Thinking of buying a house? To save you money and avoid being fooled, make sure you get a reliable and trust-worthy real estate agent.
Beware! Real estate agents use tricks to get more money, and get a premium price for their client. Here are the things you should be wary of:
- One method they use is underquoting. They present the property to the buyer at a low price, which is done to attract more buyers. Slowly, they’ll increase the property price due to a large number of competing buyers.
- Another is vague pricing, a trick similar to underquoting. When asked for the price of the property, they don’t directly answer the question. What they want is to create price competition, thus allowing them to get the maximum property cost.
- They also use the tactical fear of loss. Once you have shown interest in a house, they’ll suddenly tell you that there’s another interested buyer. They’ll pressure you to buy the property immediately.
- Lastly, they also employ the use of flowery language when describing the property, when in fact it might not necessarily be true. They use words like “cozy,” “vibrant,” and “partial view.”
To prevent yourself from falling for these kinds of tricks, it’s good to do research on both the property AND the real estate agent. Use online real estate resources to review sale prices of neighbouring comparable properties. Consult other real estate agents who aren’t involved in the sale, and ask for their estimate of the property’s value. Thoroughly check the house for signs of damage and faults.
As for finding a good real estate agent, you can start by asking for suggestions from friends and relatives. It’s also important that you do a face-to-face interview with the agent, and ask how long they’ve been in business. An experienced real estate agent is better, as they have a good grasp of the market.
Ask about what kind of properties they have sold, and are currently selling; it’s necessary that your realtor’s property prices and current market match what you’re looking for. Inquire about the prices of the houses they’re currently selling, especially the properties in your target neighborhood.
You can also look up their license; naturally, your real estate agent should have legal authority to operate in the real estate market. It’s better to choose an agent that’s knowledgeable about the area in which the property you’re looking to buy is situated. They should be able to give specific details about the environment of the neighborhood, schools, forms of commute, and shopping malls.
Talk with their recent clients to fully review their work. The more positive reviews they have, the better. But don’t just stick with one realtor. Speak with other agents to see and compare the differences.
In the aggressive market of real estate, it’s important to find a good real estate agent that will help you through the process of buying a property.