Navigating the real estate market requires careful consideration and a keen eye to avoid falling prey to deceptive practices by unscrupulous real estate agents. Here are some essential tips to help you avoid potential tricks and pitfalls.
Research and verify
Before engaging with any real estate agent, conduct thorough research. Verify their credentials, check for a valid licence, and explore online reviews or testimonials from previous clients. A reputable agent will have a transparent track record.
See also:Â How to register as a real estate agent? What guidelines are issued by RERA?
Interview multiple agents
Don’t settle for the first agent you come across. Interview several agents to understand their approach, experience, and market knowledge. This process allows you to compare their skills and choose someone who aligns with your goals.
Beware of high-pressure tactics
Be wary of agents who use aggressive or high-pressure tactics to push you into making quick decisions. A trustworthy agent will respect your pace and provide information to help you make an informed choice without unnecessary pressure.
Understand fees and commissions
Clarify the agent’s fee structure and commissions from the outset. Deceptive agents may hide fees or provide misleading information about commission rates. Ensure that all financial agreements are documented and transparent.
Watch for dual agency issues
Be cautious about dual-agency situations where an agent represents the buyer and seller in a transaction. This can create conflicts of interest. If considering dual agency, ensure that the agent handles it transparently and ethically.
Verify property information
Scrutinise all information provided by the agent regarding a property. Deceptive agents may exaggerate features, downplay issues, or provide inaccurate details to close a deal. Always verify facts independently and consider hiring a professional inspector.
Request references
Ask the agent for references from previous clients. Contacting people who have worked with the agent in the past can provide valuable insights into their professionalism, communication style, and overall reliability.
Document everything
Keep a record of all communications with the agent. Document important discussions, agreements, and promises made by the agent. Having a paper trail can be crucial in case of disputes or misunderstandings.
Educate yourself
Take the time to educate yourself about the real estate market in your area. Understanding current trends, property values, and legal regulations will empower you to make informed decisions and spot any inconsistencies or deceptive practices.
Trust your instincts
Trust your instincts if something feels off or too good to be true. Don’t hesitate to seek a second opinion or consult with legal or real estate professionals if you have doubts about the information provided by the agent.
FAQs
How do I choose the right real estate agent?
Start by researching agents, reading reviews, and interviewing multiple candidates. Look for experience, market knowledge, and good communication skills.
What should I look for in an agent's credentials?
Ensure that the agent is licenced, has relevant certifications, and is a member of reputable real estate associations. These factors indicate professionalism and adherence to industry standards.
How can I verify an agent's track record?
Request a list of recent transactions and client references. You can also check online platforms for reviews and ratings from previous clients.
What questions should I ask during an agent interview?
Inquire about their experience, marketing strategies, communication methods, and how they handle conflicts of interest. Assess their compatibility with your specific needs.
What is the typical commission structure for real estate agents?
Commissions vary, but they typically range from 5% to 6% of the property's sale price. It's important to discuss and clarify this with your agent before entering into any agreement.
Are there any hidden fees I should be aware of?
Ask the agent about any additional fees or charges that may apply, such as marketing expenses or administrative costs. Ensure that all financial arrangements are transparent.
How can I avoid being pressured into making quick decisions?
Set clear expectations with your agent regarding your decision-making timeline. A reputable agent will respect your pace and provide information without unnecessary pressure.
| Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com |
