When it comes to tricks, there seems to never be a shortage when real estate agents are involved. Over the years, I’ve seen my fair share and have avoided using any tricks altogether. I think when it comes to the most common trick to win a listing, it would have to be overpricing a property or what is known as an inflated appraisal.
Some agents have nailed this pitch and execute it with perfection. They work a sellers’ greed against them and promise the world, knowing damn well that they are going to provide not a hell of a lot. It is highly unethical in my books, though I also think that if an owner is silly enough not to have done any research in the market and is compelled to list with the agent who sells them the biggest price, well, they probably should learn the hard way.
The only way to not fall victim to these dishonest agents, is to conduct your own research and be as objective and conservative as you can. Spend a few weeks going to auctions and keep a close eye on sales results. Match those closest comparable to your property and get a better indication of what your property may be worth in the marketplace. Once you have gone through this exercise, you’ll know pretty quickly which agents are telling you a real number and which are bloating it up to get you excited. Remember that if you go to market with a price that is too high, you will mark and not generate the competition to land a stellar result.
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.