Whether you are buying or selling a property, you will likely engage with a real estate agent to facilitate the transaction. While the majority of agents prioritize their client's best interests, unfortunately, there are some bad apples in the industry who prioritize their commission above their clients' welfare. These agents use certain tactics to take advantage of uninformed home buyers and sellers. As a homeowner, seller, or buyer, you should be aware of these common tricks to avoid falling prey to them. In this article, we will reveal the most prevalent tricks used by bad real estate agents and provide you with the necessary information to be on the lookout. By being informed, you will be in a better position to choose the right agent who will work to achieve your objectives and protect your interests.
Presenting false information or omit pertinent facts from the listing.
Agents may make a home look more desirable than it actually is, exaggerating its features and failing to mention any preexisting issues with the home. They may also provide inaccurate information about comparable homes in the area to encourage buyers to pay more for your property than they would otherwise. It is important that sellers thoroughly research and verify all information provided by their agent before signing off on any documents. For buyers, always take time to visit prospective properties in person and have an inspection done before making any offers.
Steering clients away from certain neighborhoods or offering biased advice.
Agents may steer clients away from certain neighborhoods for a variety of reasons, including low commission fees or personal bias against particular locations. They also may offer biased advice to encourage a sale that benefits them the most financially. It is important to always get multiple opinions before making any decisions about property purchases and sales.
Receiving commissions for referring buyers and sellers without disclosing it.
Some agents try to take advantage of their clients by engaging in unethical business practices such as taking kickbacks or receiving commissions for referring buyers and sellers without disclosing it. Agents should be transparent about all fees associated with a transaction, as well as disclosing any referral relationships they have with other real estate professionals or service providers. If an agent refuses to disclose this information, do not hesitate to look elsewhere for representation.
Final Thoughts
By being aware of these common tricks, you can protect yourself from unscrupulous agents and make sure that you get the best possible deal when buying or selling property. Doing your research and having a thorough understanding of the process will help you identify trustworthy agents who have your interests in mind. With the right agent on your side, you can be sure that your real estate transaction will go as smoothly as possible.
Have a comment, tip, or concern?
Thanks for reading Elite Informer! Here's more where that came from.