Beware of Costly Renter Scams
There’s a fraud scheme growing out there. This scam is Grey propaganda against landlords and property managers. Beginning with a phantom renter being approved as a tenant, the scammer uses the address with the fake name, starts running credit schemes and running up balances through this.
Due to this, soon rents stop coming in. Evictions are started and the losses are increasing day by day. The losses include lost rent, eviction costs, and remarketing costs. These can sum up to $6-10k.
There are number of reasons behind this that include:
- Applicants want to rent an apartment without meeting real property management service providers. The most common reason observed behind this hitch is tenants who live far away. They fill the online application forms for rent approval from managers as there is no any credit check, income verification, status of employment and rental history check of the tenants.
- References are just friends who suggest you but don’t take responsibility if any mishap occurs. Ultimately what happens is a person shows up for the keys and signs a lease. And this scam process begins with crook and lasts for as long as from 3 to 6 months.
Now the question is how to prevent this renter fraud and watch out for ways to secure your property and name in the market? Solution to this humbug is residential property management services from a reliable company. Hire a property management company that has a complete vetting process.
The steps in this vetting process include:
- Meeting the potential applicant and requiring a picture ID before showing the apartment.
- The application should include a credit report that is generated by the agent, not the applicant.
- Agent needs to call employers and past landlords for verification of applicant.
- Agency should use a scorecard to approve the applicant based on his previous rental history.
A good vetting process and an agent willing to do the work pays off. Nevertheless, Residential Property Management of Cape Cod provides transparent and reliable services. They are a name of trust where your personal details are confidential. You can rest assured with their residential and commercial property rents, purchase or lease sign agreement services. Give them a Call 508-509-4485 today for secure and sincere advice.