Avoiding Rental Scams Liz Burrow , Realtor ®
While this is not my normal type of article , scammers are becoming so prevalent in every type of business that I thought it would be helpful to address potential rental scams . Whether you are looking for a long-term rental as your full-time home , a holiday rental , an investor looking for your next purchase , or an owner wanting to rent you property out , being aware of potential scams is important .
How it works The scammers will copy a real online listing , using the pictures , description and location but replacing the contact information of the real estate agent , rental agent or owner with their own details . When you follow up , you will reach the scammer and any deposit , application fee or rental charge you pay will go to them , rather than the genuine rental agent or owner . It is also common to offer the property at lower than the current market value , creating more interest and encouraging potential renters to act quickly as they are afraid
26 LakeTalk February 2024 of losing a great opportunity .
Red Flags
• Scammers will often have excuses why you are not able to see the property immediately ; they are out of the country , the current renters won ’ t let it be shown , etc .
• They may also suggest that if you are willing to give a ‘ fully refundable ’ deposit they will hold the property for you until you are able to see it .
• If you are not asked to do a credit and background check for a long-term rental that should set off immediate alarm bells !
• Familiarize yourself with market value and be wary of anything that is a ‘ bargain ’.
What should you do If you find a rental you are interested in , Google that address and check for other listings of the same property . If it appears in more than one ad , check that they all show the same listing agent and price . While it is harder to verify properties listed directly by the owners , you can always look up the tax records to see who the owners are . If listed by a real estate agent , these homes will be syndicated throughout most of the large online real estate sites which will help to give you more confidence that they are genuine . You can also confirm the brokerage company information independently and compare the phone numbers .
With vacation rentals it is not practical to view the property , but for a long-term rental , ensure you , or a colleague , are able to visit the home and meet the agent / owner before parting with any money . Sadly , scams are becoming more and more prevalent , and many people are falling foul of them so do your due diligence before making any kind of payment and never , ever give your banking information to anyone . In short , if it seems too good to be true , it probably is !