Avoid Getting Scammed in Real Estate: In this article, Dennis Wandera Walubengo, the General Manager and Head of Business Development at Fanaka Real Estate, speaks to Smag, a publication of ‘Saturday Nation’ on why sometimes it is important to leave your job to grow and most importantly, what to look for to avoid being scammed in Real Estate industry.
Here below is his story.
My career breakthrough came when I learned how to manage up. I started looking at my employer as my client. This required me to align my strategy with my employers.
One of the biggest career misconceptions is that you have to agree with all your boss’s or clients’ demands without considering whether they are reasonable or feasible.
I am constantly setting new goals and acquiring skills I do not possess. I always think about what role I am playing in life. I have gotten to where I am through reading books. This has really helped me improve my work experience by learning how to do things better.
When COVID-19 hit Kenya, most of our clients were skeptical about investing. The developed a wait and see attitude. The market has however bounced back. For those with some cash, this is the best time to invest.
Most companies are giving discounts, flexible payment plans, and offers, all of which present a good opportunity in the market before it goes back to price correction. Real estate is an illiquid asset and it is advisable that one should check their cash flow before investing.
I stayed in a dead-end job for too long. I was working in a firm in a junior position with limited prospects of growth while earning just enough to see me to the end of the month. This hurt me financially. Do not be stuck in one career position. At the beginning of one’s career, it is the technical skills that matter but later you can interact with people count.
I save through money funds and Sacco’s. With this method, my money grows annually with fixed interest returns in the money market funds and I receive dividends through my Sacco. I can also my savings anytime I need them
How To Avoid Being Scammed in Real Estate
Documentation is the key to spot a scam in real estate. More so when you are buying land. This is why it is advisable to buy land from companies because you can authenticate the legitimacy of the company and its directors through documents of incorporation.
The title deed should bear the name of the firm. Walk away in the event that the company’s documents are in doubt or the title deed search do no correlate with the vendor.
When faced with a choice, being radically transparent and open-minded should be your first instinct. It is not easy because it exposes you to criticism, but do not let fears of what others think of you stand in your way.
This publication was first published in the Smag, a publication of the ‘Saturday Nation.’
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