You Should Know!

Unfortunately, the bad news continues to grow, as another unsettling trend around COVID-19 has begun to spike in a world that we are quite familiar with – real estate. We have become accustomed to common phishing schemes that involve sudden changes in wiring instructions, and the infamous, vague “click here” traps instructing you to read an urgent message regarding your closing. With real estate forced to undertake a greater online presence during this pandemic, the bad guys are now taking advantage of this change by creating fraudulent rental ads.

With limitations on access to properties to inspect them, people now are relying heavily on rental ads’ descriptions, pictures, contact information, etc. The Better Business Bureau (BBB) has seen a 10% increase in rental scams. In fact, the bad guys are posing as landlords by listing apartments and houses that are already occupied, hoping to make a quick buck from an unsuspecting person. The other side of this scam is that the bad guys will act as Internet scavengers to find legitimate postings and copy them word for word. In this process, they will also steal the actual Realtor’s name, picture, and real estate license number. When potential renters contact these “landlords,” they are fed a false story about the apartment/house and are informed that they cannot see this place in person due to the pandemic.