Every landlord today knows the importance of tenant KYC and background check. But few tenants bother checking up on their prospective landlord. This can prove to be foolhardy. As rental and lease scams increase in India, tenants should beware of such frauds where they stand to lose their hard-earned money.
Whether a landlord or tenant, it is important to run some customary checks before any financial transactions are made. This is critical to safeguard yourself from any frauds or scams. ApnaComplex Rentals helps tenants by ensuring that only verified properties and landlords are listed.
What are rental and lease scams?
A rental and lease scam occurs when a tenant is pressured to pay for a misrepresented property. Typically, he/she is asked to transfer money without seeing the property. The prospective ‘landlord’ often vanishes once the money is transferred. The property is then found to be non-existent or misrepresented. Ultimately, the tenant is conned out of his/her hard-earned money and without any rental home.
How to spot rental and lease scams?
There are some key indicators that every renter should be aware of. These include:
No in-person communication: The tenant often finds such rentals through a generic newspaper or online listings. These contain the contact information for a broker or the homeowner, usually a mobile number. There are no in-person meetings and all conversation is through the phone. Hence, when the fraudulent ‘landlord’ or broker disappears, there is no means to trace them.
Pressure to lease quickly: In such cases, the renter is pressured to close the rental deal post-haste. The broker or landlord often claims that the property is in high demand and the tenant must close the deal quickly or lose their chance.
Demand for paying upfront: Once the tenant shows interest, there is pressure to pay money upfront to seal the deal. Moreover, money is often demanded even before the tenant has visited the site. The tenant, under pressure, often ends up transferring the money without any due checks.
Fee for site visit: Where the tenant is insistent on visiting the property, a fee is often demanded for arranging the visit. The broker or landlord often vanishes with the money after the tenant makes the payment.
No written agreements: The ‘landlord’ will insist on only cash deals, relying on verbal agreements. There are no written rental or lease agreements
Tips to avoid rental and lease scams
- Avoid suspicious listings. Anything that sounds too good to be true probably is. Red flags include a lack of specific details, typos, or inordinately low rentals
- Request a tour of the property. If you are not in the same city, ask a friend to visit.
- Ask to talk to the homeowner.
- Avoid cash transfers without any kind of written agreement.
- Insist on a legally valid lease agreement.
How ApnaComplex Rentals makes it safe for Tenants?
If you are a tenant, ApnaComplex offers a safe and trusted platform to find your next home. The end-to-end rental management services ensure a multi-layered process where the tenant’s interests are protected. It enables tenants to move within leading gated communities with ease.
Verification: ApnaComplex Rentals lists only verified properties and landlords. This protects the tenant from fraudulent individuals.
Site visits: The tenant can request a visit to inspect the property. ApnaComplex has a dedicated Estate Portfolio Manager (EPM) who arranges site visits on behalf of the landlord.
Rental agreement: ApnaComplex Rentals offers assistance with the lease agreement to ensure that all transactions are above board. Learn more about the importance of rental agreements here.
Apart from its trusted platform, ApnaComplex Rentals manages end-to-end rentals for both tenants and landlords. Tenants can view multiple listings, get support on rental negotiations, and access exclusive offers on move-in services like movers & packers.
If you want to know more about ApnaComplex Rentals, visit realty.apnacomplex.com or write to us at firstname.lastname@example.org.