Lies Told by Real Estate Agents

Nov 07, 2023 By Susan Kelly

In a sad turn of events, some dishonest persons may become real estate brokers because they mistakenly believe that the job would allow them to quickly and easily acquire wealth. Obtaining a licence to practise real estate in certain states is relatively straightforward. Most agents may be trusted more than they are given credit for. They rely on repeat customers to be in business. Thus, it is essential that their customers are satisfied. On top of that, the Realtor Code of Ethics forbids agents from engaging in unethical activity, although dishonest agents nevertheless manage to find their way into the industry periodically.

When and How Do Agents Lie?

When real estate agents lie, the lies almost often revolve around the agents' own lives. On their websites or blogs, they could provide a false impression of the amount of expertise they have or the certifications they have. Some people spend excessive time publishing online to get the most exposure possible from search engines. Others spend money to get commercial rights and purchase advertisements to reach the top search results on Google and Yahoo.

Real Estate Experience

Suppose you look at an agent's website and can't immediately find a reference to the years they've been licenced. In that case, you may assume that the agent has either a minimal amount of experience (less than five years) or no experience at all. The agent may also ask for other data, such as the length of time the individual has resided in the state or the total number of years spent working elsewhere. However, there is just one factor that matters: substantial real estate expertise.

Real Estate Listings

On many real estate agent websites, the agent's active listings are shown; thus, look for a link labelled "my listings" to establish whether or not the agent in question has any listings. Only a few real estate agents and brokers, such as exclusive buyer broker agents, do not accept any listings. Listings are the foundation upon which the careers of seasoned real estate brokers are built. If you cannot locate a connection, it is reasonable to assume that the real estate agent does not have any listings.

Real Estate Specialty

It is common practice for real estate agents to promote their areas of expertise, including a particular location, property, or particular categories of customers they often serve. On the other hand, a specialist is not made with a single transaction. Sometimes, it may be difficult for agents to differentiate what they want in the future from who and what they are in the present.

Non-Negotiable Commissions

Even though it may not be included on their websites, many real estate brokers can recite this without missing a beat. They will insist that their commission rates are set in stone and cannot be changed. Don't trust it. Commission rates are not set in stone, and real estate brokers constantly change them to attract more buyers. You are free to bargain and should strive to find a solution that works best for you.

Buyers Are Lined Up for Your Property

Your agent works with several customers seeking to purchase a property, or another member of their business probably does. However, you should consider the following question: Are all of those customers interested in purchasing the kind of property you have available for sale? Even if you are informed that only one ideal bidder is waiting in the wings for your house, you should probably maintain a healthy degree of scepticism. In most cases, this is not the case. The real estate agent wants you to sign the listing agreement, but by the time you do, the buyer will likely have moved on to more appealing properties elsewhere.

Look Up the Agent's License

The Association of Real Estate License Law Officials is a fantastic place to start when looking into an agent's credentials. If your search results indicate that there is "no data," click on the name to get the licence number at the very least. This website may not always offer precise dates, but you can always trust that the licence number is correct. Next, take that licence number with you when you go to the licencing section of your state.

The Agent's Production Record

You can request that your real estate agent print out their production record from the MLS, or you may request that another real estate agent do it for you. The real estate agent you are thinking about hiring may have misled you into thinking that they are a top producer when, in reality, they only sell two properties each year. You might also inquire about previous clients' experiences. Some real estate brokers may post customer endorsements on their websites, but they will obscure the clients' identities. If a person does not feel comfortable having their name exposed, probably, they are not genuinely a customer of your business. Therefore, please inquire about the client's contact information and call them to get first-hand confirmation.

Related articles
Lies Told by Real Estate Agents
Nov 07, 2023
Understanding Break-Even Analysis: Calculations and Applications
Dec 30, 2023
Freelance vs Full-Time: Unraveling the Best Work Option for You
Jan 21, 2024
How to Refinance Your House - A Comprehensive Guide
Jan 16, 2024
501(c)(3) Organizations: Benefits, Drawbacks, and Real-World Examples
Dec 25, 2023
6 Best Online Investing Courses for 2024
Jan 13, 2024
Who's Excused from Paying Social Security Tax? All You Need To Know
Dec 23, 2023
Quick Guide: Filing an Auto Insurance Claim to Get Back on the Road Faster
Jan 16, 2024
Bartering: The Ancient Art of Trading Reimagined
Jan 20, 2024