I think some vendors and buyers will always have unrealistic expectations, it's just the nature of humanity.
Regards
Graeme
Dealing with REA's at their own game - strategies and ethics
- Thread starter Trogdor
- Start date
Regards
Graeme
I've known a few in about twenty years of buying/selling property. A couple have left the industry in disgust.
My first experience with an agent was a bad one, early 1988. I saw a vacant lot for sale privately. Naively (i was young & green) i went to an RE agent to get an opinion on the asking price. Next thing i know, the agent had listed it. Pinched it from under my nose.
2nd really bad experience was in 1992. Went to a solicitor and threatened to take agent to court and they settled $ out of court before the court date.
I was in my late 20s and took on an agent (and principal) at least twice my age. He didn't see that coming LOL
Since then i have made plenty of property transactions and have made it my business to observe agents and the industry, learning as much as i can. And just about every transaction has been unethical at best and illegal at worse.
Most the time i pull the agent up and let him know i know what hes doing is wrong or he's lying and that usually fixes things. Conditioning for one.
Or the time an agent told me i cant change the contract. I told him it has nothing to do with him, its between myself and the vendor so back off. Quite a few people would believe that and just accept that lie as the truth. they prey on people not knowing how things work. And 99% of people don't.
Its only my knowledge that has allowed me to see the things they do. 99% of the population don't know what they are up to behind the scenes. And they use this to their advantage.
Punters don't know how the RE industry operates. Just for starters they don't know the 'for sale' sign out the front of their house is more about the agent building recognition in his area than it is to sell the house. And that's just about the smallest of them all.
Ask yourself this: Do you think RE agents would make their transgressions obvious? They have this stuff down to such a fine art, no one knows whats going on.
My first experience with an agent was a bad one, early 1988. I saw a vacant lot for sale privately. Naively (i was young & green) i went to an RE agent to get an opinion on the asking price. Next thing i know, the agent had listed it. Pinched it from under my nose.
2nd really bad experience was in 1992. Went to a solicitor and threatened to take agent to court and they settled $ out of court before the court date.
I was in my late 20s and took on an agent (and principal) at least twice my age. He didn't see that coming LOL
Since then i have made plenty of property transactions and have made it my business to observe agents and the industry, learning as much as i can. And just about every transaction has been unethical at best and illegal at worse.
Most the time i pull the agent up and let him know i know what hes doing is wrong or he's lying and that usually fixes things. Conditioning for one.
Or the time an agent told me i cant change the contract. I told him it has nothing to do with him, its between myself and the vendor so back off. Quite a few people would believe that and just accept that lie as the truth. they prey on people not knowing how things work. And 99% of people don't.
Its only my knowledge that has allowed me to see the things they do. 99% of the population don't know what they are up to behind the scenes. And they use this to their advantage.
Punters don't know how the RE industry operates. Just for starters they don't know the 'for sale' sign out the front of their house is more about the agent building recognition in his area than it is to sell the house. And that's just about the smallest of them all.
Ask yourself this: Do you think RE agents would make their transgressions obvious? They have this stuff down to such a fine art, no one knows whats going on.
I would like to add to this thread with my experiences.
A month or so ago i was a very naive property buyer (still am i guess
) that signed a contract for a old house near my area.
Now what proceeded next was bordering on harassment by the REA, calling nearly daily to inform me that someone else offered a higher price (he would call about some random thing which always lead to this point). At one point he told me he had multiple offers and got one $10k above what i was offering.
If you look through the forum i always thought it was a stupid tactic on the REA behalf. With 5 mins to spare i got my lawyer to send a contract rescind due to a bad building inspection.
Agent calls me back a day later asking me if i would buy if he reduced the price i was offering minus $5k. At which point i thought to myself, what ever happened to all those buyers?
Now this was my first attempt at purchasing a property. Going by all the top selling plaques he had on his wall i thought he was a good RE. I guess never judge a RE by the number of houses he/she has sold, maybe by his waist line
A month or so ago i was a very naive property buyer (still am i guess
) that signed a contract for a old house near my area.Now what proceeded next was bordering on harassment by the REA, calling nearly daily to inform me that someone else offered a higher price (he would call about some random thing which always lead to this point). At one point he told me he had multiple offers and got one $10k above what i was offering.
If you look through the forum i always thought it was a stupid tactic on the REA behalf. With 5 mins to spare i got my lawyer to send a contract rescind due to a bad building inspection.
Agent calls me back a day later asking me if i would buy if he reduced the price i was offering minus $5k.
At which point i thought to myself, what ever happened to all those buyers? Now this was my first attempt at purchasing a property. Going by all the top selling plaques he had on his wall i thought he was a good RE. I guess never judge a RE by the number of houses he/she has sold, maybe by his waist line
