How to Avoid Rental Scams When Listing Your Property
There are plenty of ways to list your rental property and attract high-quality tenants.
However, the potential for falling victim to a scam increases, as with anything where there is money involved,
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Luckily, we’ve put together this guide to successfully avoiding scams when listing your property, with a few tips and tricks to help you spot them early on.
What is a property scam that landlords can suffer from?
As a landlord, a scammer may try to sell your property or transfer it into their own name using false documents, especially if you do not live in the property.
There are several ways in which you can work to avoid this:
Sign up to Land Registry Property Alert service
The first thing you should do if you are concerned about a certain property, is to sign up to the Land Registry Property Alert service.
– This means that if someone attempts to make changes to a property that you have registered, you are sent an email.
While it won’t automatically prevent people from making changes, it will alert you and therefore you can tackle the problem if necessary.
As a landlord it is a really good service, as you can keep tabs on multiple properties at one time.
Place a restriction on your title deeds
Another way to ensure that you are as protected as possible is to place a restriction on the title deeds of the property you are renting out.
In short, this means that the Land Registry cannot register a sale or mortgage unless a solicitor confirms that the application was made by you.
Review all your tenants before they move in
It is important to thoroughly vet your tenants before they move in. Check their ID, credit history, current income and check in with their previous landlord.
Checking in with a previous landlord means you can confirm the tenant is who they say they are.
Visit the property
Some tips to consider before letting the property :
- Giving 24 hours of notice
- Make sure to visit the property in the first few days that the tenants has moved in ( scammers tend not to move in )
- Check up the tenants at least every 6 months to make sure that the tenant is physically living in the property.
If you feel that something is amiss, make sure to take action quicker. It is very important to take the necessary steps to avoid scammers and to report any suspicious behaviour as soon as possible.