Real estate investment in Nigeria is one of the riskiest forms of investment; especially in Lagos state. A minor mistake can lead to you losing your hard-earned money – possibly your life savings. But fret not, there are some procedures you can follow to protect yourself from being a victim of land scams. Guess what?
I’m going to share these procedures with you in this article to guide you through your investment. If you follow these procedures I am about to reveal to you judiciously, I can guarantee that you won’t fall victim to land scammers. Matter of fact, with this strategy, you will detect land with problems. I know this because these are the same strategies we use in our company @Bethel realtors and it has been working very well.
When I hear stories of how would be real estate investors were swindled by real estate fraudsters, one thing is common among all the stories – Lack of proper research.
Conducting thorough research on who you are investing with is very important. In fact, it is the first thing you should do. Because proper research will reveal a lot of secrets about the real estate company/family you are buying property from and with this knowledge, you can make a better decision.
With that said, Let’s take a look at what a real estate scam is.
What is a real estate scam?
Real estate scam, is a type of scam where the scammer claims ownership of a property in order to con their victims out of their money, they sometimes proceed to sell out the same property to multiple people, leaving them in confusion as to who legally owns the property.
Although these scammers come up with new techniques to swindle investors, there are ways you can protect yourself from falling victim, And I will reveal them to you in this article. So if you are ready, let’s dive in…
Tips to help you avoid a real estate scam
Don’t rush the buying/renting process
One of the common tactics scammers use is trying to speed up the buying process. Most of these real estate fraudsters have mastered this strategy to the extent it works like magic on their victims. And they do this by persuading you to make a down payment which serves as commitment. And when you do this, Most times, they come up with different stories & tactics to con more money from You and by this time, backing out of the deal becomes a problem because you have already committed yourself by making down payment.
So when embarking on a real estate investment journey, Do not rush the buying/renting process no matter how good the deal is. Step on the brakes of excitement and objectively analyze the deal if it seems too good to be true then it is advisable to step back from such transactions. It is better to be safe than sorry.
Verify the person you’re working within the real estate transaction
As stated earlier, it is very important you 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 but are scammers. So you need to verify which of them are genuine and which is fake.
Fortunately, the internet has made this easier than ever before. All you need do is do a Google search on the person/company, visit their social media platforms to check their reviews. You can also go to forums like nairaland to ask questions and I am so certain you will get feedback – positive or negative.
After these, you can now decide if you want to go ahead with the deal or not. However, If you decide to proceed to make a payment,
…Avoid Paying Cash
If the homeowner or agent is asking you to pay in cash then you should tread carefully of that real estate transaction. Because when you make a cash payment, The money is not traceable unlike paying in a bank 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.
The advantage of paying at the bank is that you would have your teller which carries the name of the seller and the amount paid. This will serve as evidence should any problem come up in the future.
Use a reliable source in your search for properties
This is very important; especially when you are starting out as an investor. The best decision you can make as an 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. Check for their track records. This is where @Betheltors & management limited is king. As a real estate company, We have done real estate transactions with many clients both in and outside Nigeria. We offer quality, genuine, and customer satisfactory service across our product line. We also ensure full-fledged after-sales service support to our customers, backing them even in their smallest of needs.
Never skip inspection
A major red flag for any real estate transaction is when the property owner or agent is trying to discourage you from inspecting the house. If there is nothing suspicious to hide then inspection is not negotiable. Insist on inspection and if not granted by the property owner or agent then it is advisable to terminate the real estate transaction immediately.
Although the probability of being scammed by land scammers in Lagos state is quite high, It is avoidable if you carry due diligence and follow the guidelines stated in this article.
You can start your real estate investment by owning properties in Lagos state through @Bethel realtors & Mgt Ltd. Call/WhatsApp us on 08131691155, 09024554979 or visit our head office Suites 201 & 202 Akord shopping mall bogije, Elemoro Ibeju-Lekki LGA, Lagos state.