Commercial Property Agent- How to know if they are Cheating You?

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Ready for investing in a home that you have always dreamt of? And, to crack a really great deal you must be looking for a real estate or property agent who could ease off the task of buying your dream home for you and give you simple and best possible choices. Property agents could be really helpful in cracking great deals but at the same time they could also be risky or fraudulent. Today more than 40% of the deals for builders are cracked by real estate agents or property agents. If a good real estate agent could save you a lot of money, a bad choice could cost you a lot too. So before investing a customer must know whether the agents are genuinely giving you good deal or they are just tricking you for the sake of their personal benefits. So, a right choice must be made when hiring an agent.

The Make Believe Situation!

One of the common tricks which these agents have is to make you feel panicky by making you believe that the rate of that particular property is high because the rates of other properties in the locality are raised as well. In this way they justify their analysis to the customer and make them buy the property quickly without taking much insight of the situation.

In such situations it is difficult to know the actual price of the property but few things like reading the newspaper articles and property portals, contacting multiple brokers for the same to get a rough estimate of the price of the property to avoid getting tricked can be a better idea. Approaching someone who has bought a property in that locality recently, is another way to fathom the trap.

Another trap that these agents tend to put for the home buyers is that they will name some big projects that are to come around the property a customer is interested in, but home buyers should be aware, as that might just be a speculation and nothing else.

Wrong Information About Quality

The second most common practice in which home buyers might be cheated is that the agents might not give them the details of quality of construction. Two visually similar looking properties might be priced equally but there might be a quality difference in the construction material and amenities. Brokers or agents usually hide this and tend not to tell the home buyers about the difference and sell these properties at price which the property is not even worth.

Barred Communication with the Builder

Many a times there are cases where the customer is located in some other location and thus the dependency on brokers increases. Under such circumstances deals are rushed by the brokers. So, in these cases customer must insist upon setting up a meeting with the builder. Things should not be rushed and independently handled by the broker without the homebuyer having any interaction with the seller as there may be some hidden points which might not have been cleared.

Greed of More Brokerage

Brokers get commission for the deals from the other party which being a percentage of the deal value. One must ask the agents about the commission that they are getting. It is important that the customer get the idea of brokerage and the broker should give them the evidence that the property has a clear title.

Exaggerated Advertisements

Also, there are fake ads which are placed by agents over the property portals which are used by them to trap home buyers. Once the customer gets lured by the tempting ad of the properties with all amenities and surprisingly low price, they approach these brokers just to find that the property is already sold and if interested the home buyers may have the choice of some other flats which are actually high-priced ones. These online property listings may just be hypothetical to trap home buyers. So, home buyers must beware of such ads and keep their eyes and ears open and should investigate themselves the property type and their price in those areas.

There is a big advantage in hiring reputed and renowned brokers. Such brokers are registered and are guided by compliance. They have reputation in market, so they may even go extra miles to help their home buyers, whereas there are many unregistered brokers in the market also who aren’t quite ethical and would not think twice in cheating the home buyers.

So it becomes imperative that one must hire good and reputed brokers after conducting a good research, as there are many such agents who are neither licensed nor do they have any regulating body governing their actions. So, do a background verification of the brokers by asking them for about names and contact details of about 5 to 6 people whom the broker you are willing to hire has worked for in past.

 

Lack of complete information about the real estate agent could land the home buyers in trouble and they might be cheated. With increased demand for properties and brokers, there are many cheating and fraud cases prevailing in our society and therefore it becomes necessary for the home buyers to be aware of what is going around and with that rationale choose a good real estate agent for themselves.

At Brickfolio, we understand the tremendous promise of real estate. We consistently strive to make real estate transactions ethical and profitable for our clients.

To know more about us and our offerings, reach out to us today!

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