Scam artists are the worst opportunists. They are intelligent. They know how to read people, talk to them and intuit what they want. If scam artists applied half the energy they used to fool people, they might go farther in life via legitimate means.
Scammers know what you want, know that you are over-anxious to get it, and take prime advantage to steal your money.
It’s not fair, but life is not fair. You must always stand vigilant against scam artists.
As the world is opening up now post-pandemic, scam artists are preying upon the desires of people to reenter the world and enjoy it.
And that is why you need to beware of the rental scam this summer. You should beware of the rental scam at all times, but scammers are coming out in force this summer.
The Rental Scam
The rental scam is where a scam artist fools you into believing that they are a legitimate landlord or subletter renting out a room, apartment, house, or property.
And this is not a one-and-done scam either. The scammer could spend days or weeks communicating with you to gain your sympathy and trust.
Then, after you give them a check, a digital payment, or enough of your financial data to steal your money or identity, they disappear.
And there are many ways in which they can do this.
Some scam artists will either hijack or illegally recreate a legitimate real estate or home rental ad. They may change the contact information in the ad to make it easier to get in contact with you and get your information.
Or the scam artist may create Ghost Rentals. These are phony ads for properties that don’t exist. And by the time you figure it out, they will already have taken your money and be long gone.
The scam artist will send you all kinds of paperwork that looks legitimate too. Unless you pay close attention to the URL, and email addresses, or press them on authenticating any paperwork they send you, you will probably be fooled.
How to Spot Rental Scams
There are several ways to spot a rental scam.
Property owners, landlords, and subletters should have no problem meeting potential renters. You have a right to view the property, ask questions, and meet the person renting out the property.
If the person who placed the rental ad always has a reason why you can’t meet face-to-face or says they are out of the country, it’s probably suspicious.
If the person is pressuring you to pay first and last month’s rent, a security deposit, or any other fees before meeting or signing a lease, then it’s a scam.
No legitimate property owner will ask you to wire them money via Western Union or MoneyGram to pay for a rental.
Sometimes the price may be too good to be true. Rental markets are volatile. The scam artist may not have thoroughly researched rental and property prices in the neighborhood they are pretending to rent from.
Pay attention if you are never screened, have your credit history checked, or are asked to sign a phony-looking lease with typos or incomplete information.
Many scammers are now using PayPal, Venmo, Zelle, and other digital payment services to pressure victims to pay for rentals upfront. There is no way to get the money back afterward.
How to Beware of Rental Scams
Always meet anyone renting a property. You can vet property owners on Google.
Check out the property in person. And you are not legally obligated to pay for a property until after signing a lease.
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Allen Francis was an academic advisor, librarian, and college adjunct for many years with no money, no financial literacy, and no responsibility when he had money. To him, the phrase “personal finance,” contains the power that anyone has to grow their own wealth. Allen is an advocate of best personal financial practices including focusing on your needs instead of your wants, asking for help when you need it, saving and investing in your own small business.