3 biggest lies dishonest real estate agents are guilty of

On Behalf of | Jun 26, 2023 | Real Estate |

Most real estate agents are diligent workers who genuinely care that their clients obtain a good deal for their homes. However, like in any field, there are some bad apples. Dishonest agents who only care about commissions might lie to clients to secure a listing.

1. Confidently stating that they have the perfect buyer

If an agent claims to have found the ideal buyer, they are probably exaggerating. Some agents will pretend to have a buyer for the home so they can have the listing.

It is not that easy to sell a home, given that each property is unique and each buyer has different requirements. Real estate agents must market the home, stage it and filter out unqualified buyers. Consider asking the agent who the buyer is and what kind of home they are in the market for to gauge if the agent is lying.

2. Inflating the price of the property

In order to land a listing, incompetent brokers would tell potential clients that their home is worth far more than it actually is. Overpricing the house will make it more difficult to sell and waste effort and money. An experienced real estate agent will be able to set a fair price based on comparable sales in the area and their own knowledge and familiarity with the market.

Property owners can avoid this by researching, such as checking the prices of similar properties in the area or acquiring an appraisal on their house.

3. Lying about their experience and specialization

Agents have different specialties, such as luxury homes, condominiums or vacation homes. It makes sense to work with an agent knowledgeable in selling similar homes. Some agents, however, could falsify their backgrounds to attract a client.

If the agent is new, it may help to review their portfolio, look up their previous clients or ask them about the properties they’ve sold.

It’s true that no agent wants to disappoint a client, but incompetent agents might try to cover up their poor performance by telling property owners what they want to hear. Before hiring a real estate agent, consult with at least three agents to establish a basis for comparison. Additionally, get a feel of how they work by inquiring about their background and having a conversation about their approach to selling.

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