How To See Through Real Estate Broker Tricks
- February 4, 2008
- 7,796 Views
Voice-Over Artist
Peter Coleman
Music
Alex Maciel
Writer
Rosmarie_Lennon
Some real estate brokers have a lot of tricks up their sleeves. Learn to beat them at their own game.
You Will Need
- A knowledge of typical broker cons
- A healthy dose of skepticism
Step 1: Do your own research
Before you hire a broker, do your own research about what comparable houses have sold for in your area. That way, you’ll know if your broker is giving you good advice or just trying to make a quick sale.
Step 2: Don’t be pushed into accepting a lower price
Don’t be pushed into accepting a lower price than you feel your home is worth. Just remember that brokers keep their own homes on the market significantly longer than the average, yielding a higher sale price.
Keep in mind that holding out for an offer of $10,000 more gives the broker a measly $150 in commission – hardly worth her time to work for the extra $9,400 you’ll yield.
Step 3: Don’t be bullied into an open house
Don’t be bullied into holding an open house. Only two percent of houses are sold this way, so the real winner is the broker, who makes all kinds of contacts.
Negotiate a lower commission. With so many people selling their own homes on the Internet and using discount brokers, most real estate agents are willing to accept a lower fee than the once-standard six percent.
Step 4: Make them run all offers past you
Stipulate in your contract that your broker has to run all offers past you. An unethical broker might not tell you about an offer from a buyer represented by another agency—so that she doesn’t have to split a commission.
Step 5: Don’t use the broker’s inspector
For obvious reasons, it’s wiser to hire your own inspector than one who may be in cahoots with a broker to rubber stamp a property.
Step 6: Be leery of their renovation suggestions
Don’t assume that because a broker is waxing poetic about the lucrative renovations you can make she knows what she’s talking about. Check with zoning laws before assuming you can make substantial changes to the house or property.
Step 7: Consider selling your home yourself
Consider selling your home yourself. There are plenty of books and websites that will walk you through the process, saving you thousands of dollars.
Over 50 percent of house hunters look on the Web for potential homes.
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Comments (6)
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over 3 years ago by evomedia
Really a nice video, showing the &;lt; a href=”http://www.ncrdealer.com/”>;realestate broker<;/a>; tricks to sale property. It is better for the customer to research themselves about the property before dealing. People will definitely appreciate this post for such necessary information and for its way of presentation. People who are interested in property dealing in India can visit this site or can call at 800-232-2343 or 0120-4338222 for any query or detail about the price payment plans or location etc.
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about 1 year ago by Simmy_House
Overall nice video, it was created very well. I like the angle you approach visitors with, pretty original, great job!
Jesdon
http://realestatelicensedirect.com
over 3 years ago by jesdon
There are only a good points in this video, the rest isn't accurate. The part about open houses is right. Step 4 is a lie, a broker is required by law to present all offers. Step 5: The seller doesn't pick the inspector, the buyer does. A buyer should never let a seller pick the inspector who cares who the broker is. You may want to check the success rate of FSBO it's not the savings they make it out to be. For the last tip over 50% start there home search on the net. Try over 80%, where did you get your numbers?
over 3 years ago by brianb
are you a real estate brokers
over 2 years ago by Chinamoon
this is not an accurate view of real estate brokers...
over 2 years ago by Jay_Valento
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