Anyone at any given time can face the threat of being ripped-off with devastating consequences from losing money or even property. Some tactics used by these individuals are shady thus easy to spot and dodge. However, new tactics are coming into play that few people are aware of thus many find themselves falling for the traps.
There are things that one can always look out for any time you have your doubts and safeguards that can be taken to learn how to be watchful.
- Upselling
This is a common practice where customers are convinced to spend more than what they had initially budgeted on an upgraded, premium or more expensive version of their choice. To recognize upselling, look out for situations where the seller is biased and focuses more on what they offer even when you inquire about the alternatives. Customer satisfaction is not the end goal but the sale is. The experience is not good for the customer who ends up spending more than budgeted. Before any purchases, you should be clear on what you want and the specifics without giving room for manipulation.
- The conversations during transactions are in jargon
A golden rule when you are interacting with marketing personnel and agencies is if you don’t understand what you are seeing, hearing and reading don’t buy it. Some agents will use unclear professional vocabulary to wear a buyer down to the point of agreeing to the terms of the seller and making reconsiderations towards the purchase decision.
- Relevant documents are missing
Important documents during transaction process of the property can be obscured. These can range from the sales receipt to warranty forms with regard to the property. The rip-off here is performed to obscure your due diligence efforts by not availing the relevant transactional documents at all or in entirety by claiming delay, loss, or non-existence.
- Hasty processes or being hindered from reviewing important documents.
Imagine how disturbing it can be to buy a piece of land without vetting the property history, the realtor and any other necessary paperwork that must be checked when making a purchase. If the seller is not giving you a chance to review these at your own pace, this is a sure red flag. The buyer should be aware of the transactional documentation and the contracts involved. The con will intentionally skip over the parts that could raise any doubts or questions regarding the property in question that would make you cancel a purchase.
Two popular ways are as follows;
When it’s time to review the warranty forms and contracts, some sellers will rush you by summarizing a document’s content and purpose. This way, you won’t have adequate time or a chance to read, ask questions and understand.
Another shady tactic is to point to a few dotted lines with a pen in hand and say, “OK, sign here and here, name here and here, and you’re sorted”.
You should purpose to read every document before signing because there are many pretexts as to why the sales agents rush the trading process.
If you have the gut feeling that something is off, trust your instinct. It is well put by Linda Musgrove (author of The Complete Idiot’s Guide To Trade Shows).
“Never ignore your gut feeling; if something doesn’t feel right, there is often a reason. In that case, simply move on to the next prospect”.
