Real estate has proven to be one of the most thriving industries in our economy and because of this it has become prone to conmen who prey on unsuspecting property buyers, sellers, landlords, tenants and agents. Outlined below are the different trending scams and hoaxes that have taken the industry by storm and we also highlight how best one can easily identify and avoid falling into these traps.
Unfortunately many prospective tenants have fallen prey to the many bogus agents that have mushroomed all over the place who misrepresent themselves by either advertising properties that do not exist or properties that they do not have mandates to advertise. Whilst technology has made lives easier for everyone this is inclusive of these scammers who have easy access to what is available on the market. The following are some of the hints that can alert people of these bogus agents:
We strongly urge tenants to search for accommodation timeously in order to avoid the element of desperation. Desperation leads oneinto taking shortcuts which will eventually cost them and it is what allows these bogus agents to thrive in our market.
Hoaxes and scams have not only stopped on the rental aspect of real estate but they have also resorted to duping unsuspecting buyers and sellers of property as well. Outlined below are the hints that should raise red ﬂags when processing a sale:
The above are only but a few of the hoaxes and scams currently being used as there are new tricks concocted on a daily basis to prey on the unsuspecting. We would therefore like to urge everyone to practise due diligence and patience in property transaction in order to avoid falling victim to the ruthless conmen of our society.