Real Estate Scam #1 - Rental Property
Jennifer Fairfield • Sep 29, 2021
Rental Scams to Watch For
The rental housing market is fiercely competitive. By the time you've seen the perfect house in your dream neighborhood it's already gone. Sometimes, it feels like you have to have insider information in order to find a house before it even hits the market. Unfortunately, in such a stiff market, there are people who will prey on your hopes. Here's what to watch out for when looking for a rental.
Inconsistent Pricing
You've been searching for several days and found a cute 2 bedroom that catches your eye. It's out of your budget, but hey, you can dream, right? You decide to try one last site to see if there's anything new. Boom! There's that same dream home but it's listed at $400 less per month!
Don't fall for it. This is a common sign of a scam. Scammers will steal listing details from legitimate sites and post them as their own at a significant reduction. Their goal is to get you to put money down to "hold" the property before you've even seen it. Once you do, you'll never hear from them again.
Unavailable Landlord
You've asked to see the property but the landlord is always unavailable to show you. Sure, they have great reasons why they can't give you a tour, but don't fall for them. This is another sign of a scam and typically indicates they do not have access to the property - if it even exists!
If scheduling truly is a problem, see if you can at least get a live video tour. Most landlords will want to meet their prospective tenants and it's in your best interest to size up the landlord before committing to a lease.
Cash Up Front
So you've waded through the obvious scams and think you've found a good house to rent. You've talked to the landlord on the phone, seen the property, and everything looks swell. The landlord says if you want the keys, to send the security deposit and first month's rent. STOP, don't do it! Never send large sums of money without having a complete, signed lease in place. Often, you'll never see your keys or your cash again.
When possible, arrange to meet the landlord or rental agent in person to sign the lease and receive keys. Always get a receipt.
While there are plenty of people who want to scam you, there are even more who are genuinely looking for a good tenant. Always take the time to meet the landlord or the rental agent. You're about to enter into a long-term relationship with that person. It's good to ensure you are compatible before agreeing to a year-long commitment. Some realtors also represent tenants in their search for a home, so if you want a professional to help you out, contact a real estate agent today.
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