In the last few months, I have received a bunch of phone calls, emails, and letters from folks I would describe as fake real estate agents. They are unlicensed and unregulated people who are in the business of helping others buy, sell, and rent real estate. Many builders sales reps are unlicensed but this isn't the group that most concerns me. Take for example this call I received the other day.
I received a call from a guy who was looking to find out if a home I had for sale was available for a lease purchase. I asked if it was for him and he told me that his side business was helping folks find other lease purchase homes and they were paying him 1% of the purchase price for the priviledge.
Another sends letters to all of my clients saying that they will purchase their house for cash, no REALTOR fees whatsoever. One of my clients turned the letter over to me and I contacted this individual who was taken back by my call. I wasn't impolite but curious as to their operation. When I offered to help them legitimately find property for sale, he hung up.
You name it and they're out there. Of course, they don't come out and say "we're practicing real estate without a license" but a quick trip over to the North or South Carolina Real Estate Commission website will tell you if they're legitimate or not.
So buyers and sellers, here are some tips to find out if the person you're working with is for real or not.
- Ask to see their real estate license pocket card or check them out on the real estate commission's website before your meeting
- Check with the Better Business Bureau to see if these people are registered or have complaints against them
- Work only through a REALTOR, a member of the National Association of REALTORS
- If you're selling privately (For Sale By Owner), hire an attorney for you and DO NOT SIGN ANYTHING without them first reviewing everything.
Unfortunately, the toughest of times have brought out the worst in some people. However, taking these steps should ensure that you don't end up with a horror story situation.
Jonathan Osman
Charlotte NC Homes, Charlotte Real Estate
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Great post.
The consumer should always do their homework before signing anything.
Remember the old saying, "if it sounds too good to be true........"