Shady Real Estate Practices

If you are looking for a real estate agent, you've probably heard horror stories about unethical practices. While the culture of online reviews has made unethical realtor behavior rare, it still occurs. While realtors are bound by law to act ethically, they can also be sued if they behave unethically. Here's what you should know before you hire a real estate agent. Read on this Blog for some of the common examples of unethical real estate practices.

Be wary of emotional selling. This tactic taps into the fear of losing an asset, leading the agent to overprice it. Never fall for this tactic. Remember that there are other buyers out there, and they may be using the agent's tools to sway you. Always know the fair market value of your asset before you list it with a realtor. In addition, make sure to act quickly to avoid any misunderstandings.

Choose the right team. If a seller perceives an agent as shady or difficult, she may reject your offer. Moreover, sellers who are unable to decide between multiple offers and an agent with poor customer service skills will be hesitant to deal with them. Get feedback about your prospective agent from friends, relatives, and neighbors. This way, you can choose an agent you feel comfortable with. This will go a long way in building a positive online reputation for yourself.

During an auction, buyers rarely agree to the first asking price. Usually, the real estate agent will make several offers and then counteroffers before a final decision is reached. The buyer will then have a couple of days to decide whether or not to accept the deal. But if the agent tells you that there's a buyer out there, then it's likely that the buyer has already decided on another house and the agent wants you to sign a listing agreement.

In addition to using deceptive tactics, realtors often leave sold properties on their websites. This is done to encourage a potential buyer to call and view the property. But it's useless to leave an unanswered listing up on a real estate website. If you do decide to use a real estate professional, make sure you send an email to let interested parties know that the house is under contract.

Lastly, remember that you can always sue a realtor for pretending to be an expert in the neighborhood, which is why you should always make sure to know the commissions before you hire one. These are usually paid by the seller, but some associated costs often trickle down to the buyer. This is a surefire way to get burned. You should also ask for copies of closed sales on the MLS to get a sense of the costs involved. You can discover more of these real estate shams on the Interlake Real Estate blog. 

Be wary of upselling, which is when an agent shows a property that's out of your price range, just to earn more money for the realtor. The problem with upselling is that it will only cause you to fall deeper into a financial hole. In addition, be wary of sudden competitive offers for a home. Such offers make sense in a hot market, but in a slow one, they're unwise.

For more information about this topic, see this post: https://en.wikipedia.org/wiki/Estate_agent.