Get the app in the App Store! Get!
realAs News

How to Spot Real Estate Agent Selling Tricks

real estate agent selling tricks

How to Spot Real Estate Agent Selling Tricks

No industry goes without its own tips and tricks. The real estate industry is no different. Real estate agents are well known for tricking buyers and sellers to close a sale. The buyer and sellers are usually not familiar with the everyday workings of the specific industry and they are also blinded by excitement about the whole deal. In all this chaotic and complicated procedure, agents successfully trick their clients.

Here are six real estate agent selling tricks and how to spot them:

1. Real estate agent listing signing

Some real estate agents trick home sellers into signing agreements with them. Will the real estate agent have exclusivity? Will other agencies have the opportunity to also market the vendor’s property? Most of the clients are totally unaware that by doing this they are handing over complete control to the real estate agent.  Seek professional advice to make sure that your rights are protected.

2. Creating false sense of urgency

Real estate agents can create an environment of urgency among their clients by constantly grooming home sellers to accept a lower price. After first telling a vendor that their home can sell for a higher price, the real estate agent will gradually put the vendor into an urgent mode as they start fearing about losing lowered price offers. How does your real estate agent rank for price quoting accuracy?

3. Agents with low commission rates

It is not necessary that a real estate agent who offers a lower commission will be a reliable agent. It is possible that such an agent is not as good their at their job as they should be and they will fail to get you a good market price on the property. Review the real estate agent thoroughly.

4. Getting into a long term agreement

Real estate agents often trick home sellers into signing contracts with them which bind the client with the agent for a long time period. So later, even if you are unhappy with the service, you won’t be able to leave the particular agent. Insist on a short selling period so a poor performing agent can be released.

5. The auction trap

Real estate agents have spread the myth that auctions are the best way to sell. Many clients have been tricked by this. The truth is that auctions get low prices. Agents will use the lead up to an auction to condition home sellers into accepting a low reserve price. Thereby, any price achieved above this is perceived to be an exceptional result. Most real estate agents sell their own property by private sale without the pressure of an auction situation.

6. Setting a price

Many clients are told to put their properties at a higher price but the truth is that buyers will ignore your house and it will soon become a part of the list of stale properties. The solution is to set a starting price which the home seller is willing to sell at, but reasonable to attract buyers.

It is not unusual for real estate agents to use these tricks to get closings on the deals. Real estate agents highly depend on closings so that they can get commissions. It is not entirely difficult to understand their desperation but more than a few times, these tricks can result in huge losses for the buyers and sellers. Clients hire real estate agents because they put their trust into their expertise so it is disappointing to end up tricked.

 

REALas predicts property prices

REALas predicts property prices – Australia wide including auctions and private sales.

Between April 2016 and May 2017, the median accuracy of REALas predictions was within 5% of the final sale price. REALas predicts potential final sale prices for properties currently advertised for sale.

Search REALas property price predictions.

  • Julie O'Donohue

    Thoroughly agree Josh, as an ex agent we were trained in these tactics. Another option is DIY using new online peer to peer services.

    Reply

Leave a Reply

Get in touch

Please enter your email

By signing up, I agree to realAs terms of service and privacy policy.

Already a realAs member? Log In