The real estate business has a certain obligation towards its clients as it is one of the investment niches that involves hefty finances. Wherever there are heavy investments involved, accountability becomes ten-fold and so does the risk. Investors are always looking for safe and lucrative opportunities to put their hard-earned money to good use. It is possible if the process is carried out with end-to-end transparency. Real estate and other high-budget businesses call for screening and verification measures as an unavoidable part of the process.
Agent Verification
Agents can go through the screening and verify themselves through platforms like Idenfo Direct. Real estate brokers can add this information to their social media and professional networking profiles. Registering yourself as a verified practitioner in the field builds trust among current and prospective clientele. Investors tend to gravitate towards a verified operator; they also put their unwavering trust in you and openly recommend you to fellow investors.
Moreover, verifying yourself first promotes the “practice what you preach ” culture, and anyone that works with you will know they will have to go through the process; eventually no one will raise any objections when you request verification.
Tenant screening
Asking for tenants’ Computerized National Identity Cards (CNIC), No Objection Certificates (NOC) and other documents is a common practice in the real estate market in Pakistan. Brokers and landlords ensure they are renting their property to a reliable individual who wouldn’t be a nuisance to the neighbours. Secondly, knowing the tenant’s past and present whereabouts and whether or not they’re involved in any suspicious activities is imperative and rightful.
However, with the digitization of most things, real estate agencies can thoroughly benefit from digital screening platforms like Idenfo Direct, which verifies an individual’s profile within minutes.
Buyer screening
Just like tenants, it is most important to verify the buyer of your property if you’re selling it to a stranger. You don’t want to engage in any business with an individual who is involved in dubious activities or holds a criminal background. The buyer may refuse to pay, disappear after closing the deal, or make false commitments otherwise. Buying in a rush or at a higher price than the declared value is also a red flag and can make you wonder why. A person may be intending to conduct some suspicious activities in this unit, which may make the neighbours uncomfortable.
It may take a while for real estate agents or sellers to dig up information about every buyer in the market. The quickest and simplest solution is to verify buyers through screening platforms like Idenfo direct, a digital solution that clears all doubts in minutes.
Seller screening
The most important thing to determine for a buyer during a purchase is the sale deed or title report. The title report holds a clear picture and other information about the seller. Unfortunately, buyers are easily scammed if they are in a rush to buy or if the broker does not have enough information about who the seller is. The seller may be:
- Reselling a property to multiple buyers, selling a property that is not officially in their name
- Selling a property that is under a mortgage, or selling a property that will soon be demolished by the government in the near future
- Selling a property without disclosing that it is sealed/ confiscated by the bank or an anti-corruption department (for example, the narcotics department)
If the payment method is cash, no financial institution assists you in verifying the legitimacy of an individual’s identity. Aside from going through the documents thoroughly, the key is to verify the sale deed, domicile, and other documents of the selling party.
Screening with Idenfo Direct.
There are several documents involved in the selling and acquisition of property and real estate agents deal with the paperwork day in and day out. However, the time has come that digital Identity screening measures to be normalised across the real estate sector. Aside from saving time, it saves paper, shelf space and the stress of skimming through heaps of documents every time the old listing is up for sale or purchase .
Idenfo Direct is a digital background verification and screening platform, which simplifies onboarding, partnerships, renting and vending practices.
