Shady Real Estate Tactics You Have to Be Aware Of
There are shady real estate tactics you have to be aware of, including over-stating the price of your home to attract buyers. Agents may even put your home on an outdated listing to lure potential buyers. Or, they may feign interest in your listing by embellishing the language they use. The key to avoiding these shady real estate tactics is protecting yourself and staying vigilant.
shady real estate agents will tell you your home is worth more than it is
When you sell your home, a real estate agent will tell you it’s worth more than it is, and you might be inclined to believe them. Most real estate agents work hard to sell properties at a fair price, but there are signs to watch out for. The following are common behaviors you’ll likely see with a shady agent. It would be best to keep an eye out for negative body language and hesitation when asking the agent to provide personal information.
The first thing to do is research the value of your home. The real estate agent will tell you the home price they’re listing, but this is almost always incorrect. You must check the appraised value of your property and recent sales of comparable properties in your neighborhood. Free online resources are an excellent place to start. When in doubt, seek out a second opinion.
Another common tactic is bait-and-switch real estate. These tactics are annoying, but they are also against the rules of professional ethics. The real estate industry has developed the technique to fool people into believing that a home is worth more than it is. These agents use their contacts in the real estate industry to match buyers with sellers of off-market properties. These properties are known as pocket listings, and they are not listed on the public – only agents have access to them.
It is illegal for real estate agents to quote a price that the seller has not agreed upon. If they say this in a conversation, you can’t prove it. Shady real estate agents will tell you your home is worth more than it is. But there are some ways to catch these agents and ensure they don’t do this to you. A real estate agent must present all offers to their clients.
They will put up old listings to attract buyers.
Many agents will leave expired listings on their websites to attract buyers. These listings are typically overpriced, have poor pictures and descriptions, and are not priced appropriately. You can also try to contact expired sellers personally with a note and business card. Even if they decline to answer your call, ask if you can visit the property. This way, you can avoid the overwhelming volume of calls and inquiries generated by expired listings.
They will feign a lack of interest in your home.
In a recent study, 74% of adults rated the prestige of working with a real estate agent or broker as low. Half said the industry lacked prestige, and 20% said it was unrecognizable. Shady tactics have shaped the perception of the real estate industry. By using tools like LeadSite, agents and brokers can change that perception and improve their online reputation.