Real estate investment is one of the major investment strategies that can get you a steady income stream. While investing in real estate in Nigeria offers countless opportunities to gain financial freedom and build generational wealth, A simple mistake can lead to you losing your hard-earned money – possibly your life savings
Real estate Scammers are waiting to take advantage of you, especially if you are not careful or too anxious to get the deal done. but the truth is real estate scams are not only peculiar to Nigeria. It’s a global phenomenon and there are ways in which you can prevent yourself from becoming a victim
Most people ask: how do I know whether in a real estate deal I’m going to get scammed?
The fact is that these scammers have perfected the act, it takes 100% concentration and observation of the scammers’ behavior.
There are proper ways to handle real estate investment, whether you are purchasing, renting, or selling every house, even if you are dealing with some you trust.
1. Don’t rush the Property buying/renting process
One of the common tricks used by real estate scammers is trying to speed up the buying process.
Most of these real estate scammers have mastered this strategy to the extent that you might not notice. They make you feel like they are doing you a favor and you might lose out of the deal if you don’t act fast. They also persuade you to make a down payment to serve as a commitment. backing out of the deal becomes a problem because you have already committed yourself by making a down payment.
2. Don’t rush the Property buying/renting process
it is very important for you to verify the person/company you’re doing real estate transactions with. Because there are a lot of persons/companies who portray themselves as real estate experts/agents but are actually real estate scammers. So you need to verify which of them are genuine and which is out to scam you of your hard-earned money.
3. Use a reliable/trusted source for your real estate property search
This is very important; especially when you are starting out as a real estate investor. The best decision you can make as a real estate investor is to invest with a reliable company/person. And you will get to know a reliable source if you carry out your due diligence ( proper research)on the individual or company you are dealing with. Check for their track records. This is where mypropertyplace.com.ng comes to mind, We have done real estate transactions worth billions with different clients both within and outside Nigeria. Real Estate Republic offers the best deal with peace of mind when it comes to real estate in Nigeria.
4. Request For Property Inspection
One major red flag for any real estate investment is when the property owner or agent is trying to talk down or discourage you from inspecting the property. If there is nothing suspicious to hide then inspection is never negotiable. Always request and Insist on inspecting the real estate property and if not granted by the real estate property owner or agent then it is advisable to terminate the real estate transaction immediately.
5. Never Pay In Cash
You should already be suspicious if the property owner/agent is asking you to pay in cash. Because when you make a cash payment, The money involved in such transaction is not traceable unlike paying via bank transfer or direct deposit into the agent/property owner account instead you insist on writing checks or paying at the bank as this means of payment does not leave you hanging dry if the transaction goes wrong.
6. Ask Lots of Questions Before Payment
Ensure to ask a lot of questions about the real estate property, especially about any unknown issues. Ask the seller the reason for the property sale, ask if there’s any pending court case regarding the property, ask about family or government interference.
Asking the right questions is important because it might help to expose anomalies in the transactions of real estate property.
You might need to reconsider your participation in the real estate deal if you spot any contradictions that can not be reconciled.
Conclusion
Although the probability of being scammed by real estate scammers if proper checks are not put in place is quite high, It is avoidable if you carry due diligence and follow the guidelines stated above.
You can start your real estate investment by owning properties in Lagos state through Real Estate Republic. Call/WhatsApp us on Call: +234 809 606 8042, +234 802 497 4537 or visit our website www.mypropertyplace.com.ng
