Common Rental Scams
While there are several different techniques that scammers try to trick people into giving them money, there are some common rental scams you should be aware of. Perhaps the rental scam people encounter most often is where a person claiming to be a landlord advertises a property they don’t own, or that doesn’t exist.
Another popular tactic is to create inaccurate or downright falsified advertising for a property that does exist but is not owned by the person listing the home for rent. These scammers may try to pressure you into sending them a deposit right away or try to rush you into signing lease documents without touring the rental property first. Tragically, it’s estimated that as many as 5.2 million renters have been scammed out of money by fraudulent listings.
Watch for Warning Signs
To prevent being scammed, there are usually some warning signs that things aren’t quite appropriate. If you know what these signs are, you can spot a rental scam before you get taken in.
Firstly, it is advisable to do your research. Read the ad closely for spelling errors, vague information, or a deal that sounds too good to be true. Chances are if it seems like an incredible bargain, it’s probably a scam. It is necessary to talk to a professional Greeley property manager on the phone and arrange to view the property in person. If they demand a deposit first or claim to be out of the country, both of those are big red flags.
The same thing can happen if the landlord insists on dealing only in cash or asks for a wire transfer. In the first case, cash-only rentals are unethical and probably illegal, so it’s advisable to ignore them. Requesting a wire transfer is a tactic commonly used by scammers because, like cash, wire transfers are unrecoverable once sent. Regardless of the amount of money they claim, never give a landlord a deposit without signing a lease first.
Best Practices for Safe Renting
One of the best ways to avoid getting scammed as you search for a rental home is to go through a reputable management company. Although local property management operations may provide a few listings, there is still no guarantee that they will commit themselves to fair, ethical rental practices. The safest course of action is to choose a company with national credibility and a reputation for high-quality customer service. Additionally, choosing the right property management company to rent from can make finding and renting your new home easier, confining your options to only those that fit your budget and lifestyle. This is the smarter and more efficient way to locate your future rental home.
If you are seeking a new rental home but want to steer clear of any scams or misleading ads, your best option is to contact Real Property Management of the Rockies. We are a top-ranking national company with local offices, the best of both worlds: you’ll get local rental market expertise from a respected organization you believe you can rely on. Contact us today or check out our rental listings online.