5 Lies Real Estate Agents Tell Buyers – Mortgage House
Real estate agents often dig into their bag of tricks to find a strategy that will help them make a sale. Whether you are a first home buyer or seasoned property investor, it’s worth reading the top five fibs an agent is likely to tell in order to lock you in?
We asked Luke Woollard, director of Pilot Estate Agents in Mornington, Victoria, to let us in on a few tried and true tall tales in the real estate industry.
“I’ve observed, heard of and probably used some of these at some point – hey, I was just trying to fit in, guilty as charged!” he jokes.
“I’ve even had some of these statements used on me when I have purchased properties. They’ve become so commonplace, I think the public almost expects them nowadays!”
Here is Woollard’s list of the top five lies that real estates commonly tell:
1. There’s someone else interested in this property so you’ll have to act quick
“This is the oldest trick in the book to get buyers motivated,” Woollard reveals. It pays to remember that in some instances, it just might be true!
2. Another party already offered more than that
An agent will say this when they’re trying to get the buyer to increase their opening offer. “It might be used when the owner wants a higher offer than what’s being advertised,” Woollard says. Once again, it might also be a truth!
3. Once in a lifetime opportunity
Don’t fall for this pressure tactic, Woollard advises, as there’s no such thing as a once in a lifetime opportunity: “There’s one every week, in every town.”
4. There’s no negotiation at this price
This is often included in the marketing to try and convince the buyer that the property is being advertised at a bargain basement price. “I go by the maxim that EVERYTHING’S negotiable,” Woollard says.
5. “I expect it will sell very soon”
“Just another pressure point to get buyers moving,” Woollard explains. “Well, there’s nothing wrong with being positive!”