The competition among estate agencies has increased in the past few years. The major reason for this change is the presence of large number of estate agents in the market. It can be really difficult to choose an estate agent for your property requirements, and you should be aware of some of the common estate agent tricks played by estate agents in order for them to generate better profit margins. We are going to discuss some important estate agent tricks in this article.
Under valuation of property: It is quite common among estate agents. They undervalue your property for achieving quick sales. Consider an example, your house is worth £120,000 but the estate agent has evaluated it for £100,000. This will help them to find a buyer in comparatively short period of time. They are not concerned about your personal loss in the deal. Make sure to get your house evaluated by multiple agents to get a good idea of the real market price.
Estate Agent Tricks No 2
Not passing all the offers they get over to you: In some cases, buyers nay offer bribes to your agent for not passing on details of other buyers bids or other offer. can avoid this scenario by asking a friend to place and offer. If your estate agent passes that offer over then he is honest otherwise it is best to hire a new estate agent. It is rare but it can happen. If you have any doubts then check.
Estate Agent Tricks No 3
false offers: One of the estate agent tricks is to provide fake offers to the seller. Most of these offers will be lower than the original offers made by the buyer. Later on the agent will deliver the genuine offers which may appear better than the rest. It is designed to encourage sale and make you think the market is in a worse state that in it or for some reason your property is not appealing to buyers. If you are keen to move or in a chain this can be quite a persuasive tactic.
Estate Agent Tricks No 4
Advance fees: Most of the estate agents would ask for an advance. But in some cases, the house is sold for a lower price than what was promised to them. It leads to a loss of thousands of pounds so it is best to avoid any advance payment requests.
Estate Agent Tricks No 5
Additional charges for advertisement: Advertisements benefit the profile of the estate agent rather than the house itself. The seller has to pay the cost of advertisement without having any real benefit. Make sure that you are not paying any advertisement money to the estate agent. This should be factored into their costs, make sure when you start working with them that all their charges are easy to understand and up front.
These are some of the most common estate agent tricks and the best way is to test your estate agent in advance if you have any doubts. Checkout estate agent review websites like this one , you will get an idea of honest and effective estate agents from these reviews.