Nightmare on Elm street: How you can avoid becoming a real estate horror story

 The tales of people suffering from their dreams is all too common. While the film ‘Nightmare on Elm Street’ and its central character Freddy Krueger were fictional, there …

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 The tales of people suffering from their dreams is all too common. While the film ‘Nightmare on Elm Street’ and its central character Freddy Krueger were fictional, there are many relatable stories that occur in real estate industry. People that their dreams of successfully selling their property instead suffer from a series of events that go wrong during the sales process. They soon realise that become the victim. To avoid any regrets, it is in your best interest to select a trustworthy and reliable real estate agent, rather than suffer at the hands of an agent that is similar to Freddy Kruger.

What kind of horror stories are there?

The dishonest agents.

There are some real estate agents out there that are solely selling real estate for their own financial gain and have no vested interest in the vendors. Some of these agents will manufacture lies and pressure to get their clients to sell at lower than expected prices, thus earning their commission and leaving their clients out of pocket. Avoid selecting a real estate agent that has contributed to creating a high sense of distrust in the industry.

The agent that lacks transparency.

An agent that is prepared to be transparent is the most trustworthy agent that you can hire. The sales process can be a delicate one. A real estate agent that is a good communicator will keep you up to date on the sales process. Agents that lack transparency can cause unnecessary delays, frustrations and additional risk which could impact you financially with unforeseen expenses.

Beware of the agent that manufactures doubt in your mind.

You want an agent that will act as your partner and advisor. There are several agents out there that will deliberately create a sense of doubt so they can profit from the sale of their property. For example, certain agents won’t tell you that you can negotiate a fixed fee as opposed to a working on a commission rate. Others may tell you that your property cannot be sold at a certain price, despite historical evidence showing that you can get your desired sales price for your property.

Ways you can avoid becoming the horror story victim.

Don’t fall prey to agents that don’t have your best interests at heart. The decisions that you make by comparing agents will impact your financial costs, time and pressure. Making real estate decisions can be risky and somewhat scary. However, with the right expert as your partner, you can minimise any threats that could impact the successful sale of your property.

Do your research on agents sales history.

Justify the selection of your real estate agent by finding proof of their abilities. Compare agents to see if they have:

?       A recent track of sales for any similar properties to yours.

?       Been recommended or referred by other people.

?       References that they will allow you to follow up with.

?       Won any awards or accolades that reinforces their credibility and sales ability.

Don’t simply select an agent based on commission.

Many property vendors want to sell with an agent that offers the lowest commission rate. Naturally, people want to minimise their expenses, but there is a risk of compromising your sales performance by opting for lower real estate agent’s fees. The rate that is being offered shouldn’t be the main factor when making a decision when choosing an agent. Low real estate agent commissions could cost you more than you bargained for. The agent needs to know:

?       How to market your property well

?       How to attract buyers

?       How to stimulate demand

?       How to negotiate

?       How to close the sale.

 

Make sure that your expectations are managed.

Certain real estate agents can win you over with their charm and exaggerate promises to get you to sign the dotted line. Although their pitch may be strong, ultimately it is their sales skills that should do the talking. Don’t feel pressured into signing any contracts and learn as much as you can about the agent prior to meeting them. Just remember that if it sounds too good to be true, then it probably is.

 

Many property vendors fall victim to real estate agents that are unprofessional and that don’t have their best interests at heart. Ensure that you hire a real estate expert by comparing real estate agents that will act as your partner and help you create a win-win situation for both the agent and yourself as the vendor. 

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