Sales

I think my real estate agent lied to me about the value of my property, should I stay with them?

When it comes to the end of your exclusive agreement with an agent and your property hasn’t sold, it’s always best to reassess the situation and maybe consider a fresh approach. On the other hand, if an agent has worked hard, been honest and kept you fully informed with how the market is, as well as guided you through the process allowing you to make informed decisions, then you should stay with that agent at let them get the job done.

When thinking about your position with your current agent, I would always go back to the beginning and see how you have been treated from then. Now, you may have a certain price that you want to achieve, but the market may come in below that number. This scenario is normal in many cases, though it’s more about what the agent told you. If your agent gave you an inflated appraisal from the beginning to buy your listing and are now suggesting you’re way off and you need to come down. Well the suggestion is right, but do they have the right to be demanding that? This is the time you should start looking elsewhere for representation.

An agent who gives you a conservative figure as an appraisal, yet advertises the property higher at your request is fine, you are in the driver’s seat and there’s nothing wrong with asking the market whether they would come to your number. This agent will keep you informed and over the months you will most likely come to an agreeable price. If you come to the end of your agreement you have the option to change, though you should feel comfortable to stay.

Either way, keep your options open and don’t be forced into any situations you feel uncomfortable with. Don’t just resign with an agent because they ask you to, assess the situation and the honesty of the agent from the beginning. If your agent was dishonest with you from the beginning then make change the immediately, if your agent has been honest and hardworking, then think about whether a fresh approach will help or stick it out with the good guy.

 

DISCLAIMER

The following advice is of a general nature and intended as an opinion and broad guide. For all legal, financial or real estate advice you should obtain independent professional advice to do with the specific nature of your circumstances before making any legal, financial or real estate decisions.

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