Are your tenants running background checks on you? Remember! LANDLORD RULES!

Reblogger Wallace S. Gibson, CPM
Real Estate Broker/Owner with Gibson Management Group, Ltd.

Real estate scams have been around for decades.  I bought a property management firm because a would-be tenant re-keyed the property and attempted to rent the home on their own.

I've known DIY landlords whose rental prospects want THEIR social security # to run THEIR credit.

Let's remember, the LANDLORD/PROPERTY OWNER is in charge....ALWAYS!

Original content by Mike Cooper 0225086119

I'm currently working an REO where there are left-over tenants from Surprised manthe previous owner.  He never bothered to tell his tenants that he had been foreclosed.  As a matter of fact, his former tenants have paid him rent for the past three months.  I'm sure he's laughing all the way to the bank.

That scenario, and the same generated by the increase in short sales, has caused a new rental phenomena.  Potential tenants are running background checks on landlords.  Is that out of line?  Maybe, but in the environment we currently find ourselves in it may not be as bizarre as it sounds at first glance.

Think about the horror stories you've heard about a scam artist re-keying the doors on an abandoned house.  Sometimes, he re-keys a listed home.  Regardless of which, he lists it on CraigsList.com.  Soon after, a potential tenant comes long and fills out an rental application.  The potential tenant is immediately approved. 

He brings cash or a certified check for first and last month's rent, a security deposit and he's handed the keys.  He may have coughed over $5000 in that last meeting.  He moves in and expects to enjoy his new home for the next year.

A month later, a real estate agent shows up to have the house re-keyed because it has been foreclosed.  He finds a tenant in the house.  The tenant shows his lease, but his lease was written by a fictitious homeowner who is long gone and spending the his money. 

According to an article on Chron.com, "New Trend - Renters Running Background Checks on Landlords," this is a trend that might have legs.  Renters need to protect their interests as well as landlords.  It's crazy market we're in, and it keeps getting crazier.  Pay attention, and don't get scammed.

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Give me a call for all your real estate needs, and let's make something amazing happen. 

Mike Cooper @ Cornerstone Business Group, Inc., 888-722-6029

Real Estate Sales and Property Management

 

(Disclaimer:  All grammatical mistakes, punctuation breakdowns and misspellings are purely for your amusement and entertainment.  Feel free to cackle.)

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Fred Griffin
Frederick Griffin, Licensed Real Estate Broker - Tallahassee, FL
Licensed Real Estate Broker

Very interesting, Wallace.   Thanks for re-blogging it.  

    A Landlord that would give their SSN to a tenant is going to get hammered!  

 

May 16, 2012 12:30 PM #1
Rainmaker
409,895
Michelle Francis
Tim Francis Realty LLC - Atlanta, GA
Realtor, Buckhead Atlanta Homes for Sale & Lease

Wallace, 

Part of what we sell is the confidence to tenants that we are in deed working with the owners WITH their authority to lease and manage their home.  Folks that are to cheap to have a property manager, yet live out of the country sends a big sign to potential tenants should realize - the landlords are cheap as heck or they really aren't the true owners!!!!!!  In either case, run!

All the best, Michelle

May 16, 2012 01:17 PM #2
Rainmaker
631,174
Sussie Sutton
UTR Texas Realtors - Pearland, TX
UTR TEXAS Realtors - Rep for buyers and sellers.

Carpet Baggers... That is the only word that comes to mind. There is always someone cashing in on someone else's misery.

May 16, 2012 09:55 PM #3
Rainmaker
1,386,336
Charles Stallions
Charles Stallions Real Estate Services - Pensacola, FL
800-309-3414 - Pensacola, Pace or Gulf Breeze, Fl.

Umm here the sheriff is putting notices on the doors every week so I can't imagine a tenant nt knowing however they are still required to pay rent or be subject to eviction. Two wrongs don't make a right. IMHO

May 17, 2012 05:35 AM #4
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John McCormack
Albuquerque Homes Realty * www.AlbuquerqueHomes.com - Albuquerque, NM
AlbuquerqueHomes.com, Albuquerque Homes Realty

Good morning Wallace...

Well I must say Sussie's comment brought a big smile. Then Charles pretty much nailed it.  Thanks for the re-post. I normally catch Mike's post but someway had over looked this one.

Have a great day in all you do.

John

May 17, 2012 08:07 AM #5
Rainer
204,518
Mark Delgado
houses for rent, Solano County & Glen Cove - Benicia, CA
Benicia and Vallejo, Property Management, rental h
A better option for renters is to stick with established property management firms when searching for a new home. That way they can rest assured knowing that the deal is "legit.".
May 19, 2012 12:39 PM #6
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Rainmaker
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Wallace S. Gibson, CPM

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