A prominent local real estate agent has warned people to beware when on the hunt for rental properties — and to make sure they only deal with reputable professionals to avoid being caught out by a scam.
Michael Joseph, of Property Cayman, said that it was a case of “buyer beware” and that residents should ensure that people who say they have the authority to make contracts on properties have that authority before handing over cash.
He warned that people, especially those from overseas, who get stung in rental scams could damage Cayman’s hard-won status as a reputable and well-run jurisdiction.
Joseph was speaking after four men were arrested over the last few weeks in connection with alleged property and vehicle scams using social media and classified websites.
A woman, 43, first arrested last year, has now been charged with 10 counts of obtaining property by deception in connection with an alleged property scam said to have involved several victims.
Joseph, who emphasised he could not comment on individual cases, said that people should not hand money over before they have viewed a property.
He added that people looking to rent should only use verifiable sites such as the Cayman Islands Real Estate Brokers Association’s and those of established real estate professionals.
Joseph highlighted that it was often the most vulnerable and those who could least afford to lose money who were the prime targets.
He said, “If you’re going to break down the demographic of people who are getting scammed, I’d say it would lean heavily to newcomers, perhaps speaking a different language.”
Joseph added, “I don’t have any experience of this happening in my world, but I do see it happening. It’s disgraceful, disgusting and unfair.
“The message should be, beware, be careful and don’t trust some random person on the internet.”
Joseph said he feared such scams would become more common as Cayman grew and its economy expanded.
He added Cayman’s population was growing, which made it a more tempting target for a variety of fraudsters.
Joseph said, “It’s important we clamp down on these scams and people who take advantage of the innocent.”
He added the real estate sector in Cayman was heavily policed to avoid criminal activity, but the extra work involved was worth it.
Joseph said, “I’m immensely proud of the Cayman Islands Real Estate Brokers Association and all the regulations we have to follow — because it’s for a reason.
“One of the main sales points of Cayman is we’re the richest, we have the best health care, we don’t have corruption and we’re the safest place in the Caribbean.
“I am a firm believer in protecting Cayman and its reputation.”
Brian Wight, the CIREBA president and owner of Better Properties International, said all the organisation’s members were governed by strict rules and a code of ethics.
He added, “Cireba’s public websites cireba.com and cirebarentals.com give potential customers access to both properties for sale and properties for rent.
“Only CIREBA members are able to post listings on these websites. This gives potential customers a level of confidence as every CIREBA member is held accountable for their professional actions.”
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Thousands of local people rent their homes directly from the landlord without any problem or getting defrauded.
He is completely correct that no one should hand over any money without first seeing the property in question and be sure that the person showing it has the right to rent it.
As a Real Estate Agent Michael would obviously like to generate business.
As my dad used to say, “Never ask a barber if you need a haircut. “