As with any profession, real estate agents can perform their duties in a less than perfect manner. While most real estate agents are top-notch professionals, it can be costly to be unaware of the signs of a bad agent. Therefore, it is helpful to know the following five ways that bad real estate agents take advantage of their clients.
Presenting themselves in a manner that misrepresents their experience level is a deceptive way that bad real estate agents take advantage of their clients. One of the first things they should do is listen to you. If you are house-hunting, they should be asking detailed questions to understand just what you seek. It will become evident if your agent does not know the real estate market well. If they show you properties that simply don’t match up, it is clear they are lost, and you are not with an expert. Experienced investors know the formulas which allow them to calculate the profitability of a particular investment property quickly. Other signs are an agent that does not appear to understand basic investment formulas or seems unfamiliar with the unique language of real estate investing. These are all signs of their lack of experience in this specialized real estate section.
Letting You Lead
If you are making plans for your property listing, such as insisting on open houses, while you may enjoy running the show with your listing, allowing you to do so is one way bad real estate agents take advantage of their clients. While you may be under the impression, open houses will bring your buyer, while it may be possible, most serious buyers are working with an agent and would not be walking through random open houses. Agents typically benefit by attracting your neighbors interested in selling, curious about your home and listing price. Your agent may be enabling you to lead the way with your listing because they just don’t know what to do, so unless you know more than they do, they should be confident about the steps to take and firm in their advice, leading the way to find a buyer for your home.
Always Saying Yes
What you need from a good agent is honesty. Their know-how, advice, and opinion are valuable and necessary to ensure the best outcome for your listing. If your agent exclusively presents the positive side of things, sharing only the pros about a property but never brings up the potential issues or cons, this may be a sign they are less than honest with you. Afraid of losing business, an agent may say yes to anything. Telling you whatever you want to hear, even if it is not valid, is one way bad real estate agents take advantage of their clients.
Making promises without any follow-through is another way bad real estate agents take advantage of their clients. They may have led you to believe your home was worth more to gain the sales contract, planning to lower the price after your home lingers on the market. Overpricing leads to a home listing sitting significantly longer, which negatively affects your final sales price. Buyers searching online will reject the property at first glance, well aware they can buy a property that offers much more for the same price. Another promise may be that you hire a top agent and end up working with an assistant.
Some real estate agents may need help but refuse to share their commissions, allowing their clients to receive bad service. You will know you’re in trouble if you start hearing excuses about why they did not handle something or return a call, which can be frustrating and is poor business practice. Failing to complete paperwork promptly is one more way bad real estate agents take advantage of their clients. Their failure to follow through on their word, neglect your calls, miss deadlines and leave you in the dark may also result from your agent being overwhelmed and lacking a successful business system in general. Whether their issues are that they are professionally inept or a mess personally, chaos results from their disorganization.
If you’re ready to work with the best, whether you are buying or selling property and looking for a real estate agent you can trust, call My Y Holdings LLC . If you are selling, why not skip all of the hassles and work with professional investors. Why worry about possibly dealing with a bad real estate agent? My Y Holdings LLC makes selling easy, buying houses as-is, for a fair price, paying in cash, and usually closing in a matter of only days. In the market to purchase? My Y Holdings LLC has a steady inventory of the best investment properties! Call My Y Holdings LLC at (732) 996-9850 or send us a message to learn more.