5 Tips To Avoid Real Estate Listing Scams Online

A real estate property is one of the most substantial purchases for many people. Most of us work hard and sacrifice many things to achieve this dream. Some people even say that once you have a real estate property, you have succeeded already. 

Today, buying real estate has become simple and convenient. With the help of the internet and technology, real estate agents are easier to consult and work with online. If you live in an area far from your target location, you can simply have a digital ocular of the property you’re eyeing.

Even though it has many advantages, the freedom to post anything on the internet has opened a disadvantageous path called scams. Unfortunately, there are as many scams and fake listings online as there are legitimate ones. The thing is, it’s getting harder now to differentiate which is which in this modern age. 

Sadly, the scam culture has conned many people who have worked hard for their money. Because of this, many people have become wary and suspicious of every real estate listing they see online. It has also become harder to trust real estate agents working to help owners sell their properties to the best buyers. 

If you’ve been having the same worries and can’t seem to proceed with your real estate hunt because of scams, this post is for you. Here are five tips to avoid real estate listing scams online. 

1 – Verify the real estate company you’ve seen.

Today, it’s necessary to research and verify everything you see online before believing it or not. Since the internet is a free space where anyone can post, the chances of encountering fake news are no longer impossible. And so to start, you must verify the real estate company you’ve seen before anything else.

When you come across a website with a good list of real estate listings, I recommend doing your research about the website first. You can also check if the company is on other social media pages like Instagram, Facebook, and Youtube. 

Make sure to search related articles and posts about the real estate company. That way, you’ll get to know news and other information about them aside from the information on their website.

2 – Verify if the real estate agent you’re talking to has a license.

In almost every country, you can verify the license of a real estate agent. Usually, you can access it on a government-mandated website. You’ll need three things to check a real estate agent’s license in Australia. Those include the licensee’s name, trading number, and license number. 

Usually, professional real estate agents would share and show their licenses to their clients. If you’re negotiating with a real estate agent who makes excuses about their I.D., it’s a sign that they’re not legitimate. Also, most professional real estate agents always inform their clients about their registration numbers and licenses. 

If your agent is always avoiding this topic or is always in a rush for you to seal the deal, I suggest looking for a new agent that could accommodate you better.

3 – Know the requirements you need when buying a real estate property. 

Scammers today tend to con people easily because many are not familiar with the requirements for buying a property. The thing is, the documents needed vary from location to location. But always remember that a real estate agent won’t ask for your legal documents unless it’s settled that you’re officially buying the property. 

No agent would also ask for your bank security pin, bank passbooks, and a copy of your signature. They’ll only need a bank certificate to prove you’re capable of a loan, but never your passbook or pin. If an agent requires you to send these, they’re likely a scam.

To prevent any of that, know and understand the requirements for acquiring a property. If the agent asks for too many documents you believe are unnecessary for the purchase, it’s likely a scam.

4 – Visit the house without your agent and ask the neighbourhood if it’s really up for sale. 

This fourth option may seem unnecessary, but in a world where scams are prevalent, I believe this will help you save yourself from any trouble. But of course, you shouldn’t trespass and enter the house without permission from the owner or the agent. Instead, you should visit the neighbourhood of the property to verify if it’s really up for sale or not.

Once you’re there and notice that the house is not vacant, then the listing you saw online could be a scam. Unless the real estate agent informs you that the owner is still residing in the property, there’s nothing for you to overthink. But if the agent specified in the listing that the property is vacant, this should be an alarm for you to verify. 

It would also be better if you could ask around the people in the neighbourhood if they know whether the house is for sale or not. Take this opportunity to also ask about the environment in the area. You’ll likely get honest reviews from the people who live there, which can help you decide whether the place is ideal for you or not.

5 – Research the average prices of real estate properties in the area you’re eyeing.

Last but not least is researching the average prices of real estate properties in the area you’re eyeing. Scams today are not only limited to selling fake and nonexistent properties. Scammers also play around with the prices of the properties by overpricing them more unjustly than necessary. 

We all know that for most of us, the money we’ll use for buying a property is the result of years, even decades, of hard work and sacrifices. It can be disappointing and painful to fall for a scam that requires you to pay for more than how much a property costs. So to avoid that, I recommend researching the average prices of real estate properties in the area you’re eyeing. 

If you think the property’s selling price is too much, ask your agent how much commission they’ll get for the property if possible. That way, you’ll understand the breakdown of the prices, and you won’t have to spend more than you need. 

Be vigilant and wise when inquiring about a real estate property to avoid scams.

I hope my five tips will help you avoid any real estate scams. Don’t let an online fraud take advantage and waste your years of hard work and sacrifices. Stay vigilant and wise when inquiring about a real estate property to avoid scams. 

About the author: 

Bianca Banda is a writer for Bennett Property, one of the largest and most successful real estate agencies offering a full range of property services, including sales, leasing and development. 

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