The evolving, yet imminent blend between technology and the real estate sector is evidently brewing a new rave of opportunities and value propositions to the property market, though majorly targeting home seekers.
However, these tempting opportunities such as the use of social media and online market place listings to buy and rent homes by intending home hunters have also created a leeway for scammers to leverage on and perform their unwholesome activities, especially in thriving markets such as the bubbling Lagos market.
But by being aware of the few tricks compiled by Global property network, Lamudi, home seekers can actually learn how to quickly differentiate scammers from the legitimate real estate agents.
Avoid paying inspection fees
Never agree to make any payments upfront or sign a contract without first inspecting the property no matter how official the documentation looks. Viewing the property and meeting the agent in person are the best ways to guarantee that the listing is legitimate.
Verify the identity of the person you are dealing with
Take steps to check the agent you are dealing with is a licensed broker or agent. In the first instance, a simple online search can help you detect a scam. Try searching for the property’s address, the name of the agent and their email address.
Avoid listings that have been posted multiple times
One common scam is for fraudsters to copy an existing (and legitimate) listing of a property for sale and repost it as a rental, with their own contact details attached. Look out for duplicate listings which have different asking prices.
Never give away your personal information or documents.
You should never be asked to provide your bank account details or personal identification documents to someone over the internet. Importantly, never provide your credit card verification.
Remember that if it sounds too good to be true, it probably is.
One of the most important rules in real estate is that if a deal sounds too good to be true, it most likely is. Be sceptical about any online listings for attractive properties which are very well priced for the area. Scammers often use these very low prices to lure property seekers.
If you detect a scam, get in touch
Focus your search on properties listed by well-known real estate agencies and trusted classifieds websites. Once you have detected a possible scam on a real estate search website, notify the platform immediately.
ODINAKA MBONU
