What are the potential risks renting out your unit through AirBnb?

Category: Condos

 

David, I’m a long time fan. Check out this article: Tenant turned Airbnb proprietor becomes landlord’s nightmare

It looks like the realtor did not due their due diligence or represent the interests of their client.

 


 

Hi Alex,

This reminds me of the Toronto Life article from last summer:

http://torontolife.com/real-estate/jesse-gubb-the-tenant-from-hell/

It’s sad that people are getting duped out there, but any time somebody can make money, they’re going to try!

People get ripped off by auto mechanics, and home improvement contractors all the time.  But Air BnB, and real estate agents, are both a lot sexier topics and make for better headlines!

I do a lot of rentals for my investor clients, and it’s not tough to find out who somebody really is.

Credit check from Equifax.ca – that, you can’t fake.

Employment letter – you can fake the letter, but what happens when you call the HR department at the company they say they work for?

References from past landlords – unless they have a friend posing on the other end of the line…

And in the end, check LinkedIn, Facebook, and every other social app.

I find that the fraudsters seek out the “easy” scores, where landlords and agents aren’t asking for all these items.  They spook easily, as they should, and they can spot an agent or landlord who is doing his or her job!

But these stories will continue, both because they’re going to happen again and again, and because they make great headlines!
David.

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