Wednesday, November 16, 2011

Renters and Landlords Beware: Scams are abound!


A few weeks ago, there was a televised warning for renters and property owners to beware of rental scams so naturally, we're letting you know! Too often, we only hear one side of the story though: tenants. However, the story went on to benefit the property management community in that it didn't completely slam us. It actually praised the benefits of using a credible and licensed property management agency instead of doing it on your own. 

Here's the run-down on the Tenant version.

Typically, there are internet scams where businesses or con artists lease out properties that don't actually exist. Wow! The other side of the coin is that the property does actually exist, but it isn't available for lease of purchase due to the fact that it isn't owned by the advertiser. The con artist(s) then ask the applicant to supply all of their most personal details: social security number, current address, name, birth date, bank accounts, employers, the whole nine yards. They are also asked to pay upfront upon approval of their application. The scammer then supplies fake identification, in some attempt to look legitimate. This should be the first red flag. The next step: the applicant is sent tenancy agreements from the property owners 'lawyer' requesting money sent to an overseas account. The applicant signs the agreement, sends the money and typically...never hears from anyone again.

Rental scams are entirely too easy to set up and are typically fronts for other more devious criminal activity. The obvious is identity theft. So make sure you do your homework and deal directly with the verified property owner or property management firm





No comments: