If you’re like most people, you’re probably paranoid about real estate agents.
Maybe it’s because they make such large promises about how buying a property can be easy and smooth, or because there have been so many horror stories about dishonest ones screwing buyers over.
Whatever the reason, you may be skeptical about what agents are saying, and that’s totally natural. But don’t let your guard down just yet: There are ways for agents to lie to clients without them even knowing it.
And if you’re smart about it, lying by an agent won’t do any damage at all.
Here are seven examples of how agents might deceive you in order to make themselves look better or land a sale.
- The Agent over-quotes to convince you, the property owner, that your house is worth more than it actually is.
It’s used to advise property owners that their house is worth more than it is. This lie can get property owners overpriced properties, and it’s often done without the owner’s knowledge or consent.
Agents may exaggerate the size of rooms, number of bedrooms, square footage, or other features to earn a higher commission.
However, when an agent misrepresents a property’s value, they’re not just affecting themselves – they’re also harming the overall market for that type of home. By over-quoting, a property, agents limit buyers’ choices and drive up prices across the board.
The bottom line in telling this lie is just a way for sellers to pad their sales figures and make themselves look like expert negotiators. In reality, they may only be comfortable with a settlement that pushes their home values up slightly above what they might be able to get on the open market.
- The Agent tells you they have multiple offers on the table after showing interest in your property.
They might say this to get the buyer to rush into buying the property before it’s too late.
However, this isn’t always true – sometimes, there are just a few competing offers, or the Agent may not even have any available properties at all.
If you’re looking to buy a property and don’t want an estate agent lying to you about offers being available, be sure to ask questions about whether there are any available properties before making your decision.
- The Agent approaches you and tells you that people are interested in buying your home.
It’s hard to know whom to trust when it comes to matters of the heart. In the world of real estate, that difficulty is compounded by the fact that many people end up hiring a Real Estate Agent as part of the process of selling their home.
Unfortunately, not all Agents are honest and forthcoming about everything that goes on during the sale.
Some will deliberately lie to homeowners to get them to sell their homes faster – often for selfish reasons, such as gaining an advantage in bidding wars or increasing their commission income.
This kind of deception can have serious consequences for those who fall victim to it, as they may miss out on potential buyers or even lose money when their home doesn’t sell.
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- The Agent offers to stage a showing of your house to jack up the price of their advertising fee for the house.
When potential buyers are offered the opportunity to see a house to generate interest and subsequently increase the advertising fee, many agents will tell them it is unnecessary to visit the property. Instead, they can view it on video or online.
This is known as staging, and while it may seem like a harmless lie at first blush, there are myriad ramifications should an agent deceive someone this way.
First, suppose potential buyers encounter any problems or have questions about their purchase after viewing the property without actually visiting it firsthand.
In that case, they may be hesitant to take action because of fears of being taken advantage of.
Additionally, some sellers who believe their home won’t sell without increased visibility through listing could lose out altogether because prospective buyers might instead choose another house with more realistic expectations based on false information regarding its condition or location.
- The Agent tells you to make an offer on the house after talking up how good the market is for buyers.
When buying a home, it’s important to be armed with the truth.
Sometimes, real estate agents will try to convince you that the market is boiling and that you should make an offer on a house even if it wouldn’t be ideal for you.
But this isn’t always true –plenty of houses out there would be perfect for someone else but aren’t worth your time or money because the market is too low.
So don’t let yourself get suckered in by dishonest sales tactics; instead, be sure to do your research before choosing a property.
- The Agent tries to pressure you into making an offer on a property.
In some instances, as soon as you call an agent and set up a meeting, they’ll want you to make an offer on the property.
They might try to pressure you into making an offer immediately, saying that it will be too late if you don’t put in an offer soon.
But don’t let them scare you; there’s no need to rush into anything.
You should definitely give the property some thought before making any offers, but don’t let the agents push you into doing something that isn’t what suits your needs or wants.
Take your time and figure out what is best for yourself—never forget that this is your home, not theirs!
- The Agent tells you a property is being sold because the owner passed away.
When buying a property, it’s important to be honest with the seller. There are a few situations where an agent might lie about why the property is being sold – for example, if the owner has passed away.
It can be upsetting when you find out about this after you’ve already made an offer, and it can cost you time and money.
Agents often don’t want to tell potential buyers these details before making an offer because they want to avoid any disputes or negative interactions during negotiations.
It can be challenging to tell when a real estate agent is lying, and sometimes it’s hard to know what to do about it. However, you can become a more knowledgeable buyer by being aware of the seven warning signs mentioned above that a real estate agent might be lying to you. Armed with this information, you will have a better chance of protecting yourself from unscrupulous agents who are out to make a quick buck.
ABOUT THE AUTHOR:
Delroy A. Whyte-Hall is CEO of RealtyQuotient.com (RQ), a leading public relations, content marketing, and copywriting consultancy for real estate professionals. He provides comprehensive publicity programming, content marketing, and copywriting that helps realtors, real estate agents, agencies, and firms attract clients, boost sales, create public awareness, and build credibility. If you need professional help with your communications or marketing needs, click here to schedule a complimentary 15-minute consultation or contact me here.