Spotting a fraudulent real estate agent can be difficult, especially when you are dealing with a true conman who knows the ins and outs of the industry. In this modern age, it should be easy for a person to spot fakes when it comes to agencies and their representatives. Here are some ways you can do the detective work and save you time and money. Below are the 7 top tips in identifying a fake realtor or agent.
No License
Your real estate agent should be licensed and listed with the appropriate agencies. Check national databases because these should list the broker’s private license. If they work for a company, the corporation should be licensed as well. Check out brokerdirectmls.com for comprehensive listings or your state commission.
Beware fake websites!
Many scammers know that they have Internet savvy customers and set up professional looking “fake sites” to keep up the scam. Dig deep by checking the realtor, knowing the name and the state they are licensed for. Companies deserve a deeper check and you can always call the Federal Trade Commission or Better Business Bureau to verify.
Shoddy Advertising or Referrals
Beware the broker who uses sites like Craigslist or less than stellar publications for ads. They often post deals that sound too good to be true for prices that you know are scandalous. Scammers rely on the deal overriding your good sense.
When you ask for a referral, they either have none to give you or too many. A good real estate agent develops referrals as contacts. If he is using an online ad agency, check for reviews from other users. Use someone you know by asking for referrals from friends, co-workers or family
Money Down Scams
Most fake real estate agents ask for money up front whether they are selling a house for you or trying to get you to buy one. Before signing agreements or forking over cash, make sure you check licenses and if the property is really for sale or rent. A scammer in New York was able to scam 8 people to signing leases for properties that were already owned.
Real estate agents usually work with commissions. They get a percentage of the sale of the house. They usually never ask for money down and fake real estate agents may hide it with
fancy terms like “initial investment” or “brokerage fees”. If they ask for money down, hunt up their license.
Sounds Too Good to Be True? It IS.
Deal sound too good? Market prices as they are, you should never take a deal at face value. Know the market prices for the
house or land you are hoping to aquire.
They Skip Negotiations
They often do not want to negotiate, because all they want is the money from the security deposit so they can run away and start again. Do not be fooled by terms like one time only, best deal or by too low prices even in a market filled with foreclosures
They seem too eager.
Many real estate agents have several bookings for a single listing-you are just one of the many prospective customers. If they seem too eager to close the deal, you may have a fake one in your hands. They also tend to give you everything you need in detail, even bad stuff to come across as honest and forthcoming.
They Push Too Hard
Scammers know that they can be discovered at any moment, so they push to close the deal as soon as possible. They give deadlines and continually badger you to “close the deal.” A true real estate agent knows that clients often need time to think and evaluate but only pushes you so far. They can take this too far by constantly calling, asking for your signature and giving you lines like “other parties are also interested in the house.”
A real agent would be developing the other parties, not pushing the house or apartment on you.
Trusting your instincts and doing your research will go a long way when it comes to protecting your money and avoiding fraudulent real estate agents. If you are in the market for a house or selling one, you should know your stuff. It pays not to put too much of your trust in people, even if they are charming and seem to have all the right stuff.
Please note that we (OGEC) are only consultants to the estate companies we represent, we do not sell land or houses rather we consult and refer buyers to the owners of the properties they are interested in.
Below are they companies we represent. Feel free to investigate them before doing business with them.
*EUC HOMES*
*PAZINO ECC LTD*
*BLEVIC GEOMETRIC LTD*
*REFUGE HABITAT LTD*
*LAGOON PARK INT. LTD*
*GRANDVILLE LTD*
*RevolutionPlus*
*GRACIAS*
*Chrisdon Homes*
No License
Your real estate agent should be licensed and listed with the appropriate agencies. Check national databases because these should list the broker’s private license. If they work for a company, the corporation should be licensed as well. Check out brokerdirectmls.com for comprehensive listings or your state commission.
Beware fake websites!
Many scammers know that they have Internet savvy customers and set up professional looking “fake sites” to keep up the scam. Dig deep by checking the realtor, knowing the name and the state they are licensed for. Companies deserve a deeper check and you can always call the Federal Trade Commission or Better Business Bureau to verify.
Shoddy Advertising or Referrals
Beware the broker who uses sites like Craigslist or less than stellar publications for ads. They often post deals that sound too good to be true for prices that you know are scandalous. Scammers rely on the deal overriding your good sense.
When you ask for a referral, they either have none to give you or too many. A good real estate agent develops referrals as contacts. If he is using an online ad agency, check for reviews from other users. Use someone you know by asking for referrals from friends, co-workers or family
Money Down Scams
Most fake real estate agents ask for money up front whether they are selling a house for you or trying to get you to buy one. Before signing agreements or forking over cash, make sure you check licenses and if the property is really for sale or rent. A scammer in New York was able to scam 8 people to signing leases for properties that were already owned.
Real estate agents usually work with commissions. They get a percentage of the sale of the house. They usually never ask for money down and fake real estate agents may hide it with
fancy terms like “initial investment” or “brokerage fees”. If they ask for money down, hunt up their license.
Sounds Too Good to Be True? It IS.
Deal sound too good? Market prices as they are, you should never take a deal at face value. Know the market prices for the
house or land you are hoping to aquire.
They Skip Negotiations
They often do not want to negotiate, because all they want is the money from the security deposit so they can run away and start again. Do not be fooled by terms like one time only, best deal or by too low prices even in a market filled with foreclosures
They seem too eager.
Many real estate agents have several bookings for a single listing-you are just one of the many prospective customers. If they seem too eager to close the deal, you may have a fake one in your hands. They also tend to give you everything you need in detail, even bad stuff to come across as honest and forthcoming.
They Push Too Hard
Scammers know that they can be discovered at any moment, so they push to close the deal as soon as possible. They give deadlines and continually badger you to “close the deal.” A true real estate agent knows that clients often need time to think and evaluate but only pushes you so far. They can take this too far by constantly calling, asking for your signature and giving you lines like “other parties are also interested in the house.”
A real agent would be developing the other parties, not pushing the house or apartment on you.
Trusting your instincts and doing your research will go a long way when it comes to protecting your money and avoiding fraudulent real estate agents. If you are in the market for a house or selling one, you should know your stuff. It pays not to put too much of your trust in people, even if they are charming and seem to have all the right stuff.
Please note that we (OGEC) are only consultants to the estate companies we represent, we do not sell land or houses rather we consult and refer buyers to the owners of the properties they are interested in.
Below are they companies we represent. Feel free to investigate them before doing business with them.
*EUC HOMES*
*PAZINO ECC LTD*
*BLEVIC GEOMETRIC LTD*
*REFUGE HABITAT LTD*
*LAGOON PARK INT. LTD*
*GRANDVILLE LTD*
*RevolutionPlus*
*GRACIAS*
*Chrisdon Homes*
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