, punctuation mistakes, and capitalization issues, then it was created by a scammer.
No Tenant Screening Process Available
A tenant always wants to rent a property the right way. So, if the landlord is responsive and sets a tenant screening process, then they are genuine. But, if there is no tenant screening process to justify whether the tenant will pay rent or maintain the property, it is probably a scam.
Such tenants are usually not asking for a rental application and running a tenant’s credit check; then, chances are that you stepped into a retinal scam. It is also possible for the landlord to have no idea about all the procedures. But being a little suspicious will keep you from harm’s way.
If the landlord wants you to sign an incomplete lease, then also it can be a rental scam. A manager or a landlord wanting their tenants to sign on to an implicit lease can change the terms and conditions of the lease, making the deal a disaster for you in the long run. So, be careful to read out the entire lease and check if it is incomplete before signing.
Final Words
Before you choose any rental unit, ensure that it is thoroughly checked and is a real rental property with a real landlord. Also, ensure that the landlord meets you in person and shows you the property themselves or through their manager. You must not pay any security deposit until you see the property yourself, read the lease agreement, and sign it.
I hope this article gave you some insight as to how to deal with rental scams. Comment below if you have further questions.
Read Also:
