Realtors association warns of property scam

The Realtors Association of Jamaica (RAJ) is issuing an urgent advisory to the public to exercise caution when engaging in real estate transactions.

This warning follows a sophisticated fraudulent scheme involving the theft and alteration of official real estate signage. The entity said it was alerted to a case of identity and asset theft, in which official 'For Sale' signs belonging to a licensed member were stolen from a property in Stony Hill, St Andrew. These signs were subsequently transported to Portland, where the contact information was professionally altered to display a fraudulent phone number. The signs were then illegally planted on a different property to mislead unsuspecting buyers. The scam was only uncovered when an observant citizen, who is familiar with the legitimate agent, noticed the discrepancy in the contact details and reported it.

"This incident is a stark reminder that scammers are willing to go to great lengths, including physical theft, to defraud the public," said the RAJ in a release. "A real estate transaction is often the largest investment a person will make in their lifetime. Do not leave it to chance. Always insist on working with a licensed realtor whose credentials you have personally verified." The RAJ said scammers are becoming increasingly bold. To avoid falling victim to these schemes, it urged the public to follow certain steps, including verifying the licence.

"Every legitimate real estate professional in Jamaica must be registered with the Real Estate Board. Before calling a number on a sign, verify the agent's name and phone number through the Real Estate Board's official portal," it said. The entity also urged persons to cross-reference information.

"If you see a sign for a property, search for that property on the official website of the brokerage listed. If the contact number on the sign does not match the office number or the agent's official profile, report it immediately," the RAJ said. Noting that scammers often pressure victims to pay deposits via wire transfer or cash to "secure the deal" before a formal viewing or legal vetting, the RAJ stressed that realtors do not ask for cash up front - they are generally paid after the transaction is successful.

"Demand in-person meetings. Conduct business at the physical office of the real estate brokerage. Legitimate realtors operate out of established, verifiable locations," the RAJ said.