With international markets in turmoil after Britain's vote to leave the European Union, many investors are looking for alternate ways to nurture their nest egg, whether it's for retirement, educating children or simply for a rainy day.
Recently, several real estate investment seminars have been promoted in Missouri, using testimonials or pictures of stars from home improvement television series. Better Business Bureau has issued warnings about these seminars, often advertised as free and "no-obligation." In the past, BBB has received numerous complaints from consumers who paid thousands of dollars for the additional training but who felt it was not worthwhile.
BBB believes that many investment seminars and other promotions can be misleading because they are advertised as free, yet they are really designed to sell consumers products or services using high-pressure sales techniques. In some cases, consumers are invited to a dinner, which may make them feel obligated to listen to a sales pitch.
Before you decide to attend such seminars, you need to understand their purpose and be aware that they are usually a sales tool, not primarily an educational opportunity. Some seminars demand that both spouses attend the seminar so they can make a decision to invest on the spot. Consumers should resist pressure to make an immediate decision.
BBB offers the following tips to consumers considering attending a free business seminar or meeting:
Research the business by searching the Internet and contacting BBB. Find a BBB Business Review by calling 573-886-8965 or by checking midmobbb.org.
Before paying anything, know what you are getting for your money. Before approving any contract, read it carefully. If there is anything that concerns you, make certain the document is changed in writing before you sign it. Be wary of any oral promises that are not in writing.
Know exactly how long you have to obtain a refund after signing an agreement. If that information is not in the agreement, ask for it in writing.
Ask for references and contact them before entering into an agreement. If possible, verify any claims made about the organization's success.
Pay by credit card whenever possible in case you need to challenge the charge.
Sean Spence is the Mid-Missouri regional director for Better Business Bureau.