WHAT IS FRAUD?

Fraud simply revolves around the idea of being deceptive, fake or a joke. It comes in many forms. It may be through identity theft, misrepresentation, and omission of truth. Moreover, all of these may be strongly pledged as fraud if done intentionally to gain profit or credit.

HOW DOES A REAL ESTATE BUSINESS OPERATE?

Basic knowledge goes as superficial as understanding it only as about buying and selling the property. But it involves the following segments:  

Development – This is when property and its surrounding areas get developed, built and rezoned— depending on what kind of real estate it would be (residential, commercial, industrial and land). 

Sales and marketing – tackle the price, appraisals and further development according to the kind of real estate decided upon 

Brokerage – deals with the brokers and agents and whatever agreement sales and marketing have gotten them involved

Property management – where the mortgage, estate tax and anything alike is handled. 

Lending – housing loans, mortgage loans and any kind of loan involving the purchase of a real estate property 

Professional services (law, accounting, etc.) – from notarizing the property, marking its authenticity with a lawyer’s chop, and handling of the deed of sale, it is all enveloped here. Availing services that require fees like secretarial, legal and accounting services, that pertains to a sale of a particular property falls into this segment.

As you can see, all of these can open a window to fraud. Hence, it’s important to take note of how it happens so that you can prevent it from happening.

1. Veteran fraudsters and prankers could forge identification to present themselves as owners of properties to put them on sale.

This goes as extensive as changing their names to open bank accounts, solicit deposit money from willing buyers and then disappearing after all of it is done. They somehow find a way to sell properties that are occupied also having an excuse that tenants demand their privacy until the contract is finished so no tripping can be done. Sadly, some buyers cannot perceive this as a modus operandi. They let it go even if hearing it is shady.

• These fraudsters and prankers disguise as interested buyers or somehow, they rent out properties to collect information from the owner via a title deed. They do it without opting for mortgage hence, they can’t be identified in the end because no information is held by the bank. They forge the title deeds they have in hand by acting out as the owners and claiming their identity in negotiating with the “real” interested parties.
• Another worst fraud that happens is when mortgage loans are applied for by these pranksters. And, in not just one bank but they’ll do it in multiple cases. As long as they can get away with it, they’ll repeat the same process if identity theft until such time that the owner gets repayment notices by the bank and alerts the bank they made no such deals.

Here are some tips on how to prevent these crimes from being unnoticed:

• Do guard against questionable and suspicious agents, solicitors’ firms and loan companies.
• Report loss of property right away like wallets that contain all your identification cards, bank cards, and key cards. If you can change your identity cards with a refreshed image so that it stays updated.
• Do corresponding checks on people you deal with. It’s good if you have connections in the real estate business because most often than not, they can inform you of every known real estate broker, business owner, and an agent there is within their perimeter.

A simple request of bill payment for any utility the month before could tell if the seller is the real owner. He/She shall have no problem providing this if he/she was the owner since bills are sent straight supposedly in their registered address.  

• Check the notarization and registration of the title deed. Check the status of property titles diligently if it’s really for sale or not in the first place. Double-check signatures and receipts. Have a third party witness the deal for everything to stay documented. 
• For the property owners, beware of bogus calls and suspicious emails and snail mails. If the identity of tenants is questionable such as no ID in hand, ask for paychecks to their name, billings also – to check further. Be present during on-site inspections of your property so that nobody would perceive it as ‘not attended to’.
• For buyers, avoid scammers by continuing to educate yourself about something you want to pursue. In buying second-hand properties, be cautious and don’t just invite anybody you don’t even know to walk into your transactions.
• Foreclosure properties may be the most convenient that you could buy so gain access to information through the bank manager or anybody available. Stay vigilant when deciding on purchasing properties.

There’s nothing wrong with being extra cautious and asking for more identification until you get satisfied that your property is authentic. Real estate fraud had left both buyers and sellers alike with the huge financial burden you don’t want to experience. So this may need some time to process. But it is worth it.

Over the next few years, it has been predicted that the construction industry has had substantial growth with high employment projections. Between the year 2016 to 2026, extraction and construction jobs are expected to grow by 11%, faster than the 7% average projection for other types of work. The Bureau of Labor Statistics (BLS) said there are 758,400 new jobs for construction and extraction are expected by 2026.

The problem is the lack of skilled professionals the industry has and this is also the main point of concern for future growth. A survey made by the Associated General Contractors reveal that 75% of firms expect to increase the headcount this year and 78% of firms are having issues with finding workers who are qualified. This isn’t limited to the construction industry per se but can be extended to other industry areas such as tree arborists and steel fabrication for example. Aside from that, 82% of firms expect it to either get harder or remain difficult to find and hire competent employees in 2018.

With difficulty in filling positions and high growth in the construction industry at the same time, it is definitely a perfect moment to setting yourself up for a job in construction.

Employers in the Industry

There are a multitude of jobs in the construction industry. Several employers are looking to fill them. These employers have different categories.

• Consultants – They design and plan the construction work. They know what the design brief is all about and change it into a workable plan. The plans tend to be detailed and include costs, quantities, and procedure needed to complete the project. Consultants include surveyors, architects, and contractors.
• Contractors – They physically create the design to the plan’s specifications. They spend their time on the construction site. Aside from reading and interpreting the plan, they transform what is shown on paper into the finished product. These tasks include a range of disciplines from machinery operators to brick masons.
• Subcontractors – They are hired by contractors to do specialized work. They might be specialists in electricity, steel, or foundations and are required to complete highly skilled tasks that need specific training or years of experience.

Here is our take on the construction industry’s fastest growing careers.

1. Construction Equipment Operators – 12% growth through 2026

This job will require a person to use a wide range of equipment at job sites, such as road graders, trench excavators, bulldozers, stump removal specialists and more. Several operating engineers are taught how to operate these machineries through on-the-job training. Also available are three or four-year apprenticeship programs which are sometimes sponsored by contractors’ associations and unions. The programs entail 2,000 hours of on-the-job training as well as 14 hours of technical training. Apprentices should at least be 18 years old.

2. Elevator Installers and Repairers – 12% growth through 2026

As the name suggests, this work involves maintenance, installation, and repairs of elevators, escalators, and moving walkways. The job also requires testing of installed equipment to make sure the specifications are met, interpretation of blueprints, and checking if the machine complies with safety regulations and building codes. In need of safekeeping are the repair tasks and service records of all maintenance; everything should be kept securely.

3. Construction or Project Manager – 11% growth through 2026

The overall construction project is overseen by the construction manager. They serve as an interface between the construction workers, architects or/and owners. They are accountable for the report back on progress, issues, and costs as well as the day-to-day work. They carry out the construction plan, making sure everything is done correctly and according to the budget. They also do the hiring.

4. Ironworkers – 13% growth through 2026

Depending on the local union requirements, an ironworker’s apprenticeship lasts three to four years. Ironworkers execute different types of tasks, following strict safety precautions while working hundreds of feet above the ground. This job entails reading blueprints in order to determine where a certain structural piece of iron fits within the edifice under construction. Ironworkers guide crane operators and connects the iron to the structures using wire work of wires, bolts, or through welding. An ironworker should be in excellent shape physically, remain cognizant of strict safety requirements at all times, and have a good sense of balance.

5. Masons – 12% growth through 2026

Masons build the structures and walls of buildings from bricks or concrete. Aside from that, they are responsible for the aesthetics of a finished wall, either completing it in detailed brickwork, decorative plaster, or other types of materials, including glass and synthetics, even decorating it with curved glulam for a point of difference. For larger projects, there is not much difference between block and detailed brickwork. Nevertheless, masons can become brick masons or master craftsmen, focusing on ornate or intricate finishes for walls and buildings.

6. Plumbers – 16% growth through 2026

Plumbers take care of water appliances and water pipes. They formulate how the pipelines should run throughout a structure and make sure they correctly interface with hot and cold water supplies as well as wastewater. Plumbers are also responsible for the installation and maintenance of appliance that use water, such as sinks, dishwashers, bathtubs, toilets, and water heaters. They can work in teams with pipefitters and apprentices or individually, depending on the size of the project. The job is sometimes strenuous and requires some problem solving.

7. Solar Photovoltaic Installers – 105% growth through 2026

The growth of this role is unusually high compared to others in the list because it taps into the need of new and green solar technology. The position centers on maintenance and installation of solar panels for the generation of electricity and hot water. This job covers offices, homes, and other buildings.

8. Glaziers – 11% growth through 2026

Glaziers are in charge of installing glass in a building. The work necessitates the cutting and placing of glass into various types of structures, from offices to skyscrapers and residential homes. The job involves physical activity and carrying heavy pieces of glass outside and getting exposed to the elements at the same time. Employers prefer an experienced glazier but having a high school diploma for qualification will suffice.

Jobs for Problem Solvers

Construction work can be very fast-paced, given the predicted upsurge in the industry and the scarcity of skilled workers. Potential employees have a number of roles to select from. Some just need a suitable apprenticeship such as carpenters with maneuvering timber beams while others need academic qualifications, like engineers and architects.

Whatever the worker’s role is, it will definitely involve problem-solving skills on top of the ability to work with a variety of tools and materials. For specialist roles, employees can fine-tune a number of these skills or they can also remain a generalist and work in the field.

Alphabet, Google’s parent company reported that its quarterly profit jumped by about 73%, largely thanks to soaring sales in their Internet advertising business.

According to Thomson Reuters, their estimates were $US6.56 billion but the overall quarterly profit was $US9.4 billion. This far exceeds their initial estimation.

Then there was that common knee-jerk excitement from investors, which drove Alphabet’s share price higher. It climbed up by as much as 3.4 per cent all in after-hours trades.

But it proved to be very short-lived. Alphabet stocks fell by 0.2 per cent at 6:00pm in New York.

In light of all this, Google’s profit margins fell in recent quarters. This is largely due to its expensive new projects in cloud computing. Despite going on large spending cuts on an unprofitable set of sub initiatives known as “other bets”, it didn’t help their profits much.