Property Quorum – Bricks and Betrayals: The Scammers' Delight

Join us this morning at 10:00am for a live discussion that explores some of the shadowy corners of the property market, where opportunities and deceit meet. This live podcast, "Property Quorum – Bricks and Betrayals: The Scammers' Delight," recorded for your convenience, tries to review what goes on in the murky waters of property scams that are surfacing with alarming regularity in our communities.

Today, there's a panel of experts who have a wide breadth of knowledge and firsthand experience in tackling a lot of what goes on in the property market. Chris Gilsenan of Root Home shares insights from the front lines of property development and investment, where, over the years, he has witnessed some devastating impacts of fraudulent schemes. Juliet Baboolal LLB (hons), LLM construction , a seasoned property lawyer from gunnercooke, provides a legal perspective on the mechanisms of property scams and ways to combat them and "prepare thyself". Steering our discussion is Gareth Wax of Many Purple Hats, whose diverse expertise in property management provides a panoramic view of the industry’s vulnerabilities.

Adding a unique perspective, we are particularly pleased to have Silas J. Lees , CEO of WiggyWam and the author of "Homebuyers Secrets," join us. His innovative approaches and deep understanding of the estate market highlight ways professionals can succeed despite the challenges posed by scammers.

In recent years, the property market has seen a surge in some very sophisticated scams. From rental frauds where unsuspecting tenants lose their deposits and secure housing to investment scams promising high returns from phantom properties, the variety and complexity of these schemes grow continuously. These frauds are not just numbers; they represent families and individuals facing real losses and disruption. Some can be blatantly obvious, with others oh so subtle.

Here are a few ways to spot some of the scams:

• Offers that seem too good to be true usually are, especially if they involve below-market rates or high returns with low risk.
• High-pressure style tactics designed to make quick decisions can often indicate some fraudulent motives.
• Requests for upfront payments via untraceable methods should immediately raise red flags. This is one of the worst. The housing shortage can make them all the more compelling.
• Incomplete or sloppy paperwork is another sign of potential fraud; sometimes, it may not be that sloppy, either.

This podcast is more than a discussion; it’s an interesting resource for those involved in the property market, from first-time buyers to seasoned investors. We’ll look into how some of these scams work, sharing stories from those who’ve navigated murky waters, and discuss ways to protect oneself from becoming a victim and getting entangled.

We invite you to engage with us by sending in your questions, sharing your experiences, and providing feedback. Whether you tune in live at 10 a.m. or catch the recording later, your participation is a great help. Some of you may have encountered experiences we haven't discussed. Let's come together to shed light on some of these deceptive practices and fortify our defences against them.

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