What is a Rental Scam, and How Common Are They?
Rental scams occur in a variety of ways. Perhaps the most common fraud is when someone claims to be a property manager or landlord for an apartment they don’t own or one that doesn’t even exist. When the fraudster does actually own the property, they’ll frequently alter the listing to make the apartment seem much more appealing than it is. Some scammers require you make a deposit before signing the lease to try and lock you in financially.
How Do I Safeguard Myself Against Rental Scams?
Beware of fake listings
It’s essential to be vigilant against scams before it’s too late. If a listing or deal sounds inviting, it probably is fraudulent. Check the listing thoroughly for any apparent errors or vague information – incomplete information or spelling error could be a sign that the supposed landlord is not credible.
Always do your research
Make sure the property you’re considering is legitimate. Always ask to meet with the owner and see the property in person. If the landlord refuses to let you see it or demands a deposit first, that’s a red flag. Verify the apartment’s ownership by looking up documents or speaking with a building manager.
Never deal in cash
Cash-only operations are untraceable and, thus, very easy for a scammer to leave with your money. A lot of scam artists insist on dealing in cash only or using wire transfers. Be especially cautious if the person asks for a security deposit upfront before signing a lease agreement.
Protect yourself by signing a written lease
Verbal agreements are unreliable and can cause trouble later down the line. A written contract has all the variables of a lease laid out and registering the same legally.
Rent from a reputable management company
Take the worry out of getting scammed by renting through a credible source like B9 Utilities Pvt. Ltd. Trusted property management companies have experienced leasing agents that follow set procedures to help ease your concerns and make the process simpler.
Follow this advice, and it will help you find a new, secure place you’ll love without added, unnecessary stress. Educating yourself on the various types of rental scams is the first step to staying safe.
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