There are of course many honest estate agents out there who will do their best to sell your home at the right price. That said, there are also several not-so-honest ones who have the primary aim of using certain tricks of the trade to maximise profits for themselves
Luckily for you though, we have provided a detailed list of some of the most common tricks used by these estate agents, used on both house buyers and sellers. Here are 9 tricks that you should know and be wary of:
One trick that a lot of estate agents use is to exaggerate the value of your property, making you sign their contract quickly. After a long time not selling. you will eventually discover that the property is worth less to buyers than the agent stated. This is why you need to have an advance estimate of your property so you don’t fall into this trap. What is important to check is the sold prices in your area rather than the asking prices.
We have heard of some estate agents creating fake viewings, such as family and friends of the estate agent coming round to see the property. These are created just to appear like the estate agent is creating interest.
If you receive an offer via the estate agent before it has even hit the main portals, you may want to hold off accepting. We have heard of estate agents accepting ‘drinks money’ from buyers to let them know of properties before they hit the market and to try to convince sellers to accept an early low offer.
This is just so they can get a commission from the brokers for introducing the business.
Some estate agents use premium listings, and other enhanced marketing packages.
One sales trick that estate agents use to rush buyers into bidding for a house is scheduling house viewings close together. So, as you’re leaving a property viewing another potential buyer is coming in.
You may be interested in a property and about to place a bid, only to find out that the estate agent has had several other bids on the property of a specific amount. This could just be a tactic to make you bid higher than that amount and give them a bit more commission.
You may have had an offer accepted. A few weeks would pass and then you may then get a call telling you that there has been a higher bid than yours on the property. This is referred to in the estate world as “Gazumping”, and it is genuine sometimes. Other times though, it is simply a ploy used by the estate agent to get a bit more out of the property sale.
Most photos of properties being listed are taken with a wide lens. This makes the room look bigger than it actually is.
Here are a few tips on how to steer clear of some of the above tricks of the trade:
Stepping into anything that you have no idea about could be dangerous, and if you have no previous knowledge about house buying and selling, then you could be easily tricked. Look into the local market, find comparable properties, and check their sold prices.
Estate agents might pressure you into signing early, bidding a high amount, or using their in-house mortgage brokers. Resist being pressurised.
There is no need for you to tell the estate agent the lowest price you will accept for your property or the highest price you’re willing to bid.
You may have been messed around by estate agents in the past or you may just not want the hassle of dealing with them. As an alternative, you can consider using our services to sell your house. We will buy it for cash in as little as 7 days.
There are several advantages that you will enjoy from using Quick Property Buyer instead of going through the open market with an estate agent, including:
If you would like a no obligation cash offer, get in touch with us today.