Recently a person pretending to be a rental applicant tried to run a scam on a property we manage. They hoped to scam the landlord and Nesbitt Realty. With increasing reports of real estate scams worldwide, here are some ways you too can avoid being caught up in fraud.
Make sure all parties are who they say they are. Have an out-of-state party provide a photocopy of their driver’s license or passport that has been notarized. If someone alleges to represent an embassy or a large corporation, afford them no less due diligence that you would any other renter or buyer.
Will Nesbitt is the principal broker of Nesbitt Realty.
Verify signatures. Compare the signature on the real estate contract to other signatures on their driver’s license, passport, the original sales contract, etc.
Double-check the documentation. Make sure none of the documents have been altered. Inspect originals whenever possible. Get certified copies from a title company.
You select the professionals. Require the out-of-town party to use a real estate professional, attorney, or title company of your choosing.
Require a face-to-face meeting. The safest way to ensure that they are who they say they are is to require that they show up at closing.
Rely on the professionals. If it all possible, don't do it yourself. Let a brokerage like Nesbitt Realty handle all the details.
Are You in Need of a Property Manager?
There are many advantages to hiring a property management company in {Location_Name}; however, there is also an expense associated with hiring a property manager. In addition to the cost attached to property management, there are also other reasons why property management may not be suitable for your needs. There are factors to consider in order to determine whether hiring a property management company is ideal for you.
Ask yourself these questions as they will be helpful in determining whether there is a possibility that you need the services of Nesbitt Realty.
Will you be living and working in the vicinity of your rental property? Northern Virginia is a very transient area. We have more than our share of military, diplomats, State Department, political appointees, and academia. If you are being transferred across the country or halfway across the globe, it may be a good idea to have a professional organization manage your rental property. Simple tasks may become complicated very quickly when you are not present to manage the details.
Are you interested in handling all details of property management? There are some landlords who look forward to the challenge of finding good tenants in {Location_Name}. Other landlords are of the opinion that maintaining a property and managing the details are rewarding, and they enjoy taking late night calls. On the contrary, if you think rental property ownership is laborious and want little or nothing to do with the everyday management of your properties, you may consider hiring a property management company to manage your property.
How full is your schedule? As rewarding as hands-on management is, you may not have much time to devote to your property management business. If you already have a full plate, then the last thing that you look forward to doing is nonstop worrying. Thus, hiring a property management company may be one of the best financial investments that you have made.
Is the cost affordable? We will be honest. If you are considering hiring a property management company, it will be a much more attractive option if you are able to afford it. If monthly cash-flow is not an issue, you will prefer to save money by paying a property manager and writing off the expense. However, if at the end of every month cash is not readily available, you may not want to hire a property manager.
Can you afford the risk? Do you understand the Virginia Residential Landlord Tenant Act? Do you know what are the tenant's rights? Do you know what are your responsibilities as a landlord? The more you familiarize yourself with property management in today's litigious culture, the more you will understand the value of having a professional who is always available to handle your matters.
Do you have easy access to a network of maintenance people? All properties require maintenance. When your tenant calls you because the property is in need of repair, will you know whom to call and what to do in a timely manner? If not, you may want to consider hiring a property manager.
