Estate Agent Tricks – 5 Things To Watch Out For

Estate Agent Tricks – 5 Things To Watch Out For

Politicians, Bankers, Estate Agents – who do you trust the least?

Difficult, eh? All have a reputation for putting their own interests first and being economical with the truth.

Estate Agents have a number of tricks, some well known, others less so. Here’s the 5 tricks Estate Agents use most often:

1.  Signing you up to a long contract (6 months or longer). Either not mentioning it or referring to it as “our standard contract”. Er, no! How about you agreeing to my standard term of 4 weeks, then if you’re useless I can quickly find someone better?

2.  Misleading Valuations. Basically, telling you what you want to hear and saying they can quickly get a buyer at that price, when they’re only concerned about getting you to sign their contract. Once listed, the market will mysteriously slow down in your neck of the woods and a price reduction will be suggested.

3.  Favouring certain Buyers. Which happen to be the ones who also have their property listed with them too. Well, why would they get one sale when they can get two?

4.  Investor lists. Most Estate Agents have contacts with Investors who will buy investment properties when a quick sale is required. Guess which Investors are at the top of the list – the one that will pay the most for the property? Or the one that tells the Estate Agent “there’s a drink in it for you”?

5.  Recommending Mortgage Brokers and Solicitors. Do you think they recommend the best ones – or the ones that pay them the highest referral fees?

Of course, not all Estate Agents use all these tricks. There are probably even some who don’t use any of them.

By Richard Watters

Related posts:

7 Tips To Select The Best Estate Agent

How To get A Bargain When You Buy

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Estate Agent Trick Number 6
Rightmove and Zoopla Premium Listings – do they work?
Estate Agent Trick Number 8 – Undervaluing Your Property

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