ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / NEWS

Real Estate Rental Scams Are Surging: How To Spot and Avoid Them

If you ever see a listing with images that have the MLS watermark on it, then know that there's something fishy.
PUBLISHED FEB 16, 2024
 A "for rent" sign is posted in front of a home  | Getty Images | Joe Raedle
A "for rent" sign is posted in front of a home | Getty Images | Joe Raedle

Almost every sector has been targeted by scammers in the past, and the real estate industry is no exception. With the surge of rental searches online, it's hardly a surprise that con artists are looking to pull bait-and-switch operations in this space. 

"The last text I got was at 9:30 a.m. saying, 'Okay, I'll see you at 10 o'clock to sign the documentation'," Kimberly Causey told WFMY News.

What happened with Causey is something that has become more common than you may think. Causey was assured by the so-called owner that they would be present at the time of her moving in. Causey was even asked to pay $150 extra for this service.

A
Getty Images | Joe Raedle

However, when Causey showed up to move in, she found out that she had been conned.

"And when we got there, they had a little ring doorbell or whatever. We talked to the owners, and they said they'd been there exactly a month. And it was the week after I gave my security deposit," said Causey.

She had reportedly paid the scammers $4,700 and the family that was already living there had no idea that the place was open for rental.



 

"Always go and check the real estate records. See who owns that property. You can even try to find that phone number independently and call. 'Are you listing your house for rent? Do you have somebody listing your house for rent for you?" said Julie Wheeler, President and CEO, of BBB Serving Western Virginia.

Several red flags can help you to recognize these scams and the biggest warning in this case was not seeing a sign on the actual property.

There are also other warning signs that one should be careful about. For example, if you ever see a listing with images that have the MLS watermark on it, then know that there's something fishy about the listing. Scammers mostly pull photos illegally from another listing service where properties are listed for sale, via US News. When the photo carries the watermark, it means that the scammer does not have access to the original photo. Also look for detailed listings while hunting for properties, as vague listings often tell that the person who has penned the listing has never really been to the house in person.



 

Sometimes simply thinking as the owner of the house may help you recognise the fishy listings. You see, most people would like to exercise due diligence before fixing the deal. So, if the owner looks ready to give the property for rent without any questions then there's a good chance that it's not a legit deal.

Apart from this, one major red flag that is common across all kinds of scams is creating a sense of fake urgency. Scammers always try to rush you into making a decision. This is mostly because the scammers know that they are talking to sound adults and they don't want them to have a chance to check out their claims. Also, scammers mostly offer lucrative deals so people fall for it. Therefore, it's important to remember that when you get the feeling that something is too good to be true, it probably is.

MORE ON MARKET REALIST
The guest was already emotional because of the backstory involving native Alaskans.
17 hours ago
The player once again fumbled a puzzle despite moving forward in the game.
18 hours ago
The host didn't want to get more of the weird answers on the show anymore.
20 hours ago
The founder of Beyond Sushi impressed the Sharks with 100% plant based flavors.
21 hours ago
The Shark jumped back in to the deal as he thought his wife would love the product.
1 day ago
The guest who bought the item at a charity store had no idea that it was over 3,000 years old.
1 day ago
When the rare coin showed up on Harrison's table, he had to take his old man's approval for the deal.
2 days ago
Fans said that such behavior was unnecessary and slammed the antics as self-congratulatory.
2 days ago
Several customers took to social media to complain about spoilt milk that they purchased from the store.
2 days ago
Despite the massive appraisal, the brothers shared that they would never sell their collection.
2 days ago
Harrison is often impressed by suits belonging to legendary musicians or actors.
2 days ago
The founder of 'Permaplug' had done his research on the Sharks to help make a decision.
3 days ago
When the item turned out to quite a valuable artifact, Harrison refused to let it go.
3 days ago
The Sharks formed teams and ditched their partners to get a deal with "The Woobles".
3 days ago
With a tiny margin of four steps, the player won prizes worth $8,000 after a tense game.
4 days ago
The recall was issued amid reports of multiple deaths and over a dozen illnesses across 13 states.
4 days ago
The player celebrated her way to the stage and then got more than one reason to celebrate.
4 days ago
The investment turned out to fruitful as 'Simple Sugars' went on to make millions.
5 days ago
The long time host of the show expressed his love for the cast members of the show.
5 days ago
Fans took to Reddit to blast both the Bonus Round puzzle and Seacrest's mistake.
6 days ago