Revealed: The Deceptive Trick Sydney Real Estate Agents Don't Want You to Know About!
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Navigating the property market can be a daunting task, especially for those looking to secure their dream home in the competitive Sydney real estate landscape. But what if the pressure you're feeling isn't just from the market demand, but also from the very people meant to facilitate your purchase? A Sydney real estate agent has blown the whistle on a sneaky tactic that's been used to pressure buyers into making higher offers, and it's something every prospective homeowner should be aware of.
Amir Jahan, a 25-year-old owner of A-Class Estate Agents, has come forward to expose a common lie that some agents use to manipulate buyers. According to Jahan, agents may falsely claim they have received higher offers to push buyers into raising their bids. 'A lot of agents are trying to get extra money for the vendor by saying they have higher offers when they don't. They're lying,' he disclosed to Daily Mail Australia.
This tactic isn't solely about getting the best price for the seller; it's also a strategy for agents to flaunt their negotiation skills and secure future business. Jahan elaborates, 'It's greed. If one agent sells higher than everyone else in an area where properties typically go for $1.5m or $1.6m, who do you think will get the next listing?' This approach is not only unfair to buyers, who may end up overpaying, but it also undermines the integrity of the real estate process.
Jahan warns that even if a seller is content with an offer, an agent might still attempt to 'prove themselves' by falsely informing the buyer of a non-existent higher bid. This can lead to buyers, particularly those who have fallen in love with a property, paying more than necessary just to secure their desired home.
So, how can buyers protect themselves from falling victim to this deceptive practice? Jahan advises adopting some of the same tactics used by real estate agents. He suggests not showing too much interest in the property and submitting your offer without further engagement. 'Don't try and chase the agent. Just leave it at that. If the agent doesn't have another buyer and really wants to sell, they will contact you,' he explains.
If an agent claims to have received a higher offer, Jahan recommends standing your ground. Respond with indifference, suggesting they proceed with the higher offer. This calls their bluff, as a genuine higher offer would naturally take precedence, and there would be no need for the agent to continue negotiations with you.
For those wondering how to verify the validity of claimed offers, Jahan provides a clear distinction. In the case of a private treaty sale, agents can legally disclose offer amounts. However, for auction properties, disclosing offers is illegal. Buyers can request proof of higher offers in private treaty sales to ensure transparency.
The key to not overpaying for a property, Jahan emphasizes, is thorough research. He notes that first-time homebuyers often get caught up in the excitement and fail to investigate the market properly. He advises looking at recent sales in the street, comparing similar properties in the area, and determining whether the price is fair or inflated.
Members of the Seniors Discount Club, particularly those venturing into the property market, should take heed of Jahan's advice. It's essential to approach real estate transactions with a critical eye and not be swayed by pressure tactics. Remember, knowledge is power, and doing your due diligence can save you from overpaying and future regret.
Have you encountered similar tactics in your property-buying experiences? Share your stories with us in the comments below, and let's help each other navigate the real estate market with confidence and caution.
Amir Jahan, a 25-year-old owner of A-Class Estate Agents, has come forward to expose a common lie that some agents use to manipulate buyers. According to Jahan, agents may falsely claim they have received higher offers to push buyers into raising their bids. 'A lot of agents are trying to get extra money for the vendor by saying they have higher offers when they don't. They're lying,' he disclosed to Daily Mail Australia.
Do you know any of these tricks real estate agents do? Credit: Shutterstock
This tactic isn't solely about getting the best price for the seller; it's also a strategy for agents to flaunt their negotiation skills and secure future business. Jahan elaborates, 'It's greed. If one agent sells higher than everyone else in an area where properties typically go for $1.5m or $1.6m, who do you think will get the next listing?' This approach is not only unfair to buyers, who may end up overpaying, but it also undermines the integrity of the real estate process.
Jahan warns that even if a seller is content with an offer, an agent might still attempt to 'prove themselves' by falsely informing the buyer of a non-existent higher bid. This can lead to buyers, particularly those who have fallen in love with a property, paying more than necessary just to secure their desired home.
So, how can buyers protect themselves from falling victim to this deceptive practice? Jahan advises adopting some of the same tactics used by real estate agents. He suggests not showing too much interest in the property and submitting your offer without further engagement. 'Don't try and chase the agent. Just leave it at that. If the agent doesn't have another buyer and really wants to sell, they will contact you,' he explains.
If an agent claims to have received a higher offer, Jahan recommends standing your ground. Respond with indifference, suggesting they proceed with the higher offer. This calls their bluff, as a genuine higher offer would naturally take precedence, and there would be no need for the agent to continue negotiations with you.
For those wondering how to verify the validity of claimed offers, Jahan provides a clear distinction. In the case of a private treaty sale, agents can legally disclose offer amounts. However, for auction properties, disclosing offers is illegal. Buyers can request proof of higher offers in private treaty sales to ensure transparency.
The key to not overpaying for a property, Jahan emphasizes, is thorough research. He notes that first-time homebuyers often get caught up in the excitement and fail to investigate the market properly. He advises looking at recent sales in the street, comparing similar properties in the area, and determining whether the price is fair or inflated.
Members of the Seniors Discount Club, particularly those venturing into the property market, should take heed of Jahan's advice. It's essential to approach real estate transactions with a critical eye and not be swayed by pressure tactics. Remember, knowledge is power, and doing your due diligence can save you from overpaying and future regret.
Have you encountered similar tactics in your property-buying experiences? Share your stories with us in the comments below, and let's help each other navigate the real estate market with confidence and caution.
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