K.M. Minemier & Associates is a certified Woman Owned Small Business (WOSB) engaged in full service real estate asset management and marketing.

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HOW TO AVOID RENTAL SCAMS

November 17, 2017

Rental scams are on the rise and you need to be aware of some of the tactics used for these scammers. When there is a shortage of rental inventory the ground is ripe for scams, since people become desperate to find an acceptable rental. Here are a few tips can help in identifying rental scams.

 

  1. Really? The old adage is true, “If it is too good to be true, it’s not” Be on the lookout for exceptional deals. That perfect house, in the perfect location and at an unbelievably too price. While there are certainly good deals to be had, if it just seems to be too good, it might not be real.
  2. Absentee landlord: Be wary of the landlord who is never in town to meet you. In today’s modern age of technology we often have the opportunity to do most of our business online and remotely. The scenario of having to go to a rental office to fill out a paper application does still exist, but many management companies and private investors are moving toward online applications, leases and payment options. Just because it’s being done online or remotely does not mean that it is a scam, but be careful with the landlord that cannot be found. Check for a physical address and check the creditability of the management company. If the company or individual doesn’t have a legit physical address, this is a good indicator of a fraud.
  3. Mail order rentals: Be careful of anyone asking for you to mail them the deposit and/ or first month’s rent. This is especially true if they ask you to wire them the money or send a gift card. Not only is it a bad idea to mail or wire the money over, if they are out of state it should raise even more suspicion.
  4. Cash is king: Never meet someone at a property with cash. Not only is this a good way to be scammed, it is also a good way to get robbed. Scammers will take down the Real Estate signs from for sale homes and then meet the victim at the house to collect the deposit and/ or rent in cash. (this actually happened at one of my listings)
  5. Smarter than a 5th grader: Scammers can very sophisticated in their ads and lease agreements. The quality of work can be equal to professionals, but if the ad and/ or lease looks like it was made by a 5th grader, that should be a strong warning.  Grammatical errors similar to someone that speaks English as a second language, just like email phishing scams, should be a good indicator as well.
  6. For Sale or for rent? While it is not uncommon for a home owner to simultaneously offer their home for rent and for sale, be careful of homes listed for sale.  Cross check the listings. Make sure that the person offering the property for sale and for rent are the same and that the contact information is consistent. Call the listing agent who is selling the home to see if the owner is also renting it. Also, while at the property look around for strange signs, like the property being winterized or having sign in sheets. These are typical signs of a vacant foreclosure and these homes are almost never for rent.
  7. Sight unseen: Never rent a property sight unseen. Even if it is a legitimate rental from a reputable landlord, the property could be in poor condition, lack appliances and other assumed amenities. If someone insists that you pay the deposit before you have seen the property, don’t walk, run away!

 

 

Jeff Royal – 980-244-0675

JROYAL@REALTYPOINT.COM

www.realtypoint.com

6220 Hudspeth Rd,

Harrisburg, NC 28075


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