It’s shocking for me to learn about the poor perception of real estate agents among many people. The reason for this is dishonesty. This is a common fact that is not hidden from anyone that most real estate agents bend the truth to make a property sale. This type of trend toward dishonesty can make possibly the main reason for the downfall of the real estate sector in the near future. Due to this, the real estate industry may face a hard time dealing with a negative status. This article is written to help all types of buyers turn the tables. In case you might be asking yourself, “Do real estate agents lie, I am providing you the list of top lies told by real estate agents.
The top lies that real estate agents tell
Transparent and delivering good results is the key responsibility of real estate agents. Some of the common and top lies that agents tell to buyers or sellers are mentioned below. If you understand these lies, then you can protect yourself from dishonesty in the future. You can also help future buyers and sellers.
Lie # 1- Price Overquoting
We all know about the fact that most of the sales are based on commissions. So this can favor the real estate agent. Do you know why? Well, they can sell the property at any possible price and make a good amount of money. Mostly the real estate agents balance this type of interest with the principles of their job. The agents can also enjoy the great benefits of pricing a property accurately. Sometimes the agents try to sell the properties for more than their market value. So the answer to the question: Why do real estate agents lie is that they are looking for more commission and they lie to increase commission.
Solution: If the real estate agent advises you on the property’s sale price, take time and do proper research. This research helps you to back up the agent recommendations. Generally, these types of properties take the shape of comparable properties. The agent becomes suspicious if he or she does not provide you the evidence of this property.
Lie#2- Price Underquoting
Sometimes real estate agents quote prices purposely low. This helps them to attract a good number of buyers for a property. So if you sell a property and the sale price becomes high, then the price quoted compels the sellers. The sellers think that the elevated price is due to a change in the real estate market or a bidding war.
Solution: You have to research comparable properties to find out if the quoted price is falling within the expected range. You can also take opinions from other agents that are not present in the deal. A second opinion is always good for confirmation. If you are interested in any property, the easy way is here. You only have to submit an offer in written form, which has to be near the original quoted price.
Lie#3- List now because another buyer is available
There are thousands and millions of ways to bend the words. You can also take advantage of people through these bent words. Do you hear these words in the market or anywhere else? Most probably, yes! You hear these types of words daily in a real estate market. Here is the one top lie that I think never worked in the real estate business history. The lie is that you have to list with the agent because he or she already has a buyer who is interested in the same property. Now you know why real estate agents lie about this.
Solution: So I recommend you if you are taking interviews of listing agents and one of the points this lie in front of you, then do not get shy. Ask quickly, “Oh wow, that’s great! What is his or her name?”. After this question, if you saw a slight pause, then something is fishy. This means that the agent’s brain is speed-dialing and tries to pop up a name that suits the scenario.
Lie#4- Suitable Timing to buy home
If there are no transactions made, then the real estate agents have zero potential for good earning. Every market needs an essential push for more potential, but to a certain extent, it also self-regulates by itself. The important truth is that if you sell the home and buy the next home, they are two opposites poles. These are two separate deals that are also financially different from each other. So if it is a good and suitable time for selling, it is not a good time to buy the property and vice versa.
Solution: Always find out what are the changes that the market is currently facing. This is done when you are moving from a low-price home into a high-priced home. Every deal is estimated on merit. After that, collect all the outcomes and make a good combination with them.
Lie#5- Commission is non-negotiable
Mostly the agents do not accept the lower commissions. This is all because the commissions make the livings of agents. So the real estate agents tell the customers that their commission is non-negotiable.
Solution: If you are working with a good agent, you do not need to question the commission. A good real estate agent knows the boundaries of fees and also values the money. Although, Everything is negotiable, and this is the universal fact. Somewhere in your life, you face an encounter with an agent who is not willing to negotiate. For testing the agent’s statement, Ask them a question! “can you sign a deal or work with me if I agree to hire you by providing all your advertising fee?”. So basically, this question is a type of negotiation. If the answer is yes, then well and good, but if the answer is no, you just need to walk away.
Here you found the answer to the question: Do real estate agents lie? The answer is Yes, many of them do. The main reason that real estate agents top lies are to win business. The agent lies when he or she thinks that they are not able to perform well. They think that honesty is the bigger problem for them. They do not believe in their skills. The real estate industry is a tough and highly competitive market. If you are in a real estate business, you have to be strong and confident because they are the basic requirements. However, if you are looking for experts who do not lie and still provide you with the best deals in town, contact Aceland Mortgage Today!