There’s nothing more worrying than finding out that the estate agent, whom you have just handed over all your housing documents, is not genuine. When it comes to buying your dream home you want a knowledgeable person with years of experience. These days the real estate market is facing a different type of fraud due to the large transactions. Fake real estate agents keep a close an eye on strong parties who are going to be dealing with large sums of money. To avoid such scammers, it’s important for every client to know the credibility of a real estate agent. Consider the following when hiring an estate agent.
Low Commission Rate
Real estate is associated not only with time but also with finance. We know that expenses and the agent’s salary are taken from the commission from the client. In this field, one thing has been concluded. A specialist who wants to make money honestly will require a high commission for their services. A high commission would be between 1.5% and 3% of the transaction amount. A fraud estate ages will know all the tricks and tactics to attract customers. Most of the time you will be offered suspicious commission rates. For those who are asking for a commission that is less than 1% – it depicts an agent is new to the business, which can also lead to problems when buying or selling real estate.
Having original Client Passport Information
Let’s be clear, real estate agents don’t need the original of a client’s passport. Clients don’t need to hand over all the passport details and if your real estate agent asks for these then there might be something suspicious going on. Having this document in hand, an agent can perform various types of fraud, only ever hand over a copy and never the original. If you are hiring an experienced person then you’ll see they will have the proper source of property management. Property management in SoHo has been seen in a handful of fraudster estate agents recently.
No Office Space
An experienced real estate agent will have an office space where they will conduct most of their meeting and interviews with clients, but agents with no office will trigger numerous questions. If they are the only one to deal with clients, then they should have a small office at the minimum. Having no other employees in the office would also leave a suspicious impact. This can also be a sign of fraudster.
These three reasons can be a sign of a fraudulent real estate agent. We recommend you hire professional experts from renown companies such as Davis Brown.