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Each week on The Download, Inman’s Christy Murdoch takes a deep dive into the week’s most-read articles to give you what you need to face Monday head-on. This week: We have some bad actors. It’s up to you to protect yourself and your clients from scammers, fraudsters, and cybercriminals.
Real estate agents are very hardworking and are always fielding calls from new prospects, new agents, and out-of-town referring agents. Great agents operate with an openness and authenticity that allows them to connect with everyone they meet that day. But that same openness can lead them into the path of nefarious villainy.
When large sums of money are at stake, there will almost inevitably be people trying to take advantage of it. Whether it’s operating in complete disregard of the law or employing ethically questionable tactics to get more than their fair share, something seems too good to be true. If it sounds like , it’s up to everyone to pay attention.
Today on “The Download,” we look at real estate companies whose practices have been questioned time and time again, and share some great advice from experts who know how to keep themselves and their customers safe.
“It’s a shameful business model that intentionally defrauds people into making money out of homeownership,” said Ohio Attorney General Dave Yost. statement announced the state’s lawsuit against MV Realty. The Florida-based brokerage firm is currently embroiled in scandals and lawsuits over alleged deceptive business practices, and has filed for Chapter 11 bankruptcy proceedings.
The company was under intense scrutiny with long-term, 40-year contracts that paid homeowners as little as $300 for the privilege of acting as their exclusive listing agent should they choose to sell their property. facing. These contracts were primarily offered to financially challenged homeowners who needed immediate funds.
The contract provides that if MV Realty successfully sells the property, if the homeowner terminates the contract, or if the ownership of the home changes, such as by deed transfer, foreclosure, or death of the homeowner, MV It was stipulated that Realty would receive compensation.
Extra: Real estate influencer allegedly defrauded investors out of millions of dollars
Regardless of the outcome of MV Realty’s legal matters, it is important to ensure that we fulfill our fiduciary duties and act as guardians of those we serve. This means staying up-to-date on how technology is used for both fraud and fraud, learning how to improve transaction flows, and leveraging learnings from past fraud to improve internal processes. means to improve.
More than 50% of transactions are at risk of fraud.Here’s how to fight back
According to Inman’s new contributor and attorney: Renee Hunter, property fraud of all kinds is on the rise, with everyone from cybercriminals to family members getting into the act. Think the problem is too big? Hunter provides practical steps to help root out fraud before it occurs.
Extra: SEC says ‘Cashflow King’ stole millions of dollars in Ponzi scheme
The Rapattoni hack shows the need for this 13-step contingency plan
Real estate agents and real estate brokers sell high-ticket products and, as sole proprietors who work from home or on the go, often lack the cybersecurity tools employed by larger corporations, making them more susceptible to cybercrime. are often targeted.broker leslie gairy Investigate the recent Rapattoni cyber attack and create a plan to ensure your protection.
Extra edition: Was MLS hacked? Click here for the 15 minute update plan
ChatGPT, deepfakes, and the dark side of real estate
Former real estate agent, current security expert Tracy Hawkins We look at how artificial intelligence can be used to create convincing disinformation, impersonation, and even fake properties and images. As real estate professionals increasingly use AI for marketing and other aspects of business operations, it is important to be aware of the potential dangers posed by this technology.
Extra: Donald Trump found guilty of fraud for inflating real estate holdings