Real Estate Fraud: Identifying Places

There are many factors that help in marketing a real estate project in Turkey, but the most important are the location factor of the project and the services that come with it. Given this importance, many methods of real estate fraud appear to involve describing the location around a property and exaggerating the services surrounding it.

In this article submitted by Property Superiors, we explain the ins and outs of the location description scam and how to avoid this type of marketing scam practiced by some real estate companies in Turkey.

How important is the location around the project in the real estate marketing process?

If the property is intended for residential use, the surrounding services are of great importance, as the need for health and educational facilities, as well as good transport links and the presence of shopping centers ensure a more comfortable and relaxing standard of living.

Determining the price of real estate in the area according to the importance and legality of the neighborhood of the property. For example, properties near archaeological or tourist attractions command higher prices than apartments in ordinary residential areas.

The investment value of a property is directly affected by the type of services and amenities. The ability to resell or rent out a property at a reasonable price and make a profit depends largely on the type of services provided.

How does real estate scam happen when describing a location?

The obvious exaggeration in the nature of the services and facilities adjacent to the project, such as claiming that the shopping center near the project is the largest shopping center in Istanbul, etc., or changing the entire description and adding services that do not exist in the first place, such as claiming that the project is 15 minutes away from the new airport, knowing that the areas surrounding the airport Istanbul is currently uninhabited.

• Real estate fraud targets the future planning of the community in the project area, claiming that the community intends to open a traffic station or build a hospital or school, thereby implicitly promising to increase the price of the apartment after the service is completed, but unfortunately this will not happen because the service provided does not include in the municipality's list of projects.

The purpose of such scams and hype is to increase the market value of the property and encourage investors to purchase the project, regardless of the degree of deception the buyer later discovers.

How to Avoid Real Estate Fraud When Describing a Location?

Property Superiors brings you the apartment of your dreams with a range of helpful tips to avoid falling victim to real estate fraud and inflated descriptions of places and services near your project. The most important of these are:

In fact, you're not much use if the nearby mall is bigger than the mall two blocks away. So it makes sense to identify the peripheral services you really need that are good for you and your family and look for them without worrying about marketing hype.

For fraud and giving false information about services that the municipality wants to establish in the area, you can take advantage of official programs that you can easily find and verify that the information is correct in person or through a reliable real estate company you work with. Learn about the services actually planned on site.

Focus on the quality and merit of the project itself and the home where you will spend most of your time, not secondary issues.

Conducting a property inspection and touring the home and project on-site is the best way to verify the many inaccurate claims about a project's proximate location descriptions.

Advice from real estate executives to real estate scammers:

Exaggerated and deceptive marketing of real estate projects will only lead to a loss of trust in the marketer if the buyer realizes that he is being scammed and that the project being sold to him does not exist. At Property Superiors, we recommend that you market your project with realistic services, rather than losing the reputation of these companies and distorting the image of the Turkish real estate market, which is logically and practically necessary to satisfy the buyer's needs.