Do not get swindled by fake property agents

Know the market price before accepting offers from an agent. Photo by Colleb Mugume

What you need to know:

  • There is an increasing number of conmen in the real estate industry. Here is how not to fall prey to fake ones.
  • Mulindwa says it is critically important to work with authorised real estate agents and property management companies because they fear the cancellation of their licences for wrongdoing.

Adnan Mpuuga, the executive director of East Lands Agency, says normally clients who fall victim are those who go for cheap stuff.
Mpuuga explains ways how you can void fake property agents and these include:

Visit before buying
Mpuuga says before making any payment, you have to first visit the site without the agents and you talk to the residents.

Don’t rush to deposit
Mpuuga says most of the swindling happens when you have already paid some money, never pay a deposit before you have seen the property.

Ask for land title
Mpuuga says as a buyer, you have to ask for the land title from the seller or agent, visit the zonal offices and land offices for verification of the right owner then meet the right owner and that person should present his or her national identification card.

Written contract
Adnan Mpuuga says whether you are buying or renting a property from a property agent, ensure that you have a written contract.
Never assume the party you are dealing with will follow verbal promises.
“If you are going to make any kind of real estate property deal for the first time, it is better to take advice from experienced professionals.
“These experts will help you to estimate the real value of the property which you are investing your money in,” Mpuuga.

Get a surveyor
Ismail Mulindwa, an agent from I.Mulins Property Agents, says, it is a must to hire a surveyor before buying a certain piece of land to crosscheck the boundaries because in most cases buyers end up paying for the property which is not worth the money paid.

Research
Mulindwa adds that before making a final decision to invest in any property development, it is good to observe major property development projects which suites that particular area.
“If you are a buyer, make sure you’re well informed about market related prices within the area you are looking to rent or buy. If a property is advertised way below the market related price for that area it should raise your concerns,” he says.

Use licensed agents
Mulindwa says it is critically important to work with authorised real estate agents and property management companies because they fear the cancellation of their licences for wrongdoing.