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Whether it’s lighting tricks used by photographers or promises made by unscrupulous sellers, the Internet is full of New York City Real Estate Listings that look great but actually have a big catch. Although these types of tricks are most common in the rental market, they can negatively impact homebuyers as well.
Realizing that the market is full of tricks and scams can be a little scary. However, when it comes to renting or buying real estate, knowledge truly is power. So as long as you know what to look for and the best steps to protect yourself, you’ll put yourself in a position to properly evaluate New York City real estate listings. This will allow you to find what you want without being led astray.
With that goal in mind, let’s dive right into the most common problems you want to watch out for, as well as how you can protect yourself throughout this process:
3 Common New York City Real Estate Listing Scams
The first rental scam that goes on in New York City is people trying to rent out a place they don’t own. Whether they have access to the place through a friend or another channel like AirBNB, the bottom line is they aren’t the legal owner of the property.
The second scam that’s fairly common is a bait and switch. Although someone does own an apartment, they use information from other New York City real estate listings to make theirs sound much more appealing. But since their apartment is nothing close to what they’re promising online, they try to pressure interested parties to rent it sight unseen.
Finally, the other common scam is when an individual poses as a real estate agent. Their objective is usually to hold a fake open house so that they can try to get multiple parties to pay an application fee, which of course they won’t refund.
5 Signs That a Listing is a Scam
When it comes to online New York City real estate listings, the first red flag is being asked to pay in cash or wire funds. The second sign to watch out for is when a broker or landlord is overly eager to do business with you. While speeding up the process may sound appealing, you don’t want to find yourself in a situation where there’s no paper trail of your agreements.
High pressure sales tactics are another bad sign. Also, if you ever have a bad feeling about a NYC real estate listing, be sure to listen to your gut. Finally, if an apartment seems ways too good for the amount that’s being asked, you need to be extremely cautious about the possibility of a scam.
The Best Way to Protect Yourself from NYC Real Estate Scams
While the information we covered will help you avoid many scams, navigating through New York City real estate listings to find the right one can still be very challenging and stressful. If you want to eliminate as many of the obstacles from this process as possible, find out more about how Elika renter’s representation can help you find the ideal luxury apartment in New York City.