Did you know that over 5 million existing homes were sold in the USA in February 2020? Every day pen is put to paper on house deals and millions of dollars exchange hands.
However, after this, not everyone is a happy customer. If you are a first-time buyer, you may have little experience in making large purchases. Real estate agents could easily take advantage of this.
How can you learn the tricks real estate agents play? Why not read our in-depth article to find out.
1. Dual Agency
Dual agency is a regularly seen tactic of unscrupulous real estate agents. It basically involves the real estate agent acting to represent both the seller and the buyer. This creates a huge conflict of interest. He can easily misrepresent one of the parties and increase his personal profit from the sale.
Avoid this by ensuring that your real estate agent does not practice dual agency tactics. You will save time and money in the long run.
2. Open Houses
Often real estate agents will try to convince a person that they need to provide open house viewings to sell their house. This means that anyone can come and inspect your house. Open House is neither required or a successful selling strategy. Avoid strangers in your house by saying no to open house policies.
If you need to sell your house quickly, you do not even have to go through a procedure that requires inspections. You can use a local company that will allow you to sell your house as is.
3. Misleading Prices
Misleading prices are one of the oldest and most obvious tricks in the book. An unscrupulous real estate agent tells you that your home is worth more than it actually is. The house owner becomes excited and sees dollar signs at the thought of getting more money than they thought for their house. They then sign up to pay the real estate agent a commission. After the house does not sell, the exorbitant asking price is dropped to lower than market value. The owner gets less than they should.
4. Not Attending Home Inspections
A real estate agent should be willing to go out of their way to get ou a good deal. If your agent sends you alone to view houses, there is something wrong. If the agent of the seller does not attend the inspection, there is the risk that they will not be able to defend themselves against unreasonable buyer complaints. Of course, the opposite is true. The real estate agent should be present to provide quiet guidance based on their house selling and buying experience.
5. Poor Marketing
A real estate agent may promise a professional service that makes your property look great. They may even cite how quickly they are able to sell or find suitable houses to purchase using social media channels.
However, later these channels are not used or you find that there are hidden additional charges associated with them. Avoid this by ensuring you see clear pricing before signing.
All the Tricks Real Estate Agents Play and Much More
If you want to get the best deal for your house or property, you need to educate yourself on all the tricks real estate agents play. Knowing this can help you to avoid getting ripped off or regretting putting pen to paper later.
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