Rental Scams And How to Avoid Them

Nothing is more frustrating than finding the ideal home listing for your needs, only to find out it…

Nothing is more frustrating than finding the ideal home listing for your needs, only to find out it is a scam and a family is living in it. What was supposed to be a smooth move in without a hitch is a rental scam. According to a recent survey, nearly 7% of renters have lost money to rental fraud, estimated to be 5.2 million victims annually. 3 Options Realty has seasoned property managers ready to help you save time and money by taking precautions to avoid rental scams.

How Rental Listing Scams Happen

There are variations in rental scams. Still, there are two common elements: perpetrators advertise a property they have no rights to rent or attempt to collect money from unsuspecting prospective tenants interested in the property. Scammers usually search listings for vulnerable or vacant properties and take photos or information from the official listing. However, they offer a lower rent below market value to attract unsuspecting individuals.

Some scammers advertise a property on behalf of a family member, friend, or colleague and ask for application fees, deposits, rent, and other charges. If you fall into their trap, scammers will make off with the money. Sometimes scammers target property managers by overpaying and then ask the property management company to refund the excess amount before the payment clears in the bank.

Red Flags of Rental Scams

Many people read articles about rental scams and think they are obvious to detect. This is true to an extent, but millions of Americans are conned annually. It is advisable to consult a professional property management company to guarantee transparency throughout the process, from application to moving in. Here are the red flags to consider before committing to a rental agreement.

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The Price is Too Good to Be True

If you find a listing price too good to be true, chances are it is. Tenants should compare other nearby properties to see how believable the listing sounds. A reputable property management company weighs price ranges against the properties they represent to find a reasonable price. If you are still determining the legitimacy of a rental listing, we can help you make an informed decision.

Poorly Written Listing

Scam listings usually need to be better constructed, with misspelled emails and posts. Some have poor photos and need more information which shows unprofessionalism. Property managers upload informative, clear, and proofread listings to ensure prospective tenants get all the needed information. If you own rental property, watermark the photos, so scammers don’t use them.

Research Comes Up Short

Another great way to identify a rental scam is to look for messages and reviews from previous tenants who have worked with the property management company. Scams and scammers are usually identified online by concerned consumers, victims, or financial experts. Research the property to ensure it is legal to rent and not in foreclosure. County records or professional property managers can confirm this.

Contact us at 3 Options Realty to learn more about rental scams and how to prevent listing fraud. Please schedule a consultation with our team of experts and enjoy top-notch property management services at competitive rates.