Holiday rentals scams beware

Nov 27, 2017 4:04:17 PM Share this:

Now is the time when holidaymakers start scouring the internet for properties to rent during the festive season. Last minute planning often fueled by desperation and online scammers exploit this need.

As the internet is usually the go-to platform for holiday rentals, anonymous communication is often a prerequisite, which can make any of us feel uneasy. It is important to understand that you need to be alert and rely on your instincts when parting with personal information and money. Some horror stories have emerged in recent times - most often related to people paying deposits blindly.

Here are a few tips:

Logic goes a long way. When something is too good to be true, it usually is. Be skeptical of advertisements where the rental quoted is a lot lower than the average for the area in which you are interested. Do a quick market analysis of similar homes to gauge the regional standard.

When communication is vague and your direct responses are going unanswered and are being replied with rhetoric, be weary. An extension of this scam is the "homeowner" that has a million excuses why they can't have someone meet them face to face, especially because they know you're usually still out of town. Their excuses range from always running late, or on business trips or in meetings. The next step is often a request to pay a deposit, albeit at times a smaller one, in good faith to "secure" the property. Do not pay until you're absolutely sure.

A picture speaks a thousand words. If the photos you're being sent vary dramatically in size and quality warning bells should go off. Many potential scammers download stock photos off the internet and use these as bait to attract potential holidaymakers. Request images from different angles and request new photos, with modern technology this is usually rather easy to achieve.

Digital history. Do a quick search online on the rental property's previous adverts. You can either search the contact numbers or address of the property to find out if this home is rented out on an annual basis. Obviously not a sole reflection on the validity of the home but just another factor to consider.

The majority of holiday rentals advertised contain accurate information from a trustworthy source and there is a good chance you'll have a very pleasant experience. This article is in no way aimed at dissuading you from contacting homeowners direct but for both the homeowner and the holidaymaker it is always the best option to make use of a highly reputable estate agency. This way both parties are secure and the transaction is managed professionally.

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Topics: holiday rentals

Festive season holiday rentals

Nov 17, 2017 9:16:57 PM Share this:

The festive season is fast approaching and economic activity and consumer spending typically spikes during this time. Many take leave during December, especially due to the relative warm holiday weather across the country.

Besides local travelers flocking to their favourite destinations, South Africa is a premier holiday spot for international holidaymakers too. Due to the high demand popular lodges, hotels, guesthouses etc. are usually fully booked months in advance. This is where renting out your property over this period to tourists can be a great source of secondary investment income as well as a way to ensure your home does not stand empty while you're away.

If you're thinking of letting out your home during this season here are few things to consider:

Firstly, it is imperative you get in touch with a rental specialist agent in your area that understands the market well. Not only will this agent be able to provide you with an accurate valuation of potential rental income but also be able to manage your tenant requirements. This process can often be a dissuading factor for home owners not wanting to deal with the hassle of vetting potential tenants as well as getting all the legalities in order. A rental agent will have all the necessary experience and training to assist greatly when exploring this option.

Secondly, the sooner the better. People tend to make holiday arrangements long in advance, and it is always better to step into the market whilst your potential tenants are deciding on accommodation. You don't want to go through all the processes of letting out your home only to find it was too late and with your potential target market being dramatically reduced.

Lastly, letting strangers into your house remains a risk. Take all the necessary safety precautions to ensure your investment is protected. If you have a safe on the property make sure accessibility is strictly reduced, also if you have any items of a high value rather lock them away in the safe or acquire a safety box off site for the duration of the tenancy.

There are a lot more aspects to consider, that is why step one is so important. Partner with professionals and you'll be surprised at the ROI potential.


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Topics: holiday rentals, festive season