Tips on Spotting Shady Real Estate Agents

06/10/2022

Real estate agents use shady tactics to close deals. While some of these tactics may be obvious, others are less obvious. One example is the "hot lead" strategy, in which the real estate agent obtains a desirable property for a developer. These agents will make up reasons to get the listing from the Seller. In other cases, these agents call long-term clients to pressure them into buying their properties. Here are a few ways to spot shady tactics as described on the Interlake Real Estate review blog.

Another tactic is leaving sold listings on the website. This tactic is meant to discourage buyers from calling the agent, but it wastes their time. Real estate agents should remove unlisted properties from their website and send out an email informing interested parties that the house is already under contract. This tactic will not help the seller sell the house and will not result in a commission. This tactic can cause issues when the agent becomes overly aggressive with potential buyers.

Agents often overprice homes to get listings. By putting up For Sale signs all over the place, the public assumes that the Realtor must be good. However, this tactic is harmful to the housing market because it allows developers to dominate an area. Moreover, these agents often have a higher price than their competitors. So, they may not be willing to negotiate in a positive light. To make your real estate agent a good choice, you should be a fan of reviews and testimonials from people you trust.

A typical tactic employed by some realtors is to write multiple fake lowball offers. Some agents even ask friends to write fake offers. These "buyers" may be fictitious or real, but they may be the same. In addition to phony offers, these agents often include subject clauses that can be canceled by the "buyer". Furthermore, this tactic is against real estate board rules. This tactic may also cost you the sale.

While selling a home is never easy, the process can be made a lot easier by avoiding shady realtors. Luckily, people are calling out the shadiest realtors who practice a variety of illegal tactics. One such tactic involves dual agency. In this tactic, a realtor represents both the seller and the buyer. This means that they are paid a commission for two services.

Another common tactic is faking home listings. These agents will misrepresent their purpose and deliver their message. Oftentimes, this is done to stroke the buyer's ego and create the illusion of a great home. Oftentimes, these agents will lure the homeowner into discussing an offer by offering to sell the home for less than the listing price. As a result, the agent will learn about the home owner's pain points. The Leisure Blog offers more in depth details on how to avoid real estate scams. 

Bidding wars are another common tactic used by agents. They may tell the buyer that the seller's agent has already received an offer for the home and is encouraging them to make a higher bid. This tactic only works if you can hit the lowest target selling price. That said, it can be tempting to give in to the seller's agents and risk losing the home. As such, it's wise to decide on the price of the house before you begin bidding.

Check out this post: https://en.wikipedia.org/wiki/Real_estate_trends, that has expounded on the topic.

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