How to spot a fake Realtor

How to spot a fake realtor

Finally, after months/years of deliberation and saving, you have decided to buy land in Lagos but, like every investor, your greatest fear is coming across fake realtors/real estate agents. You may have read stories of people falling victims to these fake agents and despite the strict laws that govern the sale purchase of any property, these scammers still thrive and are growing in numbers. In 2018 alone, over N5 billion was lost to Real Estate scammers and you will do yourself a great disservice if you dismiss the threat they pose to investors. However, identifying these scammers can be a tall task

However, identifying these scammers can be a tall task. Here are signs that tell you that you are about to be scammed by a fake realtor.

Be Vigilant

Their company is unregistered or without a license: Before doing business with a realtor, always ask for their company’s registration number. If the company is not registered, there is a high chance that you are about to be defrauded. If you find out that the company is registered, you need to check if they have the license to operate as a Real Estate company. Some of the bodies responsible for giving out license to Real Estate companies include Real Estate Developers Association of Nigeria (REDAN), Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON), among others.
They hide certain information or refuse to disclose full information to you: This is highly suspicious, as any genuine agents understand that you are parting with a large sum of money so will try to be as transparent with you as possible.
Shady bank account details: If you have gotten to the point where you are about to make payment and they provide an account that does not bear the official name of the Real Estate company, you must either demand for one or “Japa”.
They cannot give you a clear and concise location of the property: If you ask for physical inspection of the land, they take you to a marked land or property and try to convince you that is the property.
The payment plan is not detailed with many hidden charges.

To avoid being scammed make sure you check that the company is genuine, registered, and licensed then always visit the property and request for paperwork. Make sure there is no conflict or confusion in the adverts.