Ways You Can Spot Real Estate Scams

real estate scam

How to spot a real estate scam before it’s too late!

Real estate is known for all it’s prominent success stories. Sadly, real estate is also riddled with miscreants. There have been many write-ups about scams aiming to target the property investors of the world. But there are also scams that have been targeting landlords, investors, and property managers. Here are a few ways you can be able to spot the scams and avoid losing your hard-earned money in the process.

Rental Scams
In this particular scam, someone will rent your property and then turn around and claim to be the landlord themselves. They do this by posting an advertisement about the property, collect rent from prospective tenants and then never get back to them about a vacancy. A well-organized scammer can pull this trick on multiple people for the same exact unit. The scammer does this because he ends up leaving once he collects all the money, leaving the landlord with a long line of unhappy people and a smaller amount of money in his bank account.
You can avoid these potential scams by thoroughly monitoring your tenant applications. You can easily verify identities by using a background checking service. You will also want to change the locks after each tenant to avoid any trouble. Be sure to check out tenant references, and then re-check them if necessary.
Investment Scams
There are a few investment scams that are common these days. Real estate is a somewhat easy field to understand. There are very few “secrets” in real estate investing, therefore if you find yourself being duped into putting down a lot of money to get some hot-shot secrets to making your way in the real estate market, it is likely a scam.
Other scams may include spawning a sense of scarcity. For instance, a scammer may advertise the urgency of making an important decision, adding the phrase “act now”, putting readers on high alert. It’s important to note that when you buy a large property, or any property for that matter, time is often important. However, when it comes to investment programs, time is not an urgent matter.
Trust the Professionals at Clagett Enterprises for Your Real Estate Needs
If you’re looking for the perfect realtor for your property or to assist during your purchase of any home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistant selling your home and getting the best possible price, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook, Twitter, Pinterest, and Google+.

This entry was posted on Friday, January 27th, 2017 at 2:23 pm. Responses are currently closed, but you can trackback from your own site.