Safeguarding Renters From Scammers

Summer time is sizzling for buyers and renters alike, and its time for real estate professionals to ensure consumers don’t get burned.

Safeguarding Renters From Scammers

RentHop, a web-based rental listing platform, conducted research that unveiled the most widespread rental scams and the way to stay away from them. Property managers and agents who work with renters should pass these signals and guidance on to their clients.

Money wiring: If potential renters are ever required to wire funds via Western Union or Money Gram or via an “escrow service” before they’ve even seen the property, then the apartment probably doesn’t exist. RentHop, which processes thousands of messages between renters and owners on a daily basis, says they’ve never witnessed an incident where one of these payment methods is preferred by the property owner or manager.

Asking for any money before seeing the rental: Scammers love to take advantage of customers who are in a state of urgency. Someone who has to move immediately, in a market where rental inventory is low, might do anything it will require to get that ideal apartment locked in.

But sending money-by any means-before verifying the property exists and is available s usually a mistake. These suggestions excludes the common request for an application fee (usually between $20 and $100)which may hold the apartment.

However,we encourage renters to search Google for the property manager or owner to ensure that they’re reputable before sending a substantial deposit. Do they have a website? Is he or she mentioned on other websites? Is the person prepared to talk with you on the phone?

Priced too low: When the price is too good to be true, it probably is. “If the price is below two-thirds of what similar apartments in the area are renting for, there is a 43% chance that it is a scam. If it is below half, then there is a 79% chance that it is a scam,” the RentHop study finds.

Other suspicious signs:

Email address structure: Emails with non-U.S. domains, including yahoo.uk, are most likely originating from a scam account unless you’re renting in the U.K. Also, email from outlook.com are 19 times more prone to be a scam compared to those from Gmail, Yahoo, or Hotmail, the research finds. Also, be cautious about emails coming from a different domain than you originally started corresponding with.

“Winner” scams: If the supposed property manager tells the renter that they’ve been “specially selected,” then it’s a scam.

Sad stories: Generally if the person listing the rental goes on and on using a heartbreaking story in your correspondence, they’re likely trying to play on your emotions.

Copycat rentals: Perhaps the most common scam is for a cyber-criminal to duplicate a real listing and handle it as their own. This is exactly why it’s vital that you search for the address of the rental to be sure the listing price and contact information matches on various sites.

Avoid the scams and purchase your new home! Nick & Cindy Davis with RE/MAX Premier Group are here to assist you. We are always a just a click here away, or

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(all data current as of 11/16/2024)

Listing information deemed reliable but not guaranteed. Read full disclaimer.