Protect Yourself from Rental Scams
Rentals play an important role in our lives, whether for a primary residence or a weekend getaway. Unfortunately, scammers have developed numerous ways to exploit those searching for rental properties. So, how can you protect yourself from falling victim to these scams?
How to Identify a Rental Scam
The biggest red flag is when the price seems too good to be true. For instance, if a listing advertises a property "Right Off the Oxford Square" or "Walking Distance to The Grove" for just $200 a night during the biggest football game of the year, you should start asking questions.
Other red flags include:
No Tour of the Property: The listing agent or owner refuses to show the property in person or via virtual tour.
No One Local: The listing agent or owner claims to be out of the country.
Not Enough Information: The listing details are vague or inconsistent.
Payment Requested Immediately: They offer a lease without requiring an application or background check and want the deposit NOW.
Payment Request is Uncommon: They ask for payment via wire transfer or gift cards.
How to Avoid Falling Victim to a Rental Scam
Follow these tips to stay safe:
Verify the landlord or listing agent: Use a quick online search to confirm their association with the property.
Check the address: Use online maps to view the location and street view.
Tour the property: If possible, visit in person. If not, request a virtual tour with the landlord or agent.
Use secure payment methods: Pay only through trusted financial institutions. Wire transfers from your bank or credit card payments offer added protection.
Work with a real estate agent: Agents can vet properties and reduce your risk.
Always trust your instincts. If something feels off, take extra steps to confirm the legitimacy of the listing. If you believe you’ve encountered a scam, report it to local law enforcement immediately.