Unfortunately, real estate scams are becoming more and more common and many potential buyers and renters are increasingly becoming victims of these scams. It is important to know how to tell if the person you are considering renting or buying from is a credible commercial property manager. Consider some of the signs below that can help you determine how to spot a real estate scam in order to avoid becoming a victim. You want to protect yourself and your investments from these types of scams going on today.
Too good to be true
One sure sign that you are dealing with a real estate scam is when the listing seems too good to be true. In today’s real estate market, it is common knowledge that rent and real estate prices are increasing. So if you see a listing that seems significantly cheaper than what you have seen in comparison, chances are it is too good to be true. For example, if you have noticed that the typical amount for renting a two bedroom and two-bathroom apartment in your area is typically $1300 and you see a listing for the same type of property at half the price, you should investigate a little further. There is probably a negative reason the rent is so low. A true real estate agent or commercial property management team are in a competitive business and would not typically set such a low rental rate.
Lack of information
Another sign of a real estate scam is when there is a general lack of information. An example of this would be if there are no pictures with the listing, if the agent is not willing to show you pictures, or if the agent is not willing to show the property or gives you the run around when you are attempting to schedule a showing. Or perhaps the listing does not include an address and the agent is not willing to provide you with one. A legitimate commercial property management team will make time for you by showing you the listing or providing pictures or more details. They will also understand that you will need an address in order to learn more about the property and the neighborhood.
Lack of availability
Finally, if the agent is generally lacking in their availability or contact, it could be a sign that they are not part of a legitimate commercial property management agency. If the person is often short in their emails or lack explanations or information about the property, beware. Also, if they seem as if they are in a hurry to sell/rent and they don’t have time for your questions, chances are they are scamming.
These are just a few of the ways you can protect yourself from the all too common real estate scams going on today. Latitude Properties Limited is always available to answer any questions you may have and provide top notch commercial property management assistance.