Usually, it’s just a matter of time before their cheating catches up with them. THE PAYOFF: Double commission! Real estate agents play a huge role in one of the most important financial decisions of our lives. A Single Party Agreement is an agreement which states in effect “if this particular person purchases this particular property within a certain timeframe, the real estate agent will be compensated”.
"This should be an ongoing column at Huff Po wherein reader's comments that seem reasonable and representative could be edited and perhaps consolidated to be included in the next issue of the blog. Never pick a real estate agent based on the price they can sell your home for. Some real estate agents will determine which listings they’re going to show their buyers by screening them for high commissions or extra incentives and then only show those homes. The most popular one comes right inside of the Multiple Listing Service which the agent is a subscriber. They are just delivering a message, so it’s technically not really a cold call. ‘Double ending’ deals and ‘pocketing’ offers, Want to Buy a House? The agent will block all other agents from submitting an offer by saying things like, “sorry, all offers will be reviewed on (such and such date).” and “all showings must be done at the open house”. Conflict of interest in referrals of services, 6.
HOWEVER, we all can agree that the competition in the housing market is fierce in the major metro areas. Demand specifics on the marketing program the agent plans, the dollars that’ll be spent and what they’ll be spent on. This would be fine, if the property were a good fit for the buyer. Oh and keep in mind, once the agent runs the report for the client the comparable sales they have excluded won't show up at all in the generated report.
The best real estate agents understand this and always go the extra mile. By the way, I am not suggesting that all brokers pull these tricks! It is generally better to price a house correctly right from the start. When we contacted the agent, they were very vague about the location and details of the property. Real estate agents for sellers can double their commissions by bringing buyers of their own. When asked to see these properties, they’ll offer another listing to see. Real estate agents who tell a prospective seller they can get an unrealistically high price for their home will easily get the listing because that’s what the seller wants to hear. Next time you have a suspicion that an agent might be using one of these tricks, refer back to this list and dig a little deeper into the situation. I gotta admit, some of these tactics are pretty creative. My listing is just over here. Make sure your agent commits in writing to presenting all offers fairly. THE SETUP: This trick involves the real estate agent getting a super hot lead on a very desirable property, something which a real estate developer could make a lot of money on (usually from deceased owners or an elderly person) in a very desirable location. The poor couple could not sell three years later as it seemed they were the only ones who were not aware of the house's history. Why you should care: Having agents hoard certain properties is not good for any housing market. All of us depend on an aware consumer as the first line of defense against transgressors. Often times buyers and sellers will rely on their real estate agent to give them accurate pricing information related to their respective housing market. The goal however is to get inside the home and learn their pain-points; i.e., are they considering downsizing, do they need to be closer to family, etc. In my experience, many are honest, forthright and desirous of helping their customers. What Do Buyers and Sellers Pay in Mortgage Closing Costs. The bad apple agent says, “Sure, no problem.
Getting suckered into paying advance fees, 3. Buyers will call in to find out more information.