CEO of Only Realty Property Group Grant Smee says there is an uptick in criminal activity within the property market.
He says this is due to the complex nature of property transactions, which creates an opportunity for fraudsters.
Smee also says fake rental listings are common, with unsuspecting prospective tenants depositing money for apartments that do not exist.
“Often a person that has control over a property but isn’t the owner. And you find this mostly in the rental market where, particularly in areas where there’s high demand, a property might come on the market that looks like it’s a really good bargain.
“A lot of people into the property apply for it and will make payments of deposits. And we’ve seen sometimes 10, 15, 20 people paying deposits towards property that they ultimately will never rent. And putting them under pressure, pretending that there’s a massive amount of demand and making tenants pay in advance either just deposits or even months and months of rent,” Smee explains.
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