19 Dec Stay Safe, Beware Of Property Rental Scams
In our daily routine life there’s always a need for some extra earnings to manage our expenses. This is why we think of utilising the extra space left in our houses, availing them for rental purposes.
Renting your property is a common method to earn some easy cash, and why not when the un-diluted space is paying nothing. Better be rented than letting it remain unused and worthless.
But, in your constant urge to find a promising match as our tenants, you deliberately avail yourself as an easy target for property scammers.
Even big property managers rental scams have been listed out in past, so, it’s a danger zone ahead.
Even Your certified property managers like Craigslist get targeted by property scammers.
So, while renting your property or giving it on lease make sure you provide adequate details to find a good tenant, but less enough not to make you vulnerable of being an easy target for property scammers.
Remember, not all property management sites are targeting potential tenants, sometimes it can be you.
What is a Property Scam
While in quest for a tenant, you upload all your property details on a property management portal, all your property photos, and all the details which could be avoided. The very moment you make your property management vulnerable to property managers rental Scams.
How does it happen?
Let’s get the knack of it using their paradigm, first they look out for people like you seeking a tenant, and also for those inquiring a potential rental property and a good landlord.
Now, if you have availed good details on legitimate property management portals, you must be happy but unknowingly you catered the scammers with what they needed. The thing got easier for them, and money will be buttery smooth to earn for them using the details you catered them.
They will co-post your property photos and details on other websites in search for tenants and provide a number for contact. They will lower the rent to bait the those in need and lure them them to pay advance rental, or cashier cheques and collect multiple security deposits to book the property which is not theirs.
Others scammers in the same business will offer a quick deposit to hold a property, “accidentally” overpaying and ending up requesting a refund which they never get.
Precautions to avoid these Problems
So, now the question arrives on how to prevent this from happening to you and your property management company?
- Educate yourself and others about the current scams that are happening in your area and nearby areas and be always aware for anything suspicious.
- Be cautious about how much information you make available about current homes for rent. Too much details can be dangerous.
- Be wary of email interaction from unknown and unverified sources . Email is a great tool for initial contact, but when you’re sure origin of the mail from.
- Ask the applicant to come to your office to collect additional data before showing a home,
- Have patience and wait until a security deposit clears before issuing keys.