I Lost A Huge Chunk Of My Savings To A Rental Scam

When I wanted to move out of my family home, I was looking for a studio apartment to rent. However, I found that most of them were too expensive. Then, I came across a cheaper option  at a serviced apartment that was listed on a legitimate property site, so I contacted the agent. 

The agent was very helpful in addressing all of my concerns. She also promised to arrange for a viewing as soon as possible. However, she was unresponsive for a few days before finally setting up an appointment.

On the day of the viewing, the agent couldn’t make it and sent another ‘agent’ to show me the unit. Although I was sceptical at first, I dismissed my suspicions after I saw that the unit looked exactly like what was advertised in the listing. I tried asking the substitute agent more questions about the area and the apartment, but he seemed uncertain of his responses. 

Despite the warning signs, the price convinced me not to give up on the unit. After a few days of negotiation, I became even more determined when the agent informed me that the owner was willing to rent at a lower rate.

We signed an offer letter that looked official, complete with logos and mastheads, so I felt safe enough to transfer the first half of the deposit. The agent assured me that she would send over the tenancy agreement soon, but it still took days for her to get back to me with the document. 

When I finally received the agreement, I noticed I had to pay the remaining deposits before moving in. This was unusual since it’s usually paid during the handover. I even had my parents review the document, but my fear of losing the deal overruled my doubts. So, I signed and paid the deposit. 

On the night before I was supposed to move in, I couldn’t help but feel that something was off. And my instincts were right. 

The next day, I stood alone, waiting outside the apartment with all my belongings. I tried calling the agent and the alleged owner, but there was no response. After trying to contact them for over an hour, I realised that my worst nightmare had come true: that I had been scammed.

After filing a police report, we discovered that the “agent” was impersonating an actual agent from a registered real estate company. She was part of a syndicate that would rent Airbnbs for a day to trick unsuspecting renters. They would take potential renters to the property for a viewing, making them believe it was legitimate rental units under their care that were available for rent.  

This ordeal nearly drained all my savings, and I wouldn’t wish this on anyone. If you are planning to rent a place, always do your due diligence. Verify the property agent’s licence number on listings, and never make payments to personal accounts but only to the property agency’s official bank account.

This article is part of TSS Confessions, a weekly column where we delve into personal finance topics that are unscripted and genuine real accounts from people.