There is a fair amount of smoke and mirrors in the real estate business. Some cowboy realtors pretend to have more stock than they actually have, by keeping listings up after another agent sold the properties. Sellers gravitate to them because they believe success breeds success.
Naturally, they are delighted when the realtor places a higher value than they expected on their property. However, they may be unaware of the tricks dishonest realtors use to snare homeowners beyond that opening gambit, in which an agent uses favourable comparable properties to boost the value artificially.
Tricks Realtors Use to Snare Homeowners into Accepting Lower Prices
Homeowners generally put their properties on the market because they need the money for something else. They could be relocating, in financial difficulty, or simply downsizing after they retire. Whatever the case, they are keen to sell as soon as possible. Realtors have another shady trick up their sleeves to benefit from this, because time is on their side.
Firstly, they use the overvalued property to sell other stock because this is more realistically priced. Meanwhile, their new client is distressed by the lack of market activity on their side. What can possibly be wrong, they wonder, when the rogue agent seems more successful elsewhere? Eventually, they phone the dishonest realtor in a panic.
What is going on they ask. Why is there no interest in my property? The agent is well-prepared, and they have been waiting for the moment. Oh, they say, you see the market has not rebounded as we thought. The price you are asking is far too high. What is the best price you will accept?
We have come across many cases where homeowners were persuaded to sell their properties below real market value, after falling for the tricks realtors use to snare homeowners into helping them earn easy income. Stonegate Equity Ltd. provides the astute homeowner’s alternative. We buy and sell Calgary property fast, because we only deal in honest prices.
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