Rental Scams are not new and each year thousands of home seekers get trapped in such rental scams. Several rules and policies have been introduced, but the situation remains the same.
The regulatory authorities, housing boards or any other authority has defined rules that are to be followed by both landowners as well as the tenants. But despite the issue of rental scams exists at large. On average every 1 out of 3 tenants reports to be lured in rental scams in one form or another.
You might wonder, how the tenants are getting trapped in such scams in the modern digital and transitioning world. In this blog, we will discuss the potential rental scams that exist and how you can avoid them.
Common Rental Scams
Phantom Rentals or Fake Rental Listings
The most common rental scam you may encounter while looking for apartments for rent in San Francisco CA is a fake listing. Such includes the case scenario in which the lister acts as a fake landlord. He/she doesn’t own the property, or own the property, but their apartment is not the same as shown in the images. Such are often termed Phantom & Rental Listings. In certain cases, the listers even don’t own a property, but still make listings to attract tenants and get security deposits.
Bait-&-Switched
A common scam that tenants come across is bait-&-switched. Such a scam involves a situation in which the landowner makes the tenant sign papers for a property, but hands over a different property at the final stage. They justify their move as compensation offered to the tenant, and to protect them from any loss. But it is not the truth, it is a well-planned approach, in which the landowner, attracts tenants and signing the lease, offers them a property which is not as per the tenant’s preferences.
Falsely Promised Amenities
While looking for apartments, you may come across properties or apartments with several amenities. Such amenities can range from offering basic facilities to every comfort that you might need for a luxurious stay. But be aware it can be a scam, several properties and homeowners, list amenities just to attract the tenant’s interest. But when you move into the property, you may find missing amenities that can ultimately result in impacting your experience., it can result in paying unnecessary or high rental costs in comparison to the services offered.
Hijacked Ads
In certain cases/scenarios, the scammers take out the details of a genuine property that doesn’t belong to them. But posts the ad on their website, they also make arrangements to fulfil tenants’ home tour requests. But post paying the security deposits, they won’t connect with you again. Such is because they weren’t in the legal power to offer the property on rent. They were present to scam you and to take away your security deposits.
These incidents have slowly become so common while looking for apartments for rent in San Francisco CA. Hence, to combat such issues/threats, several policies and regulatory frameworks have been set up. But along with such regulatory measures you are also required to be cautious and aware of key tips and approaches that can help you stay away from such scams.
Tips To Be Followed
Never Settle On Call
In most of the rental scams, the biggest error/mistake that tenants make is agreeing to pay for security deposit in a single phone call. The scammers may make several promises to you on call, which may sound like the property is authentic. But make sure to make a home tour and also check with the neighbours about the property. Such will help you verify the property details and ensure that the details shared are authentic and can be trusted.
Research The Market
Being a Tenant you must research the market. Such market research can help you understand the rental trends in a specific region. The trends can include the rental cost of properties, the ease of availability as well as the potential amenities that are most commonly available in the region. Such can help you compare your finalised apartments for rent in San Francisco CA and to decide whether you should rent the property or not.
Keep Your Personal Information Private Till Possible
Don’t disclose your personal information in the initial stages of negotiation. Also, while disclosing your financial information, make sure, you have checked out every point from your rental checklist. Such an aspect can help you to stay protected from any potential scam or financial loss in your rental journey.
Trust Your Instincts
When you are interacting with the property manager, the landowner or the listing agent, you can sense whether they are telling you the truth or not. So, in any case, if you are getting such hints or instincts, then it is better to be aware and stay cautious of such properties and listings.
Don’t Opt For Cash Transactions
While finalising the rental property, you must never opt for doing transactions in cash. It is always better to opt for a bank transfer so that you can have solid proof, which can further be presented when required to support your stance. Also, there are several other tax benefits and other benefits associated with paying monthly rent through the bank.
Wrapping Up
While looking for apartments for rent in San Francisco CA, you need to boost and develop your caution level. Such can be your ability to evaluate the rental market, develop a sense of interacting with agents, and landlords and know how to deal with the situation. Such a situation can be renal scams or any other potential threat or issue that you may encounter during your home rental search journey. However, you can skip such threats and rental scams by getting a rental through the Raj Properties platform.
Raj Properties is a leading and trusted platform helping audiences find some of the best and authentically listed apartments for rent in San Francisco CA. Also, you can explore other localities and can search for your preferred apartments in the region. Start your rental search journey today