18/05/2022

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Avoid real estate scams today

We all know the tedious work and stress that comes with searching for rental property. Real estate scams have only made this task more difficult.

Searching online for rental properties is the most common way that people find their next home. But with scammers using these services and portals to their advantage, it is so easy to fall prey to a real estate scam. If you are searching for the best portal or online site for legitimate real estate listings, consulting a review site would be your best option to read reviews about services that will assist you in finding the perfect rental home. You can avoid scams and get great rental deals by clicking on the link to learn more about the benefits of review sites for feedback on various businesses and products.

The statistics around real estate scams are enough to put you off renting for good. Scammers use real estate as a cover, and successfully con an average of 13,600 Americans every year. In this article, we will identify the most common scams, and give you tips on how to avoid being a statistic. 

What are the most common real estate scams?

There are many scams that you need to look out for when renting a property. These are the most common real estate scams that are currently affecting U. S Citizens:

#1: Fake Rental Listing Scams

Searching online for real estate is the most convenient option for finding your new home. This is, however, the best place for scammers to advertise properties that either don’t exist or are already occupied. It’s very easy to fall prey to a fake rental listing scam. The best way to ensure that the listing is legitimate is to note the following in the advertisement:

  • Are there duplicate advertisements for the same property but different contact details?
  • Does the price seem too good to be true?
  • Is there a contact number on the listing?

Pay close attention to the details in the advert. If you notice any of the above in the advert, it’s more likely a scam.

#2: Collective Investment Scams

A quick way for scammers to make money is to offer an investment property to a group of people. Each person invests their portion and is part-owner of the property. As soon as they pay the money over, the scammer disappears and they leave the investors out of pocket. 

#3: Relief Package Phishing Scams

The Covid-19 pandemic has affected the economy across the globe, and scammers have taken advantage of the situation that many renters face. Scammers pose as landlord companies and government agencies, offering rental relief. Cash-strapped renters fill out applications containing all their personal information and are unknowingly scammed out of their hard-earned money. 

Conclusion

There are certain red flags that show you are being scammed. Avoid falling victim to scammers by following these great tips:

  • Only use professional, reliable real estate agencies. Do your research and read reviews to find the best agency in your area.
  • Always protect your personal information. Do not give out your personal data to just anyone from the internet.

You can keep yourself and your money safe by being aware of the dangers of real estate scams and avoiding them completely.