Thursday, January 8, 2009

Shop Smart! Avoid New York Rental Scams

Finding an apartment in New York can be an exciting and rewarding experience, and the proliferation of online classifieds and broker finders such as New York Rent Club have made it easier than ever before, but the unguarded and unlucky few can easily fall prey to scams.new york real estate brokersAs a cautionary tale on the dangers of renting apartments in New York City, read this article from the New York Post. A 22-year-old woman was arrested in December after collecting over $5,000 in application fees for underpriced Upper West Side apartments that were, alas, nonexistent.

In this case the perpetrator placed an ad in an ordinary newspaper, but scams of this type are also common online and are not always easy to spot.Anonymous listing sites such as Craigslist and apartment finders guides like Citycribs have been known to be hotbeds for scammers posing as both owners and brokers offering too-good-to-be-true New York rentals. Be especially wary of those asking for money upfront before showing their apartment for rent, and always ask for credentials.

Finally, not all legitimate New York real estate brokers are what they seem. If possible, get the skinny on your new agent before they lead you around. Find references and credentials on potential using an online broker finder site such as this one.