Be Careful - A Real Estate Agent Could Lead You Astray

The real estate agent is a valuable source of potential deals for you as an investor. They have access to the multiple listing resources and of course, have a monopoly on this information so they have to be part of your game plan as an investor. Working with real estate agents can be difficult depending on the agent.

Some of the factors that you should take note of include the following:

  • When you want to purchase a property, offer them a short closing date.
    One way of getting an agent to take you seriously is to offer a fast closing date. There are a few things that make an agent more excited than the thought of getting their commission within the next 14 days. If the agent has another offer presented to him/her they will usually advise the client to take the offer and close than accept an offer that is higher in price. One of the reasons is because it is better to have "a bird in the hand, rather than two in the bush".

  • See if you can present a creative offer to the owner in person, rather than through the agent.
    If you have an offer that needs to be explained in a fashion to the owner which brings out all its great benefits, then you may have to assist on presenting the offer in person or with the agent. If you present that type of offer to an agent, it may not even reach the owner and certainly will be given less priority than other offers. Agents in general do not like creative offers because they are more interested in conventional offers from solid buyers.

  • Be suspicious of agents.
    Be suspicious of any agent who tells you what a great deal you are getting on a property. The fact is, if it is such a good deal, why he/she didn't buy it. Don't take their word as to value. Ask for a comparable sales printout to show what other properties in the area are selling for. If comparable sales information shows the same square meters as the house you are looking at, then take a drive by and see if it is correct. Don't leave the homework to your agent; make sure you do a little bit of your own assessment.

  • Don't be bullied by agents.
    Don't be afraid to speak openly with your agent if something is being done that is not to your advantage. Unfortunately there are some agents who are unethical, and work only to ensure that they get their commission. Sometimes they will refuse to present your offer to the owner when it is their obligation and duty to do so.

    Many times an agent will lie and tell you to your face that your offer has been rejected, when in fact, it was never presented. If you feel that this may be the case, don't be afraid to go over the agents head and see the owner of the agency. If you find a broker is uncooperative or not acting in your interests, then the best thing is to go to another agent. The new agent will approach the same owner on your behalf.

  • See some properties with the agent.
    Arrange to meet the agent and discuss fully what you are looking for. Do this before he/she takes you around to see some properties. Ask them to find a number of properties that will suit your requirements and make sure you are clear on exactly what you want so no time is wasted. The good agent will make an appointment for you to inspect properties very quickly so they can get a feel for what you are looking for.

    They will take you to all the properties and they will rearrange their times to suit your timetable. It is a good idea to take someone that you trust with you when you are looking at properties so you can get another opinion. Indicate to the agent that you are serious about your search and that if the right property is found, you would definitely be interested in proceeding. It is a good idea to take your check book with you so that the agent can see that you are serious about finding the right property.

    Sometimes buying a property from a typical agent can be difficult. Many of them will tell you not to call them by to check the properties from the advertisements that they place. These are the agents that would rather place an advertisement than call the right buyer so it might be wise to use other agents.

    • Note: The above points do not apply to all agents. We are talking about the disreputable minority out there. Most agents care about their work and they labor to represent their client efficiently and professionally. Those are the ones to look for.


    Copyright 2005 StartRunGrow
    http://www.startrungrow.com

    StartRunGrow (http://www.startrungrow.com) is a global online information organization that specializes in creating, developing and marketing business help information specifically with the aim of "making business easier" for entrepreneurs around the world. The StartRunGrow objective is to become a dominant player in the business help arena providing end to end solutions for the millions of small and medium businesses worldwide who continue to struggle daily with the difficulties of starting, running and growing a successful business.

    In The News:

    pen paper and inkwell


    cat break through


    Appraisal vs. Market Value: How to Avoid Pitfalls in the Sale of Your Home

    When you sell your home, appraisers use comps (comparable market... Read More

    San Diego Real Estate

    San Diego is home to millions of beautiful apartments, condominiums,... Read More

    Loan Officer Training: Learn How To Shape Realtors Perceptions

    In medicine, a placebo is a pill that you think... Read More

    How to Use the Internet to Help Your Apartment or House Hunting

    So you are looking for an apartment to rent or... Read More

    Selling Your Home Yourself ? Pricing It Appropriately

    When you're selling your own property, whether it's a house,... Read More

    Condo-Hotels ? A New Second-Home Alternative to Time Shares

    Condo-hotels have evolved as a better, more reliable second home... Read More

    Howard Stern is Hot in Real Estate

    Howard Stern has over 20 property related files in Queens,... Read More

    Real Estate Investing Works In Your Area Too!

    I hope you had a spectacular weekend!Things have been going... Read More

    Real Estate Inspection - Do Your Own

    Why should you do your own real estate inspection? To... Read More

    Selling by Owner Tips

    Do strangers scare or intimidate you? If you're planning to... Read More

    Conversation & The Real Estate Investor

    One key that makes investors is conversation or should I... Read More

    Getting Raw Land, Not a Raw Deal!

    There is more to buying raw land than meets the... Read More

    Real Estate Investing ? The Job Escape

    Real estate investing is pretty unusual in lots of ways.... Read More

    Types of Listings with Agents

    There are several different types of listing contracts. Few of... Read More

    Budgeting Your Log Home: Where Do You Start?

    The Log home industry has matured these last many years,... Read More

    Raising Money For Property Development

    In addition to finding the right property, one of the... Read More

    Researching Property for Real Estate Investing

    Much is being said lately about investments. There are many... Read More

    A Real Estate Investing Primer

    There are a great many books and web sites devoted... Read More

    How To Sell A Home That Didnt Sell

    If your home has just come off the market and... Read More

    What to Look Out For When Buying Off Plan

    Buying Off PlanIt can be difficult to decide when every... Read More

    FSBO Novel Preface

    PrefaceWe are For Sale By Owners, "FSBOs." We spend our... Read More

    How To Get The Best Rental Accommodation In The Area By Using Your Capital

    My report is for you to use your power to... Read More

    Buying A Home ? Rain, Sun, and Weather Issues

    When buying a home, it can be easy to overlook... Read More

    According To Sellers, Silence Isnt Always Golden?

    When trying to sell a home, silence isn't always golden... Read More

    FSBO - Selling Your Home FSBO (for sale by owner) ? Is It Worth It?

    FSBO, what is it? FSBO means For Sale by Owner,... Read More

    What to Look for in a Real Estate Agent

    Real Estate Agents play an essential, critical role in the... Read More

    How to Buy Fixers for Profit

    Do you dream of becoming a multi-millionaire real estate investor?... Read More

    An Estate Planning Primer

    An estate plan can be designed by clients and their... Read More

    The Benefits of Fractional Ownership in Private Residence Clubs

    A New Way to Own a Vacation Home - For... Read More

    Finding, Fixing, Financing, and Flipping - The Short Course

    Most people get involved in Real Estate investing to make... Read More

    Choosing a Residential Lot

    Finding a lotPlanning for your new home is a very... Read More

    Internet Battleground for Future of Residential Real Estate

    Real estate agents are gearing up to face the biggest... Read More

    Best Time to Buy? Best Time to Sell?

    When is the best time to buy? When is the... Read More