April/May Property Market Update

April/May Property Market Update

Category News

Rental Scams On The Rise

The more technology improves our lives, it unfortunately also creates opportunities for scammers. One area often targeted by unscrupulous operators, is rental property. Rental scams are becoming more prevalent and can leave unsuspecting tenants out of pocket and without a place to live.

Interestingly, rental scams are not peculiar to South Africa, but are a global occurrence. Whether you are looking for a residential property or a holiday rental, you should be equally aware and always check and verifying before you pay any money or hand over your personal and bank information.

Scammers usually clone or fake property listings by using photos of properties which may be on the market, or are often not even on the market to let out. They use obscure contact details, come across as pressured, and often ask for money upfront. They usually do not have a verifiable place of business, and tend to be difficult to get hold of. Some "red flags" to look out for include:

• No proper contact details or an agent/agency number and they communicate only via WhatsApp.
• Listing photographs are not clear, or are watermarked, and the property is not clearly described.
• The advert is not on a well-known listing site.
• The price is too good to be true and clearly below other advertised rentals.
• It is difficult to get to view the property, they may even tell you the landlord lives overseas, or is a friend, and they are letting out the property on behalf of someone else, and do not have easy access.
• They often ask you to provide personal and bank details and pay upfront fees to "secure" the property.
• They will pressure you by saying there is a lot of interest in the property, and you must pay a deposit before you can view it, or they may even want you to sign a fake lease, and pay a deposit and first month's rent upfront before seeing the property.

Tips for renting safely and security

Always check that you are dealing with a recognised rental agent/agency with a proper online profile and presence including their contact details.

Check that they are registered with the Property Practitioners Regulatory Authority and are in possession of a valid Fidelity Fund Certificate. This offers vital protection.

A professional rental agency will have an established process when it comes to rental properties which they will follow including inspecting the property before advertising it, and ensuring that you can view the property before needing to pay a deposit or sign a lease.

Rental property scams can be quite sophisticated, so always think twice before acting, especially if you are unsure. Always verify the agent/landlord's details and the property. Trust your instincts. If it seems too good or odd to be true, it probably is.

Home is our Story and property our passion. As a leading rental agency in the Hout Bay and Llandudno area for over two decades, Seeff offers credibility and sophisticated procedures, all fully legally compliant which provides peace of mind to both tenants and landlords/property owners.

Author: Seeff Hout Bay/Llandudno