Real Estate is an incredibly lucrative and competitive business and some Real Estate Agents will do almost anything to get listings in the search for commissions. Unfortunately reputations have been battered in the process. But just remember that not all can be tarred with the same brush.
The reality of Real Estate is that agents don’t have to rely on repeat business, so if a customer feels badly treated when selling their property, many agents won’t care and take the attitude ” the disgruntled seller left the area anyway. I will not have to deal with them in the future”.
A relatively new phenomenon in the form of online ratings systems and review sites does allow for a degree of exposure and for testimonials to be readily available, but sometimes Real Estate Agents do stretch the truth to get business.
“We need money upfront to advertise your property”
One of the toughest tasks facing Real Estate Agents is getting listings (properties to sell) so this temptation to get a listing at any cost is very real. A common trick is to bump up the expected selling price of your home so that you list with that agent.
Don’t agree to sell your home with anyone who refuses to guarantee their price expectation or show you evidence for what your home is likely to sell for. You should be supplied evidence of similar sales in the area – usually this is in the format of a Comparative Market Analysis.
Some Real Estate Agents might ask for money up front, but at Clark Real Estate we don’t. We believe that advertising more often than not does not sell homes, it simply promotes the agent. Buyers do not buy a property because they saw it advertised, they buy it because they like the home. At Clark Real Estate there are no costs until your property is sold.
“Let’s try a low price to bait more potential buyers”
Under-pricing is just as big a problem when setting the value of your home as over-pricing. If a Real Estate Agent has to offer a lower price than current market trends to ‘tempt’ potential buyers, they are reducing the likelihood of your home selling for the best price. If prospective buyers see a property at a low price that is ultimately the price they will be willing to pay, or they may question if there is something wrong with the property.
“Don’t accept that offer, there will be more later”
Most agents will tell Vendors not to accept the first offer, promising higher offers further down the track. However this is far from the truth.
In any given area there are only likely to be a limited number of people looking for a new home and the likelihood of that home being yours is smaller still. A good agent will find these people who are looking and sell them your property.
The longer a home is on the market, the less attractive to prospective buyers it becomes. Buyers speculate as to what is wrong with it and the price slowly falls. If a good offer comes in early in the selling process, we will not stop you from accepting it.
Thinking about selling? Why not talk to one of Clark Real Estates highly trained, local area experts today!