Would you like to know how to identify a fake real estate company in Lagos to avoid being defrauded?
In a city filled with lots of Omonile “wahala” and series of land-grabbing challenges – you don’t want to make the mistake of using a third-party when buying a property in Lagos. Using a real estate company is the surest bet – but how sure are you that the company is genuine?
Today, some supposed real estate companies have joined in the ongoing and unabated land scams in the State. So, it’s important that you verify the authenticity of the Lagos property and the seller. This article provides the insights you need to be wary of such companies.
Ways to Identify a Fraudulent Real Estate Company
From checking the social media pages to visiting the physical location and checking out for previous buyers – there are many ways to identify these fake real estate companies in Lagos.
Let’s dive right into it:
1. Look-up the Company on CAC
If a real estate company claims to be genuine and out to cater for the property interests of the public; then it should take legal steps to establish the brand. The Corporate Affairs Commission (CAC) is one place to check for such companies. Through the website, you should be able to find the company’s name on the directory, including the names of the members of the Board.
You can also ask the real estate company to provide the CAC registration number and you’ll look the same up for confirmation.
2. Check the Digital Footprints
As the world pivots to the digital economy, most businesses are also taking the same route. The best way to identify a scam real estate company is by checking the digital footprint:
- Does it have a social media page and when was the last time it made a post?
- Does it have a website?
- Is there a blog on the site where the company shares real estate-related content?
- Has the real estate company been featured on a national magazine, newspaper or television program?
3. Is the Company Licensed to Operate?
Registering with the CAC is one of the major steps to legalizing the activities of a company. In the case of real estate, the company also needs to register with some of the relevant agencies. One of such is the Real Estate Developers Association of Nigeria (RDEAN).
You can also check if the real estate company is registered or affiliated to the Estate Surveyor and Valuers Registration Board of Nigeria (ESVARBON).
Familiarizing the business with such agencies by way of registration indicates the real estate company’s readiness to be legally-recognized and to stick to quality service delivery to the clientele.
Recommended: 5 Questions You Should Ask a Realtor Before Going for Land Inspection in Lagos
4. Always Investigate the Claims
Take all that the real estate company tells you about the operations on face value. Do your due diligence and find out the truth before proceeding with any transactions.
You can do these:
- Visiting the physical office
- Checking online on social media and Search Engines for previous estates or properties the company “claims” to have sold.
- Verifying the location of the properties the company claims to have for sale.
5. What is the Consistency of a Brand?
A real estate company is a real business and should treat it as such. Factors like using a consistent approach to the branding are required. Hence, if the company is not consistent in this aspect, you could take it as a red flag.
Here are some of the areas we’d like you to pay attention to:
- Does it have a website – and is the domain name (the name of the website) aligned with the registered name?
- Does it have an official means of communication – telephone number and email address?
- Does the real estate company have a logo and use it consistently across the assets – website, social media pages, brochures and flyers of offers?
- Are the bank account details the same as the real estate company’s registered name?
6. Is the Company Hurrying the Transactions
There’s no doubt that real estate companies make income from selling or renting properties they directly own or the ones placed in their custody.
However, when such a company becomes “pushy” with the sales; you might want to take a seat back. Fake real estate companies in Lagos that are out to scam you will hurry you to pay immediately.
The chances are that if the company is literally coercing you to buy into any of the properties or estates – there is a likelihood that you are about to be scammed.
7. Does the Company have the Documents?
Do not go ahead with a property purchase if the real estate company is unable to provide the relevant land title documents. Those are your legal means of laying a claim to the property. Most fake real estate companies in Lagos won’t share such details with you.
8. Ask to See the Property
If a real estate company is genuine, it wouldn’t have a problem showing you the location of the property it is prospecting.
The shady ones will come up with different claims just to discourage you from inspecting the property before paying for it.
Recommended: Basic Requirements for Getting a Physical Allocation of Your Property in Lagos
9. Does the Office Address Tally?
If the address or physical location of the real estate company doesn’t tally across all platforms; it might mean a couple of things:
- The company recently moved to a new location and is yet to update the address.
- It is a scam and there is no physical office anywhere or;
- The real estate company wants to use a dummy location or address to scam the unsuspecting public.
10. Request for the Buyer/Seller Agreement
Even after the real estate company has provided you with the relevant land title documents – don’t forget to ask for the buyer/seller agreement. This is the document that helps “seal” the deal and confirm that indeed, there was a transaction.
When you get it, inspect it closely for the following reasons:
- Check if the company’s logo is there and if it is consistent with the ones you’ve seen.
- Inspect the naming, for the buyer and seller’s details.
- Confirm the company’s official and registered name on the header section and;
- Be sure that the value or cost of the property was detailed.
Conclusion
Some real estate companies are good at “masking” their reputation and go on swindling the public for a long time. In addition to our advice, also consult a real estate lawyer before any transaction. You will get professional advice and legal backing for such transactions.
Would you like to buy land or house in Epe, Ajah, Lekki, Ibeju-Lekki or anywhere in Nigeria? Reach out to us on +234 806 400 3456 or send an email to support@godslandempire.com. We are ever ready to assist you on your property ownership journey in Nigeria.