How To Avoid Real Estate Scammers in Bangladesh
Let’s first face the brutal reality that we often get scammed without even us realizing it. Via text, emails, phone calls, and other unusual means, some people are out there to con people for money. This is also true for the real estate industry. After independence, despite the flourishing rise of the real estate industry, some companies never made it to the top tier, and for good reasons. They have misused the trust and money of the customers and vanished in thin air. As a result, many people still do not trust good and reliable companies like bti. To avoid real estate scams, follow these tips to stay safe.
The Real Estate and Housing Association of Bangladesh is an organization of real estate companies. It started with 11 member companies but has now increased to 1151. It is no surprise that bti was one of the founding members, and as a result, it is a company respected by customers, employees and other fellow realtors. The REHAB membership number tells you whether a real estate company actually exists and how long it has been providing service.
RAJUK Approval and BNBC Codes
Next, you need to discern whether the building you are selecting an apartment from actually follows the government rules. Always ask for the RAJUK approval number, and check whether the Bangladesh National Building Code is maintained. Observe the relevant documents and check for authenticity. As a reputed and responsible company, bti has always followed BNBC codes in all its projects and has RAJUK approval for all projects as well. Simply walk away if the project you are interested in does not follow the country’s rules.
Credit Ratings and ISO Certification
If you are unfamiliar with the term credit rating, now you will know. Credit rating is a measure of a company’s ability to meet all financial commitments. The stronger the rating, the more the company’s reliability in terms of money. Credit rating is rated, and bti is known for its AA2 rating, which stands for high-grade. This means bti will not fail you or disappoint you with money, but scammers will not have credit ranks of any kind. In fact, a scam company might be blacklisted by banks. When you apply for home loans in certain banks, chances are the banks will refuse to lend you money because you chose to buy an apartment from a blacklisted company or a company with lower credit rating. Another factor you can look out for is ISO certification. It can be awarded in various fields. As a reputed company, bti has ISO certification in construction quality, design, and management! In fact, we were the first real estate company to get ISO certified!
Word of Mouth
Up until now, we have discussed the factors we see on paper. However, the reliability of a company also comes from decades of hard work and customer satisfaction. A happy customer will advertise and speak for the company they bought their product from. They will spread the name of the company for years to come. This was exactly how bti was built. Ask any customer and they will tell you how bti handled all apartment matters.
So don’t fall head over heels on an apartment no matter how beautiful it is or no matter what location it is set upon. Research and study the company and check all documents. Only after proper verification you should sign and pay the booking money. Better safe than sorry.