Stay safe | 8 essential tips to avoid falling victim to property scams
Stay safe | 8 essential tips to avoid falling victim to property scams
Scams are a serious concern for any person. With the costs of living increasing, and the unemployment rate high, fraudsters are rife, trying to make a quick buck. Prospective buyers and renters should be aware of the various tactics employed by scammers, as these scams can result in financial losses, legal disputes, and identity theft.
To avoid falling victim to property scams:
1. Always use a reputable estate agent registered with the Property Practitioners Regulatory Authority. Using the PPRA's website, you can search for an agent's name to see if they are registered.
2. Conduct thorough research to verify the legitimacy of the property and the seller or landlord. Does the property exist on Google Maps? Is the landlord/seller willing to provide identification documentation to you for verification?
3. Insist on meeting with the agent at their office or the landlord/seller in person before viewing the property to ensure they are who they say they are.
4. Be cautious when providing personal or financial information online and use secure platforms for transactions.
5. Be wary of deals that seem too good to be true, as they are often signs of a scam. Is the rental incredibly low for the value you'd be receiving? Is the sales price far cheaper than the average for the area?
6. Never pay money upfront - legitimate agents and property developers will not require upfront payments other than to draw up your lease and complete your credit checks. If a landlord wants you to pay a deposit before seeing the property, walk away.
7. Consult legal professionals and bonafide property experts to ensure all documentation is legitimate and accurate. They have experience checking these kinds of documentation and have an eye for picking up any discrepancies.
8. Trust your instincts and walk away if something feels suspicious.
