Lionheart Group Provides Insights On How to Avoid a Rental Property Scam

If you are interested in acquiring rental property out of your county, state, or country it is important to learn how to avoid a rental property scam.

Individuals that wish to engage in this type of scam typically post an advertisement on the internet or in a newspaper that details the type of structure and property they wish to rent to an interested party. In most all cases, the rental is advertised at an unnaturally low price. This ensures the advertisement draws interest. Once a potential renter contacts the individual, they will request an upfront security deposit and will promise to send the key and legal documentation. Unfortunately, at that point, contact is lost along with the money that has been sent.

In this how-to article, you will learn the basic steps in avoiding rental property scams.

Step One:

When working to avoid rental property scams, it is important to pay special attention to structures that are being rented outside of the United States. If you are interested in renting property outside of the country, you should work directly with a certified real estate agent that can work to ensure that your investment is protected. Always verify that the agent works for an established agency.

Step Two:

Pay special attention to advertisements that are listed for rental property. You will want to avoid those that have spelling and grammar mistakes, or seem as if they have been written by someone overseas that is not fluent in English.

Step Three:

It is important to inquire about setting up an appointment to view the structure and property prior to committing to a rental agreement. If you are not able to do this yourself, have someone you trust make a personal visit to inspect the property and take pictures of both the inside and outside.

Step Four:

You should pay special attention to the instructions regarding payment. Many scammers may request that you forward them a cashier's check or that you take the time to FEDEX the payment. It is also important to pay special attention to their level of persistence. Legitimate sellers won't use pressure tactics to try to hurry your decision. Remember the old saying that "If it sounds too good to be true, it probably is."

Step Five:

If you have already sent money to secure rental property, and are unable to contact the individual or company that you sent money to, or have not yet received the keys and documentation that you were told that you would receive, it is quite likely that you have been subjected to a rental property scam. At this point, you should contact the Federal Trade Commission by calling 877-FTC-HELP or by visiting their website an filing a complaint form.

Resource:

To learn more about how to avoid rental property scams and other types of scams, visit the Lionheart Group blog at http://www.LionheartGroup.net.