There is a growing concern over fake landlords that are flooding the market and creating scams, as observed by landlordtoday.co.uk and onlet.co.uk. This is a problem that has been growing in recent times, and there are more cases than ever with fraudulent lawyers who operate under the guise of legitimate landlords. Part of the scam that is being practiced is that they swindle the money out of their victims when they ask for a down payment or a deposit to the potential place.
There are numerous cases dealing with fraudulent landlords who are ultimately using different mechanisms to fool their victims. One of the more popular scams is that the victims hand over deposit money in order to pay for rent, only to find the landlord disappearing and finding out they did not own the property to begin with.
Types of Scams Used
There are many other ploys that fake landlords use as well, such as coercing them to hand over passports and other personal information in order to exploit their accounts. Most commonly, they ask for financial details as part of a reference check, and then use the information that is given to their own gains.
Unfortunately, con artists are now taking advantage of a rental market that is experiencing a high rate of demand, where competition is fierce and people are more desperate than ever to score their dream house. This is an exceptionally popular scam especially after the 2007 credit crisis, after which mortgages have been particularly difficult to secure. There have been many prospective homeowners that are renting in accommodation longer and now there is an overwhelming shortage of rental properties available.
Because of the complicated housing situation, criminals have been able to scam more people than ever for their own gains. They often convince potential tenants that they necessitate a holding deposit in order to hold their spot on the list, and later disappears. However, while the blame can be placed on the criminals who are responsible for the crime, it is also up to the potential tenants to be aware of who they are giving money to. It is now more important than ever to run a background check and to know more information about an individual before turning money over. That means you should know more than a first name and mobile number from an online advertisement.
It is up to the tenants to educate themselves of how to avoid popular scams like this. There should be tenants who should be advised to use a recommended agent that is a member of an association that can be verified. In order to avoid scams like this, only consider landlords or rental agents from the Association of Residential Lettings Agents, the National Landlords Association, or the Property Ombudsman. This way, you will be able to track whoever is doing business with you and you can trust that your business is safe with them. With a little precaution, you can ensure that you will not be a victim of this type of scam.
There are numerous cases dealing with fraudulent landlords who are ultimately using different mechanisms to fool their victims. One of the more popular scams is that the victims hand over deposit money in order to pay for rent, only to find the landlord disappearing and finding out they did not own the property to begin with.
Types of Scams Used
There are many other ploys that fake landlords use as well, such as coercing them to hand over passports and other personal information in order to exploit their accounts. Most commonly, they ask for financial details as part of a reference check, and then use the information that is given to their own gains.
Unfortunately, con artists are now taking advantage of a rental market that is experiencing a high rate of demand, where competition is fierce and people are more desperate than ever to score their dream house. This is an exceptionally popular scam especially after the 2007 credit crisis, after which mortgages have been particularly difficult to secure. There have been many prospective homeowners that are renting in accommodation longer and now there is an overwhelming shortage of rental properties available.
Because of the complicated housing situation, criminals have been able to scam more people than ever for their own gains. They often convince potential tenants that they necessitate a holding deposit in order to hold their spot on the list, and later disappears. However, while the blame can be placed on the criminals who are responsible for the crime, it is also up to the potential tenants to be aware of who they are giving money to. It is now more important than ever to run a background check and to know more information about an individual before turning money over. That means you should know more than a first name and mobile number from an online advertisement.
It is up to the tenants to educate themselves of how to avoid popular scams like this. There should be tenants who should be advised to use a recommended agent that is a member of an association that can be verified. In order to avoid scams like this, only consider landlords or rental agents from the Association of Residential Lettings Agents, the National Landlords Association, or the Property Ombudsman. This way, you will be able to track whoever is doing business with you and you can trust that your business is safe with them. With a little precaution, you can ensure that you will not be a victim of this type of scam.