Protecting the rights of their clients and being honest with them is the duty of a real estate agent. While many understand their responsibilities thoroughly and act accordingly, some real estate agents still try to deceive their clients for personal gains. Here are the most common lies real estate agents use to deceive home sellers that you need to be cautious of.
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The price you set for your house has a pivotal influence on the deal you can secure. ‘Buying a listing’ in real estate refers to when real estate agents overprice the house to get a listing which they can use to pick buyers or get price reductions in the future. Over-priced houses face many difficulties and are sometimes stuck in the market for a long period. Hence, it is crucial that you your agent for market analysis and avoid hiring an agent suggesting a higher price than others.
Real estate agents charge a fee which is commonly referred to as a commission. The commission is charged as a percentage of the house’s value and is negotiable. Many agents lie and state that it is a fixed percentage to charge you a higher fee. You must not fall under this trap and do your research to check the current market rates before paying anyone.
NUMBER OF HOUSES SOLD
Many clients make the number of houses sold by the agent the basis of judging their expertise. The greater the number of houses sold, the better skilled the agent. Due to this, many agents have started lying to home sellers and are quoting a greater amount of homes sold to convince them. As a home seller, you should double-check the agent’s sales record instead of just taking them for their word.
We all believe that your craft gets perfect with experience; thus, the more years of experience, the more favorable. However, agents are now lying to home sellers about the number of years they have worked for. There is nothing bad with hiring a new or young real estate agent; however, deceiving your client is unacceptable. Moreover, some cases are more complicated and require skills that come with experience. Like the number of houses sold, home sellers can verify the years of experience an agent has.
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HAVING A WEBSITE
In the era of e-commerce, real estate is increasingly being sold online through real estate websites. Recently some agents have started falsely claiming that they are one of the few agents who have a website and may charge you a higher fee on that basis. However, as a home seller, you should know that today most real estate agents have a website and are not offering you anything unique. Furthermore, they may even lie about the amount of traffic their website generates. Online websites allow you to check the actual number of visitors a website gets; doing this will prevent you from being fooled.
POTENTIAL BUYERS PRESENT
This is perhaps the most common lie used by a real estate agent. To get hired by a home seller, they lie to them about knowing several people interested in buying their house.
Many real estate agents give this misconception to their home sellers that keeping an open house will guarantee a better and quicker deal. While an open house brings no problems, it also does not bring any major benefits. The percentage of houses sold at open houses is only 5%, and many agents lie to their clients.
These are the most common lies real estate agents use to secure a listing. These are extremely unethical and are a cause of disgrace for the real estate market. However, do not assume that all agents are liars. Many agents still work with sincerity and do their best to secure a good deal for their clients. To make sure that you hire a good agent, you need to research.
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Ramza Zahra is a Karachi-based freelance content writer who uses her life experiences and curious nature to research and pen it down and make a living. Currently, she is working with Sigma Properties as an Snr. Content Writer.