Unmasking Fake Property Gurus and Deal Sourcers
Having nearly got sucked in by fake gurus and property sourcers I decided to write and submit this article to Property118 to help others …
When navigating the world of property investment, it’s essential to distinguish between genuine experts and those looking to capitalize on your enthusiasm. Here’s your detective toolkit to help identify and steer clear of the faux players:
- The Power of Credentials and History: Authentic property gurus and deal sources have a history of successful transactions. Look for tangible evidence such as past deals, client testimonials, and industry experience. Beware of those unable to back up their claims.
- Beware the Unrealistic: Stay cautious when encountering promises of guaranteed sky-high returns with minimal risk. Property investment inherently involves uncertainty and market fluctuations. If it sounds too good to be true, it likely is.
- Transparency Matters: Reputable gurus and deal sources are transparent about their practices, fees, and potential conflicts of interest. If they’re elusive or avoid answering your questions, be wary.
- No Rush, No Pressure: Authentic professionals don’t pressure you into immediate decisions. They provide information, enabling you to make informed choices at your pace, be it about services, mentorship, or properties.
- A Wealth of Knowledge: Genuine experts possess a deep understanding of the property market, regulations, and trends. Ask them tough questions about strategies, the market, and specific properties. If their answers lack substance, exercise caution.
- The Fee Factor: Be on guard against hefty upfront fees. Legitimate deal sources typically earn their fees through successful transactions, not upfront payments.
- Local Insights Are Key: Skepticism is warranted if a deal sourcer boasts exclusive deals without a strong local presence, network, or connections within the market. A credible sourcer knows the local landscape well.
- A Solid Online Presence: Research their online footprint – websites, social media profiles, reviews. Established professionals have a reputable online presence with positive interactions.
- Referrals Speak Volumes: Request references or referrals from previous clients. If none are forthcoming, it could indicate a lack of past success.
- Trust Your Instincts: Gut feelings matter. If something feels off or too good to be true, proceed with caution. Seek a second opinion before committing.
In a world where many are not on social media, it’s crucial to exercise common sense, perform thorough due diligence, and consult trusted sources. Rushing into decisions with property gurus or deal sources can lead to unfortunate outcomes. Be smart, stay informed, and make choices that align with your goals.
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Member Since January 2011 - Comments: 12193 - Articles: 1395
2:38 PM, 14th August 2023, About 3 years ago
All UK property sourcers are compelled by law to be a member of an Ombudsman scheme.
The two official schemes are PRS Property Redress Scheme and TPO The Property Ombudsman. To qualify for membership they must also have PI insurance.
Ask for a copy of the current Ombudsman membership certificate and PI insurance.
Member Since July 2023 - Comments: 3
10:24 AM, 15th August 2023, About 3 years ago
Ask yourself why you need to give your money to someone else – to make money. If you don’t know the “how to’s” then how can you know its worth it
Member Since June 2017 - Comments: 3
9:27 AM, 16th August 2023, About 3 years ago
It appears there are many people out there who are victims of such property gurus and suffering in silence. Silence, because they do not know what actions to take, they feel angry with themselves from the fact that they have been preyed upon, or allowed themselves to be preyed upon. I am one of them.
I said ‘allowed themselves to be preyed upon’ because these so-called gurus are very skilled, very convincing and somehow know how to use the psychological triggers to manipulate their prey’s thinking. They prey on enthusiasm as well as desperation of innocent people. 100% agree with the author of the article, if it is too good to be true, then it is. These gurus have no moral or absolutely not concerned about the negative consequences on their preys. When they say they coming from a position of service, beware. They are not, they are driven by their own interests.
I wish I had such a check list. So, I would like to thank the author for the article. I am sure it will help people who are looking to invest.
K
Member Since May 2023 - Comments: 1
4:15 PM, 16th August 2023, About 3 years ago
Reply to the comment left by krish at 16/08/2023 – 09:27
What guru preyed on you and is there anyone you can recommend?
Member Since January 2011 - Comments: 12193 - Articles: 1395
10:38 PM, 16th August 2023, About 3 years ago
Reply to the comment left by Al Mu at 16/08/2023 – 16:15
Many of the better ones that tick all the boxes on the original post can be found via the page linked below
https://pibuk.org/property-investment-education-search
Member Since March 2023 - Comments: 1506
7:53 AM, 17th August 2023, About 3 years ago
Does anyone remember ‘lady’ Lea Bevan, she ran a site called Housemouse around the eary 2000’s. It was a landlord forum and she promoted a lot of off plan purchases and the like. Investors were scrambling to take her advice. I think she had 25 or more properties scattered around the UK all bought on interest only and leveraged to the hilt. Eventually she went bust. I did meet her a couple of times and she wasn’t a scammer and quite a pleasant lady but some of the advice she was giving was plainly obvious that it would all end in tears (she bought a lot of flats and the like). I didn’t take any of her advice and I am still here in the property business.