Can real estate agents lie about offers? Honesty is important in any profession, but of paramount importance in an industry such as real estate. When you buy or sell a house, you are most likely to make the most extensive financial transaction of your life. And unfortunately, the brokerage industry has a bad reputation – like lawyers or even used car salesmen – because some brokers do not know the difference between truth and lie.
Part of the problem is the large number of unscrupulous people who offer the real estate profession a quick path to easy money. In many states it is not difficult to get a real estate license.
They seldom hear of the honest agents on the news, as most of the coverage relates to agent arrests and dodgy scams. But that’s because truth is not worth news. The truth is that only about 10 percent of brokers handle 90 percent of the business, and that top 10 percent is more of the type buyers and sellers can trust. Many home buyers and sellers want their real estate agent to be honest, ethical, professional and experienced.
When real estate agents lie
Lies real estate agents tell buyers, are basically to make them go for their offers.
Tell you a price you want to hear.
Homeowners often assume their home is worth more than it is. They do not constantly monitor the market and regularly value and sell real estate. Therefore, it is unlikely that you know exactly what your property is worth at the moment.
But an exceptional real estate agent knows exactly what your home is worth. But a deceiving agent can tell you that your home is worth more than your business. After it takes a long time for your home to be sold, you will be asked to lower the price. You still get your commission while you are missing out on selling your home from the beginning at the right price.
Real estate agents who purposely deceive homeowners about the value of their home are underway since the industry began. Agents who do this do not have the skills to win a customer fairly. They resort to tactics that eventually lead to mistrust.
The wrong price is the most important reason why homes do not sell. It is crucial to determine the right price from day one. Remember that market data does not lie – people do it. Never choose a real estate agent based on the price.
When they said they’ve sold more houses.
Estate agents love to lie about their production. Is not it funny how there are several agents claiming to be number 1 in the city? You want a broker with a consistent history of selling homes, especially a strong recent history.
The agents know how important it is to have a constant level of production to demonstrate competence. Track record is one of the most important factors in choosing a real estate agent.
Unfortunately, some may be willing to lie about how many homes they have sold to attract sellers. However, you can quickly expose the lie by making a simple call to your broker. Sellers make mistakes when choosing a real estate agent. It’s not hard to understand why they do it when ninety-four percent of them are real
Tell you that potential buyers are available.
This is one of my favorite lies that real estate agents like to tell.
First, it usually requires some marketing and manual labor to attract the right kind of buyer for a sale. Second, this does not mean that an agent is the right agent for your needs, even if he has potential buyers. The shoppers might fall through and you would be left with an agent that suits your needs or not.
Focus on the things that are important to you in an agent. You want someone you can count on, someone who has the skills and experience to get the job done. The buyers will come with these things.
In addition, you do not wish to enter into a Dual Representation Agreement where the agent you hire becomes a neutral party. A significant percentage of agents exercise a dual agency, which is terrible for consumers.
Agents who exercise dual decision-making rarely explain the disadvantages that are significant. Why? They want you to take it out! The broker is paid twice as long as you are no longer represented. Just awful!
Show you they have more experience than they actually have.
Realtor exaggerating the amount of business they do.
Everyone likes to hire experienced professionals. Most people are reluctant to hire someone new to the game. Of course, some people are excellent recruiters who are just starting out.
An agent with little experience will not necessarily be a bad agent. As long as the price you pay for reflects your opportunity to gain a foothold in the industry, it is not wrong to hire someone. What’s wrong is when an agent claims to have experience if it does not.
You can quickly check an agent’s experience by doing a little research. Search the broker online through Google or simply contact the local real estate association.
Conclusion: When you sell a home, the real estate agent you work with has significant consequences for your success. It is important that you take the time to really review the candidates you are considering.
A friend’s recommendation is not the best way to find a good agent. You will be disappointed and stressed. Always look for an agent who lies to do business and avoid them. Can real estate agents lie about offers? Now you know…