How to protect yourself from rental scams
As the summer rental season ramps up, be aware that scams can affect both tenants and landlords. As a property owner looking to rent out your space, you might encounter various fraudulent schemes when advertising your property online.
Understanding these scams and recognizing the red flags can save you stress and even financial loss. Three of the most common scams that landlords face in the District of Columbia include the following: 1.
Fake Payment Scams Tenants provide fraudulent checks or money orders for rent or security deposits. These payments appear legitimate initially, but eventually bounce or are identified as fake. Why it works: Scammers take advantage of the delay between the initial deposit and the time it takes for banks to identify fraudulent checks, allowing them to secure access to the property.
Once they do, they have possession and in the District of Columbia, that means a court case to remove them. Prevention Steps: Verify Funds: Wait for the check or money order to fully clear before handing over keys or signing the lease.
