STEER CLEAR OF THESE 13 RESIDENT SCAMS
1. Inability to Pay Their Rent
While most renters are not out to scam you, there are some who will move in with no intention of paying rent. They are counting on the fact that you will not double check, and their goal is to live rent free as long as possible with no eviction.
To prevent this type of fraud from happening, you need to develop a thorough screening process:
· Every prospective resident must complete an application.
· Run a background and/or criminal check.
· Request a credit history.
· Contact employment references to ensure that the information on the application is correct.
· Contact their previous landlords.
· Request financial documents, such as pay stubs, to confirm employment.
2. Money Wiring Scams
Property managers can lose and immense amount of money each year dealing with wire transfers. Once the rental application has been accepted, victims of this scam are sent a fake check that is for more than the initial rent and fees. The renter then requests that the extra funds be wired back to them. As it takes time for the fraudulent check to bounce, the unknowing property manager is now out the funds that were wired back to the potential tenant and any funds used from the check. If you do accept wire transfers, remember that funds from a check deposited into an account should not be used until the check clears.
3. Falsifying Pay Stubs
Pay stubs provide valuable information about prospective tenants and how much ……
While most renters are not out to scam you, there are some who will move in with no intention of paying rent. They are counting on the fact that you will not double check, and their goal is to live rent free as long as possible with no eviction.
To prevent this type of fraud from happening, you need to develop a thorough screening process:
· Every prospective resident must complete an application.
· Run a background and/or criminal check.
· Request a credit history.
· Contact employment references to ensure that the information on the application is correct.
· Contact their previous landlords.
· Request financial documents, such as pay stubs, to confirm employment.
2. Money Wiring Scams
Property managers can lose and immense amount of money each year dealing with wire transfers. Once the rental application has been accepted, victims of this scam are sent a fake check that is for more than the initial rent and fees. The renter then requests that the extra funds be wired back to them. As it takes time for the fraudulent check to bounce, the unknowing property manager is now out the funds that were wired back to the potential tenant and any funds used from the check. If you do accept wire transfers, remember that funds from a check deposited into an account should not be used until the check clears.
3. Falsifying Pay Stubs
Pay stubs provide valuable information about prospective tenants and how much ……