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BEWARE of scams when buying, selling or renting a property.
With property commanding ever higher prices, it is important to be aware of potential scams and fraud and, where possible, counter the risks.
If you are interested in a particular house or apartment, you need to know who you are talking to and whether the property really exists.
Do plenty of research on the agent that you are dealing with and the property you are looking to rent or buy.
Propertyguru.com suggests that you speak to professional real estate agent firms. The property prices that they tell you are usually accurate as they draw on years of experience and their own database.
There are also several property portals which provide platforms for users to buy or rent their properties. You can use these as a benchmark against how much others list their rental units.
Also, you may want to ask around the neighbourhood about estimated rental in the area you are looking at.
Don’t pay any deposit until you have thoroughly researched the company or the agent. Also make sure you know what you are up for before signing any documents.
PropertyGuru shares seven most common things to look out before agreeing to a property transaction.
1. TOO GOOD TO BE TRUE
There is a saying that if something is too good to be true, it usually is. Be extra cautious of the person you are dealing with or the advertisement that you are looking at. If there is a notice for a room or unit that has a price way below the regular market rate, bear in mind that it could just be a lure. In most cases, when you call to enquire, the person who advertised it would tell you that the property has been taken up and offer you another unit, which is usually at a much higher asking rate.
2. LIMITED PHOTOS
Genuine landlords know that providing clear and good quality photos will help them rent out their property faster since potential tenants will be looking closely at the photos before making a call. So, if you come across an advertisement that has one or two blurry images which only show the exterior of a property, that already is a warning signal. It is either the advertiser has not been appointed by the landlord and is only trying their luck, or the person is trying to get as many calls as possible to build database. Avoid advertisements with blurry images and don’t call at all. You don’t want to be stuck with the person calling you 24/7!
3. LANDLORD/OWNER MISSING IN ACTION
Spend some time finding out who the owner or landlord is. This will surely reduce the possibility of getting scammed when you call on an agent. If you are looking at a serviced apartment, you can verify about the agent with the management office. If you are looking at a landed property, go through several online property portals and search the agent’s track record.
PropertyGuru advises that you don’t buy into excuses such as “the owner/landlord is not contactable because he or she is away overseas” or is too busy. A case in point is a smooth scammer who pretended that he helped care for a house belonged to his aunt who was living abroad. After taking deposits worth thousands of ringgits from a few victims, he disappeared, leaving the victims without the “agreed” unit.
4. AGENT EMPLOYMENT CHECK
Get the agent’s name card and check with the stated company if he or she really works there. If yes, then you can continue to deal with the agent. If otherwise, you may want to make a report on the person so others don’t fall prey to his or her scam. And when you check with the company, don’t forget to also check on the company, especially if it is unheard of. You can do this by verifying the company’s name with the Companies Commission of Malaysia to make sure it is a legitimate business that still exists.
5. TOO MUCH TO REPAIR
When you view a unit you are particularly interested in, make sure the condition is how the agent told you it would be and how you saw it in the pictures. It is good to walk through every room and space, and scrutinise everything from lights, air-conditioning units to furniture and finishing. Check the tiles, flooring, walls and ceiling. Small repairs, such as a faulty window, door knobs or a light bulb fused, are common and can easily be done. But if the whole unit needs major repairs — because of almost-collapsed ceilings in some rooms, popped-up floor tiles, broken windows, peel-off paints and dirty unit — then it’s best you ignore the property. Don’t burden yourself as you will be spending a lot on the repairs.
6. RUSHED VIEWING
If the landlord or agent tries to rush you through a property viewing or only let you view the property at a certain time of the day, you should get suspicious. There could be some form of deceit taking place — the neighbourhood maybe noisy and dangerous after dark, or the noise from vehicles could be terrible during peak hours.
If the agent rushed you to view the unit, there could be some unpleasant history about it that he or she tried to cover, or maybe the agent didn’t want you to take note of the condition of the property. Imagine working up every morning and night to noises!
7. BEING ASKED TO SIGN AN INCOMPLETE DOCUMENT
Firstly, why would you sign an incomplete document? You should be able to smell something fishy when you are asked to sign an incomplete document. Don’t be fooled into believing that certain items will be filled in the document after you have signed it. You will only be heading to trouble. When you blindly sign a document such as a lease, your signature means that you’ve agreed to whatever that has been written or will be written in it. A scammer could have anything in it to get your money. Make sure the lease document is complete and checked by your lawyer before you sign.
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