Property scams to avoid
We take a look into the biggest property scams in South Africa and how you can avoid them when on the market to buy, sell or rent. From people posing as agents to sending out fraudulent emails, take note not to get duped.
Whether you live in Secunda, Cape Town, or the heart of Pretoria, property scams are on the rise and cropping up all around the country. From buying and selling scams, to rental property scams, there are numerous ways people can get caught up in and duped in the property market. As fraud detection mechanisms evolve and become more efficient, so too do the systems employed by fraudsters. If you’re in the market to buy, sell or rent property, here are the most prominent scams you need to be aware of and how you can avoid them.
Duplicate listings
People posing as legitimate agents will copy a real rental listing, and advertise it for a lower rate to get numerous renters interested. Once a number of people are interested, the ‘agent’ will require them to wire money to them as a deposit to secure the property, and then disappear without a trace. The potential renters are then left robbed of their deposit and a place to live.
Fake emails
During the process of buying a property, fraudsters are known to hack email accounts of a buyer, pose as the legitimate lawyer or agent and request funds to be transferred to them. If the buyer is unaware of the fact that the email address is not legitimate, they will transfer the funds and lose a significant amount of money.
Avoid these scams by being aware of:
- Agents who request payment via wire transfer for credit checks and deposits before seeing the property
- Prices that look to good for the property and/or area
- Agents who avoid showing you the property
- Sellers and/or agents who become pushy about the deal.
Fraudsters are constantly around in the hopes of robbing someone of their hard-earned money, so keep these tips in mind whether you’re in the market to buy, sell or rent.
