What is a day in Kenya without the news of fake real estate companies? Nothing, it’s everyday news. It’s a constant occurrence for companies to go under leaving victims in the dust.
Some many real estate companies have come and go but Kenyans never learn. We still get into shady contracts with agencies that aren’t registered. Did you know real estate agents need a certificate to practice?
Most people are unaware of the technicalities that surround the industry. Oddly enough some scam companies fall and come back bigger and better. Is it because Kenyans are so forgiving?
We should be concerned with the trend of start-up companies that die down while there are companies with years of experience and still delivering on their promises. We can wonder if the money involved attracts these predators?
How can you tell if a real estate company is a scam?
Real estate industry is flourishing and it isn’t unexpected for people to try and take advantage of the situation. Any industry that has revenue attracts its share of scammers.
These individuals use the cover of legit companies to lure in vulnerable victims. Unfortunately, it’s our human nature to be deceived by too good to be true offers.
These scammers come with deals that tickle your interest and you fall into the trap. However, some companies have good intentions but maintaining a business is hard so their company falls through. these scam companies die down and people lose money.
These scammers are always money oriented, they focus more on profit rather than consumer satisfaction.
Related: How to avoid Real Estate Investment Scams
How to tell a legit real estate company?
Complete big projects
A lot of well-known real estate companies have had major projects like Knight Frank, they are known for malls and plenty of luxurious apartments and office buildings. However, some of the companies may have big projects but still can crumple because of management or wrong goals.
Real people testimonies
Additionally, real estate agents are marketed through word of mouth, if a friend of yours a bad purchase or investment they will discourage you from venturing the same path. Likewise, if another friend had a great experience with Kenya Homes, they will encourage you to take up the venture as well.
Moreover, these fraudsters can use fake testimonies to lure people in. You especially need to be cautious about the too good to be true witnesses- an example of a person claiming how they got 1/2 plot for just 1M when the area 1/2 acre goes for more than 3M.
Frequent updates
A developer is in partnership with their investors. They willingly give updates on the project and reviews. They will call you for site visits. Unlike scammers who want less and less contact with you.
Some real estate developers hold stakeholders brunches to review the project with the client, giving them detailed information about the workings.
Additionally, good real estate agents check up on their clients by calling you and suggesting a site visit. A fraud would be unwilling to put in the effort they would rather you followed them all through.
In conclusion, if you are looking to invest or buy or even sell with a legit real estate company-Kenya Homes is here for you.