It’s a no-brainer that real estate agents plays a very important role when we are making one of the biggest financial decisions of our lives. Whatever you might be on the market for, be it selling, buying, or renting, they are the ones that helps make the overwhelming process look easy. But, they are also good at making you settle for the sale that's best for them and squeezing out every penny they can get from your pocket.
So, while in the game of cards with them, you need to keep your cards close to your chest and lean their next move before they even take them. Listed below are some of the tricks by agents that you should be on the lookout for:
Whipping you into a frenzy
If estate agents are good at doing only one thing, then that would be creating a buzz around a property. They will try and create panic between you and other buyers by arranging appointments to check the property at the same time. They might also try to introduce “sealed bids” (pitting you against other buyers without knowing their offer) rather than showing you the offers individually. Make sure you don’t fall for this trick; they only want you to pay more than your budget. So keep in mind what you can pay and stick to it.
Talking you out of the best deal
If you are buying a house never let them know your maximum price and the same goes for selling, never let them know your bottom line. If they know this, chances are that you will end up settling for it.
Misleading you over Help to Buy
There are many people that get government loan of up to 20% of their house price because of Help to Buy phase 1. You will have to repay this because it is a loan, but there are some lenders that advertise the property at 80% of the price, making buyers think they are getting good deal – which is not.
Inventing phantom offers to drive up your price
Some agents often create false bid so they can get more out of you. If you sense anything like this make sure you challenge the agent and ask for proof. Don’t make the mistake of thinking there is a third party that wants to outplay you as this will cost you money.
Selling you extra advertising
If your house isn’t selling then you might need to change some tactics and not pay your agent more. Some agent will trick you to pay more so they can do more advertising for your property. Don’t fall for this.
Beware of additional offers that suddenly appear out of nowhere from your agent or the seller's agent. If you think there is something fishy about the other offers, decline them.
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