Typical Rental Frauds

A rental advertisement that a fraudster promotes but does not control is known as a "bait-and-switch." When a tenant gets in touch, they are informed that the property featured is not available anymore and are sent to an other, less appealing property. The initial rental apartment served only as a lure for possible tenants.

The Scam of Overpayment: In this case, a con artist pays more than the agreed-upon rent or deposit and then demands a reimbursement from the landlord. But the first payment, which was usually made using a credit card or check, is fake and would ultimately bounce.

The Hijacked Ads: Con artists replicate authentic rental postings, alter the contact details, and publish the pilfered content on alternative platforms. The fraudster frequently relists the original advertisement as a rental property even if it was originally for sale.

The Phantom Rental: This kind of fraud entails a fictitious property. Renters are lured in by low costs by scammers who fabricate an advertisement for a property that isn't for rent or doesn't exist.

Ensuring Rental Legitimacy

Authenticating Rentals Through In-Person Visits: Prior to signing any paperwork or paying any money, always insist on seeing the rental property in person.

Examine the Property: To find out if the rental property is advertised elsewhere or has a different owner, do an internet search for the address.

Check identity: To be sure the property manager is who they say they are, ask to check their identity.

Avert Cash and Wire Transfers: Choose credit cards or checks instead, as these offer some degree of fraud protection.
Examine the Lease Carefully: Make sure the lease agreement is standard and free of any questionable conditions by carefully reading it before signing anything.

Speak with renters: To learn more about the property management and the veracity of the rental, try to speak with either former or present renters.

Seek Legal Advice: If something looks fishy, think about consulting a local tenant's rights group or a real estate lawyer. It's crucial to take care of this matter as well if you think your housing prospects are being harmed by an inaccurate background check.

Renters may drastically lower their chance of becoming victims of rental scams by being watchful and knowledgeable. Always proceed with care, and keep in mind that if a rental opportunity appears too good to be true, it probably is

Find more in our blog https://www.igms.com/rental-scam-red-flags/