Estate agents are crucial to the process of buying or selling a house, especially if you are a first-time buyer or if you do not have too much knowledge of the property market. For instance, if you are looking to buy a property in Leeds, then you will get in touch with estate agents in Leeds, as local agents are always the best bet! Of course, we all know that estate agents have certain tricks and tactics that they might use to make you book some additional services, pay a higher fee and maybe even raise your offer. After all, everyone has to earn their daily bread! However, here are some tricks that estate agents use and how you can avoid them.
Creating phantom offers
You’ve made a relatively low offer, the seller has accepted and the deal is all set to go thoroughly. Say, you get a call a few days later from your estate agent to let you know that a new buyer has made another offer that is a few thousand pounds higher than yours. Now, you have two options: you can either match that offer or you can ask your estate agent for proof that the other buyer has made a higher offer. There is a possibility that the estate agent has created this phantom offer to increase the sale price, hence increasing their commission.
Making you talk, a little too much
Estate agents have a way of making their clients feel comfortable and talkative. While it is very important to be honest with your estate agent and have easy communication, offering too much information might not be a good thing. For instance, as a seller, if you let your estate know your minimum selling price, the estate agent could pass on that information to the buyer so you might not get too many high offers. On the other hand, if you let your estate agent know your maximum budget, he or she might show you a higher number of high-valued properties that match or cross over your budget.
Starting a bidding war
If an estate agent knows that there are many interested buyers, a bidding war could break out. By informing one potential buyer of the other buyer’s higher offer and vice versa, an estate agent can drastically increase the offer price. While this may seem like great news for the seller because who doesn’t love a high selling price, a competitive bidding war might make potential buyers withdraw their offer, which could leave the seller with no offer.
Giving false reassurances
Say, you’re looking at an older property and you have started to question the structural condition of the property. If a surveyor or inspection has already been conducted, especially one that showed some issues with the property, an estate agent might give you some false reassurances regarding the condition of the property. If you are uncertain about the condition of any property, be sure to hire a surveyor who will thoroughly inspect the property. While the survey may seem costly, it is certainly worth the price, especially if you get stuck with a faulty property.
Offering more advertisements, for a fee
Many estate agents urge sellers to opt for more advertisements for a fee of course. Usually, the fee of the estate agent is supposed to cover the cost of advertising and marketing the property. Ask your estate agent what these extra changes will cover and how they will boost your chances of securing a sale. If you are unhappy with the answer yet your estate agent insists that you need to pay more money to properly market your property, then chances are that this isn’t the right estate agent for you.
Exaggerating features and characteristics
Some estate agents exaggerate the features and characteristics while listing a property online. For instance, they could use words like ‘state of the art amenities’ or ‘top range’, even though the pictures of the property don’t seem to match the description. If an online listing seems too vague, or if the description sounds nothing like what you see in the photographs, don’t get your hopes up before you actually visit the property.
