Don’t be fooled: 5 Tips to Avoid Rental Scams
By Power Properties - April 1, 2024
Navigating the Calgary Rental Market can be challenging, especially with low vacancy rates and skyrocketing prices. It's crucial to prepare yourself and do some research when searching for a new rental property. Remember, if a deal seems too good to be true, it probably is!
Here are 5 Things to Look For to keep yourself safe from rental scams:
Recognize Common Red Flags In the Advertising:
Common red flags in a property listing is: limited or outdated photos, spelling mistakes, and duplicate listings. Be wary of fake contact information, difficulty scheduling viewings, and pressure for virtual tours only. Renting from a Property Management Company can offer an advantage in this regard, as they typically maintain a credible website and may have Google Reviews from their clients and tenants, providing additional reassurance of their legitimacy.
2. Protect Your Finances:
Avoid paying deposits, rent, or application fees before viewing the property. Scammers may request upfront payments to lure unsuspecting renters. Always verify the legitimacy of the landlord or property manager before making any financial transactions. After you’ve viewed the property, if they require an e-transfer deposit to process your application, create a password and refrain from telling them until your application is approved, and you have a copy of the lease agreement. This ensures that you retain control over the deposit, allowing you to cancel the transfer and return the funds to your account if needed.
3. Verify Personal Information Requests:
Be cautious when sharing sensitive information like banking details or SIN numbers. Legitimate professionals will not ask for personal information before a viewing or without a valid reason. After viewing a property, it's standard to fill out an application form. Ensure you read the details thoroughly to understand what information you need to submit and why. If you're unsure, ask the landlord or company representative for clarification. They should be able to provide valid reasons for requesting this information.
4. Prioritize In-Person Viewings:
Whenever possible, arrange in-person viewings with the landlord or property manager. This allows you to confirm their identity and assess the property's condition. If you are unable to visit the property in person, consider asking the landlord or agent to video call you and walk you through the property. Scammers often refuse to meet in person or make excuses to avoid face-to-face interactions. If they agree to meet you in person, but refuse to let you inside the property this is a major red flag!
5. Report Suspected Scams:
If you encounter a suspicious listing or suspect fraudulent activity, report it immediately to the relevant authorities and rental listing platforms. Scammers will often steal photos and descriptions from valid listings. If you google an address and find a duplicate listing with different landlord contact information, this could be a scam.
With rental scams becoming increasingly common in Calgary, it's crucial to remain cautious and informed during your search for a rental property. By following these five essential tips, you can minimize the risk of falling prey to rental scams and secure a legitimate rental property. For more guidance read more on CREB's blog post: https://www.creblink.com/crebtalk/Articles/2024/March/spotting_rental_scams/
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About Power Properties Ltd.
Founded in 1980, Power Properties has been providing hassle-free property management services to property owners, property investors and non-residents with homes in Calgary, Alberta for over 40 years. Our full-service property management includes everything from move in to move out, so you don’t have to worry about the day-to-day operations of your rental property. With a team of licensed professionals, years of experience, and award-winning service, you can rest assured that your property is in good hands.
