If you work with a professional real estate agent, chances are they will be forthright in their dealings with you. But there are rare occasions of unscrupulous realtors. Here's what to do if your realtor lies to you.
Selling your home is one of the most important financial responsibilities most people will shoulder. Your property is likely your biggest asset and a mistake could cost you tens-of-thousands of dollars or more.
That's why most home sellers work with a trusted real estate agent. A local realtor should be an expert in the housing market, home listings, and pricing. They will guide you through the entire home selling process to make sure the sale adheres to legal regulations and yields you the greatest profit.
In the housing industry, like in many other professions, not all real estate agents are trustworthy. There are occasions sellers get taken advantage of by unscrupulous realtors. These bad apples in the profession can turn an already stressful process into a nightmare.
A realtor can lie to you about crucial things, like over-inflating the value of your home, or they can even mislead you about the services they will provide. There are even real estate scams that sellers should watch out for.
Read on to learn more about how to know if your real estate agent is not representing your best interest and what to do if you realtor lies to you.
Learn how to deal with a dishonest agent and work with a Partner Agent.
Don't Work With Realtors Who Embellish Their Experience
One of the most common ways that an unscrupulous realtor will mislead you concerns their experience. Most people wanting to sell their home want to make sure that their realtor has negotiated similar deals in the past. They want to be confident that the realtor knows the ins and outs of the specific sales process.
Clever Partner Agents are experts in their local market, often with years of home sales experience behind them. They are from major real estate agencies and have the backing of a team of professionals in many cases.
But when you go searching on the internet, you may find a realtor who inflates their experience and credentials. Some may just make up their backgrounds. Others may embellish or mislead on their website.
Research on your agent or the agency they work for. If they misrepresent themselves on their website, ask yourself, what else will they lie about? Contact your local Better Business Bureau if you have any doubts about a realtor.
Realtors Who Will Say Anything To Get Your Business
One of the most common things a realtor will lie to a seller about is what their home is worth. This is easy to see. The realtor wants to become a seller's agent and so will entice them with a price tag for their home is overinflated and unrealistic.
If you work with a realtor for one of the major real estate agencies in the U.S., they won't over-promise. Clever Partner Agents know the value of homes in their local communities, neighborhood-by-neighborhood. They have all the statistics and more recent data to ensure that you get the most for your property. Chances are your sale price will be higher than the market value.
You want someone who will sell your home for as much as possible, but realtors who over promise will end up selling your home for much less than it is worth, just to get a sale.
The Danger of Dual Agency
Dual agency is when a realtor tries to represent both the seller's and buyer's interest. It's obvious to see why this does not work in the interest of either of them. A buyer wants to purchase a property for as little as possible, while a seller wants to do the opposite. They want to sell their home for as much as possible.
If a buyer and seller are represented by one agent, only the agent's interests are served. Never let a realtor convince you they can work for your interest as a seller and the buyer's interest. It's just not possible.
Your real estate agent should have no other goal in the sales process than serving your best interest. In fact, it's a selling agent's fiduciary duty to do what is best for you, as the seller.
Over Promising And Under Delivering
This may seem like a small issue, but realtors who promise more than they can deliver can cost you thousands of dollars. If a realtor does not have the skills or expertise to read the market or does not devote the time necessary to market your home, you cannot sell it for its optimal price and the sale will take longer than it should.
A realtor who is over-extended with clients should not take on new clients whose homes they cannot show. They may also cut corners when it comes to putting in the time to market your home effectively through social media campaigns.
How To Protect Yourself
There are several steps you can take to find out more about your potential realtor's professional background. If you work with a Clever Partner Agent, you will get full service, top-level expert advice, and a lower cost when you make your sale.
If you work with another realtor, look up the agent's real estate license. This can be done through a database such as the one at arello.com, run by the Association of Real Estate License Law Officials.
It states that the database can be used to verify the current status of a person's license or registration. It states it keeps track of almost 4 million licensee records from 44 jurisdictions.
You can also find out how well your agent sells. Do they sell one property a week? A month? A year? This is important for you to know. You want to work with someone among the top sellers in their market and is an active dealmaker.
Protect Yourself With Clever
All Clever Partner Agents are experienced experts in real estate. They are some of the most successful realtors in the country. That's because of their integrity. They strive to communicate openly about the entire sales process.
You can be confident that they are well-connected in their local communities and are highly regarded sales professionals. The will make the entire home selling process as easy as possible for you, and they will address any security concerns or questions you may have about the sales process.
Clever Partner Agents are full service, so you get all the benefits of a professional realtor at a much lower cost. They are top real estate agents from major companies like Keller Williams, Century 21, and RE/MAX. Our Partner Agents will guide you through the entire process so you can reap a maximum profit with minimal stress and avoid a bad agent who lies about their credentials.