Essential precautions for clients and agents
Real estate ventures involve various interactions, often with unfamiliar individuals and in diverse locations, making it essential to implement robust safety precautions.
There are also large sums of money involved in these transactions, which makes it even more important to properly vet all parties involved. By keeping best practices in mind, everyone can remain safe, from the client all the way through to the agent.
In recent years, the real estate industry has witnessed increased potential risks and possible scams associated with property transactions. To help keep everyone safe, here are 3 top safety habits to employ in every real estate transaction.
Screen all parties
You can never be too careful when it comes to vetting anyone and everyone involved in the transaction, real estate agents included. Ask your chosen real estate professional to show you that they have a valid FFC, which licenses them to work in the industry. It can also be worthwhile to look them up on social media to confirm that they are who they claim to be. As a final precaution, it is also a good habit to make sure that your chosen agents that appear on their affiliated real estate brand’s official website.
Similarly, agents will also screen clients to protect themselves and their clients against theft, fraud and criminal behaviour. To do so, they can request a copy of your ID and a pre-approval certificate to show that you can qualify for the required home financing.
Be vigilant at viewing appointments
Before making a payment into any account, it is vital that you verify that the money is going into the correct account. Typically, all money payable during the transfer process should be paid into the transferring attorney’s account. They will then handle the payments of the agent’s commission and transfer duty fees, etc. Make certain that you are dealing with a legitimate attorney firm before going ahead with any payments – look them up online and visit their offices if you can to verify that they are who they claim to be.
“Buying or selling a property is an exciting endeavour; however, amidst the thrill of it all, there are very real risks involved. These risks can be avoided by keeping in mind and following best practices around safety precautions. Not only will these precautions safeguard the well-being of clients and agents alike, but they will also ensure that every property transaction is both successful and secure.
Things you may not even have thought of but should keep in mind
- Securing any valuables, prescription medication and sensitive information (on work phones or laptops, for example) before allowing anyone into your home, even when they are accompanied by your agent. It takes just seconds for someone to steal money, credit cards or jewellery left lying around, or to get their hands on bills, bank statements and other documents they could use for identity theft, while your agent is distracted.
- You should remove any of these items from your home and lock them in a safe or even in your car during viewings.
- De-personalising the home by also removing family photos, fast food receipts, awards, ornaments and anything else that a criminal posing as a buyer might use to gain insight into your family’s life.
- Installing a security system with good CCTV. This will ensure that there is video footage if a crime does occur. Some models and programs will even allow you to view your home remotely. Use this added feature to watch over people during viewings if you can’t be present in person or check it at night to ensure your home remains safe from vandalism and theft.
Article courtesy of Property24