Usually, estate agents will be a great help when it comes to buying or selling your home. However, there are a pesky few who give the rest a bad name. It is easy to let these estate agents whip you up into frenzied excitement with false promises and overinflated prices, but often this will leave you feeling disappointed and cheated in some way. To help you avoid this, we’ve put together this guide on avoiding estate agents' tricks… before they even try to pull them.
Know when they’re creating a frenzy
It is their job to create a buzz around a property, as this is what is going to help it sell. Some ways they may make you feel this buzz is by telling you there are lots of people viewing this home. They may also arrange appointments close together, or back to back, to make you think they are busy with viewings.
However, beware, all this is to help get the best price for the seller. If they make you, the buyer, feel like the property is in high demand, you’ll likely put in a better offer (meaning the estate agent will get a better commission. To avoid this, keep in mind how much you want to pay and stick to it. Don’t be pushed into excessive offers.
Know when they’re talking you out of a good deal
If you’re selling, never tell the estate agent your lowest price. On the other hand, if you’re buying, never let them know your maximum budget. If they know this they’re likely to push you to your limit.
If you're selling then you should try to choose a priority. Are you in a rush to sell? Or would you rather hold out for the best price? Don’t let them force their own agenda onto you!
Know when they’re inventing offers
Estate agents have been known to make up false offers to try to pull a higher offer out of buyers. One minute your offer has been accepted and the house is off the market, the next thing you know there has been an offer several thousand higher than yours. If you think that you’re being pushed into submitting a higher offer, ask to see proof of this offer, and then you’ll know for sure.
If you want to hear more about the types of estate agent tricks you should try to avoid, we are always available to offer advice.