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.
Regardless of the situation, we all start out here.
If you have never had a property manager before, you are probably curious and would like to learn about the roles and functions of property managers and what type of impact having one designated to you will have on you business affairs. The scope of a property manager is wide, and a property manager strives to:
Collect rental fees. Each sum of money received is placed in an escrow account. Funds are disbursed for the payment of bills, income to the landlord, and the property management company fees.
Maintain accurate records of funds, receipts, and expenditures; and regularly furnish these records to respective landlords.
Handle all matters with HOA/COA.
Manage all tenant relations which include maintenance requests and late fee notices. Deal with a laundry list of tenant problems such as unauthorized guests, unauthorized pets, parking issues, tenant cleanliness, noise violations, neighbor complaints, and the list goes on. We also manage the process of prosecuting actions to evict tenants on an as-needed basis.
Ensure compliance with state laws, local ordinances, licensing requirements, association rules, Fair Housing laws, insurance requirements, and IRS requirements.
Manage and dispatch handymen when necessary.
Inspect the property periodically: at the time of move-in, move-out, and frequently during tenancy.
Generally, money does not flow from the landlord to the property manager or from the tenant to the landlord; but it flows from the tenant to the property manager to the landlord. Fees and commissions are withheld upon collection of rental fees.
Our agreements are standardized and its duration is a one-year period; however, either party may terminate the agreement at the end of a 30-day notice.
If you are interested in learning more, you may want to find out what differentiates Nesbitt Realty from other property managers.
[Learn more about our property management services now.]
Please don't hesitate to contact Nesbitt Realty for assistance. Our real estate experts are eager to assist you in any way they can.
For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.
