Rental Property Management To Avoid Rental Scams

A commercial property demands adequate management to protect itself from unscrupulous activities leading to the loss of its profitability and goodwill. Over the years, rental scams have increased a lot, and have become a threat to the honest dealings in the real estate industry. Although the increase in rental scams has been a problem for the people who are searching for properties for lease, it has been a matter of concern for the property owners too. After all, an illegal transaction of a commercial property engineered by an unauthorized person, eventually affects the reputation of the property and its owner.

It is one of the responsibilities of the rental management services to keep a close eye on the market to detect any unofficial usage of the name and credentials of a commercial property. Property owners are advised to take certain measures to prevent letting their properties fall into such kind of traps.

1. Minimize occupancy gap

A commercial property should never be kept vacant unnecessarily. The property managers must start their initiatives to search for fresh tenants even before the old tenants leave the property, in order to minimize the period of non-occupancy. Undoubtedly, unoccupied properties are not only vulnerable to squatting but also are easy targets for rental scammers.

2. Secure your credentials

Rental scammers often pretend to be the real owners or authorized managers of the property. They are facilitated by the easy availability of credentials and document details of the commercial property and its owner. Legitimate property owners must be very careful while giving away their credentials to any tenant, as the information might be misused against them. A wise property owner would also maintain an insurance policy against identity theft.

3. Strict screening

Tenant screening must be taken seriously while leasing or licensing of any commercial property. Most of the times, the tenant is found to be indulging in rental scamming. Firms offering rental property management services need to conduct a comprehensive interview of every prospective tenant and screen out even the barely suspicious tenants. 

4. Clear policies on subletting

The real estate property management services must ensure a transparent set of policies regarding subletting in the lease. It is advisable that property owners maintain the upper-hand in matters of subletting. They might bind the tenants to inform the property owners about all the details of the sub-tenants.