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Tips to Avoid Online Real Estate Scams

Now that the real estate industry has almost transformed completely to the cyber domain just like all other business industries, we often find properties listed on the real estate portals that look too good to be true. Such properties are at the prime location, have amazing photos and are way below your set budget. When we find such properties, we get overjoyed right away and make a phone call on the given number which is answered instantaneously.

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We get involved in such deals immediately owing to the fear that this amazing property may get sold or rented before we finally seal the deal, only to find out that it was a scam and our money has gone down the drain. All those who have been involved in property buying, selling or renting online in the past might have experienced this scenario. However, if we get ourselves completely aware with a few precautions, we can avoid getting trapped by the real estate scammers. Here are a few things you should keep in mind to avoid online real estate scams:

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Visit and thoroughly inspect the property first

The first step after having talked to the property owner or the real estate agent whose contact number is mentioned with the property listing, is to ask him to make you visit the property.
Inspect the property thoroughly and have a short sitting with its owner to inquire about the features and anything that is associated with that property. In case the property is in custody of real estate agent, visit his office and make sure that he is a licensed or authentic professional. Do not make any kind of upfront payment unless the deal has been legally written and duly signed.

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Track properties that have been listed multiple times

The most common type of property scam is when the fraudulent agents copy paste property features, images and contact information on several portals. At some portals these fraudsters would be listing the same property for rent whereas at times they would be listing it for sale. This is a visible proof of scamming. Looking out for duplicate listings with different asking prices can also help you filter out the scammers.

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Don’t give away your personal information

With real estate scamming on the rise globally, you need to be extremely careful in case somebody asks you for personal documents etc. If the property seller or renter asks for your personal information or any documents, you shouldn’t give it out without getting legally involved into a deal.

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Don’t get carried away by emotions

While you seek property online, you need to keep yourself away from the emotions. Always remember the fact that if it sounds too good to be true, there is something fishy about it. Being completely realistic and keeping your expectations in accordance with the market condition would help you stay away from the scams. The scammers commonly use the tactic of asking very low prices to lure property seekers.

 

About the Author

Khadija Aslam is a marketing analyst at homespakistan.com and she writes on a variety of subjects including business, real estate, travel etc.

About Imran Ahmad

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