Wednesday, 16 December 2015
How to shun Land Scams in Kenyan Real Estate Sector
Here some of the scams that recently happened in Kenya wherein undeveloped or a land that has no title was sold to investors. To avoid such land scams we provide here a list of precautions one should take before Investing in Kenya land.
Tips to avoid being a victim of Land Scams
1. Beware of high-pressure tactics.
Say "no" to any person who presses you to make an immediate investment decision. You need time to do your own research. Any ethical salesperson will understand this.
2. Exercise particular caution if you lack financial experience.
It's easy to feel intimidated and overwhelmed by complicated financial slang, but resists the impulse to turn it over to "the expert." Ask lots of questions and insist that the salesperson explain the land investment in everyday language until you understand it. Protect yourself by educating yourself.
3. Keep in mind that good manners don't indicate personal integrity.
Con artists are generally extremely polite, knowing that many of us equate courtesy with personal integrity. Swindlers are also counting on your good manners to keep you from cutting them off. Don't let your good manners land you in trouble; simply hang up if you don't like the conversation.
4. Watch out for salespeople who prey on your fears.
It is common for swindlers to pitch their schemes as a way to eliminate your financial fears for the future. Remember: fear and greed can cloud your good judgment.
5. Exercise particular caution if you are an older citizen.
The elderly, and particularly older women, are a frequent target of scam artists. Always seek the advice of a neutral party before investing in land.
6. Monitor your investments and ask tough questions.
Insist on regular written reports and look for signs of excessive or unauthorized trading of your account. Constant vigilance is a vital part of being an investor. If you suspect that something is muddled be very careful and take full precaution and consult a solicitor.
7. Report land investment scam or abuse immediately, despite any embarrassment or fear you may feel.
The sooner you report fraud or scam, the better your chances of recovering some or all of your investments.
8. Beware of "reload" scams.
Investment losses often create a panic well-known to con artists who have developed schemes to take a "second bite" out of investors. To recoup their losses, victims some-times invest in another scheme (a "reload") in which the con artist promises to make good the original loss--and may offer new higher returns. Often the result is only more losses.
Visit www.kenyan-real-estate.com for more.