Seven Common Tricks Real Estate Agents Use When Buying Property [in 2024]
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Real estate is about negotiation, and the reality is the real estate agent is working for the seller - not you as the buyer.
Ultimately its their job to sell the property for the highest price possible, and while there are lots of real estate agents that are the upmost professionals there are others who can use different sales tactics and tricks to push the price higher than others.
00:00 Seven Common Tricks Real Estate Agents Use When Buying Property [in 2024]
01:19 Tactic #1: Underquoting, or Not Disclosing a Price
www.abc.net.au/news/2019-12-3...
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003:37 Tactic #2: Being super vague on the price
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05:00 Tactic #3: FOMO, or your own FOJI.
06:43 Tactic #4: Making an offer before auction
07:43 Tactic #5: Sneaky tricks
09:10 Tactic #6: Wide angle lenses
09:50 Tactic #7: Selling the trimmings, not the location
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10:30 Make a property wish list
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a friend of my father spent years wasting real estate agents' time by pretending to be interested in buying places. he did it just because he hated them.
Thanks for watching!
That man is my hero 🦸♂️
Love it
I have inspected over 100 properties here in Melbourne and I can tell how common these tricks are.
There is another trick some agents use where they get some first home buyers think that they can get a property in Auction inspite of being well aware that there are investors who are going to bid on it and of course win the bid. But once the first home buys lose the bidding the agents quickly go in for the kill, use their emotion and quickly make them sign on another inferior property make them pay the full price of the first property!
The bottom line is emotion + investment = HUGE Failure :(
Thanks for watching Vamsum!
#3 🤣 I learned about fear of loss in sales years ago. hubby and I were just laughing yesterday that if I were a real estate agent I'd name my business 'Fear of Loss' 🤣
LOL!!! I wonder how many people would get the joke though hahaha! Thanks again for watching! Cheers, Jayden.
These videos are really helpful. Thanks a lot! :-)
Glad you like them!
Thanks this was super helpful as well as your other vids - well done
Glad it helped Appreciate that!!
Love your videos and the helpful advice. Its absolute Gold!!
Glad you think so!
Thanks for your time and help
No worries!
Remember to do your own research, follow the tips and tricks www.huntergalloway.com.au/property-market-research-process/
@spitzndtruth 1 ah that sucks! I had a similar situation a few weeks ago where someone was selling a house without a pool safety certificate (in Queensland). The bank valuer said the property wasn't habitable without that safety cert so it is quite a serious thing! Sorry to hear about all that mucking around though!
It is a great video thanks for the great information and well delivered. This is exactly what I was looking for.
Thanks for watching !!
Thank you
You're welcome
Excellent video
Thank you very much!
Real estate agents are like spiders woving a web of lies.
Thanks for watching Monchi
It is difficult to trust some real estate agents. Experience working with a listing realtor who was very dishonest.
Thanks Marisol, certainly does make it a challenge.
If the lips of a 'real estate agent' move, then you know they're lying.
haha, thanks for watching Dave :)
in Sydney most houses are underquoted by at least 10% to 20%. General rule is get a guide price add at least $200,000
Thanks for watching!
CBA clients can use their Property android app for free to check for how much a property was sold for. Pretty handy.
good tip, thanks :)
More regulations and bigger fines required. Housing market is out of balance in more ways than just supply and demand
On a particular real estate web site I have seen a house advertised and it says current offer $500,000. It's not advertised as an auction and it doesn't list the house as currently being under offer. This current offer statement is in the title. What stunt are they trying to pull?
Hey Daniel, that sucks. I haven't heard of that happening, but i have seen something similar with multiple offer situations so I guess the key is doing your research and knowing your limit. Thanks for watching, Jayden.
(As a buyer)......If an agent claims there are multiple offers on a property, do they legally have to supply me with a multiple offer acknowledgement form? Can this be used to call there bluff?
In Queensland they are supposed to yes. more info www.huntergalloway.com.au/multiple-offer-situation/
Hi Jayden, putting in an offer before auction worked for me, and helped me get my current home that I had long had my eye on. The owners had to move overseas, so I put in as high an offer as they could reasonably expect, probably better than they were hoping to get at auction, and with a reasonable contract that made the whole thing more attractive to them.
Hi Elle, thanks for watching :)
That's fantastic and sounds like it was a win win.
Hi , I'm in WA and I'm selling.
I get the feeling the agent is trying to drive price down. I keep hearing I need to drop price about $ 90000 as a lot have said house needs renovations , was built about 1980 . It's listed at about $ 20000 below median.
No offers presented. Getting suspicious.
Trust your gut. Their renovations are only worth as much as their next-door neighbors ‘ property unless they’re adding an extra room…
@@mulliganstew72 Many thanks. Had look at some other houses he has sold that have been renovated.
Basically it's painted bathroom tiles, new sink, kitchen cabinet door's, cheap fake plastic wood flooring., paint and some vertical blinds. $ 90000 or diy handyman over 8 months. My gut feeling is bad.
Last house he sold for second time was $ 110000 over previous sale 8 month before.
Thanks Chuck, it might be worthwhile getting a few sales agents, even buyers agents to check out the property and provide feedback on what they feel it might be worth. Getting a few different opinions might help. It could even be worth getting your bank to value the property too.
@@MortgageBrokerAustralia The bank had not thought of that.
I did ask a developer and he said block was worth more than what I'm asking.
So did you sell it?
How do you find out if a property has been flooded?
Follow this guide here www.huntergalloway.com.au/floodwise-property-report/
@@MortgageBrokerAustralia Thank you, you guys are awesome!
You could bring pricing down to a reasonable level everywhere if you could just get people to do this one thing: stop paying more than what the property is worth.
But don't hold your breath because plenty of people will just shell out that overly high price because they just have to have that house, debt up to their necks or not. That screws everyone else in that it keeps the housing prices high b/c new sellers look around and say " Hey, this house just like ours sold for $450000, so let's list at $480000 and wait for some fool to pay it. "
You're absolutely right that housing market dynamics can be complex, and emotions sometimes play a large role in purchasing decisions. At Hunter Galloway, we recognize the challenges home buyers face, especially when it comes to finding the right property at the right price.
That's why our approach is dedicated to understanding each client's unique situation and needs. We provide personalized advice to ensure that home buyers are making informed decisions that align with their financial goals and lifestyle preferences.
By accessing lending across our panel of 30+ lenders, we're able to find competitive mortgage options that can make homeownership more attainable. We believe in making the home buying process as stress-free and uncomplicated as possible, guiding our clients every step of the way.
It's natural for sellers to seek the best possible price for their property, and it's our job to help home buyers navigate the market sensibly. We're here to assist you in making sound decisions, ensuring that your investment in a home is both satisfying and financially wise. If you have any questions or concerns about the current market or the home buying process, please don't hesitate to reach out to us.
OOhh... this video aged well. Late 2020 onwards FOMO went off the rails..
Thanks for watching Karl!
Those sneaky agents... can’t be trusted 😉
Haha! Thanks for watching
Lots of sales I've seen in Melbourne lately are sold before auction...comments? is it legit?
Great question Elsie, it's a tough one as if the vendor is motivated and gets the right offer they might take it. It's a case by case basis, as every vendor selling their property might be motivated by different reasons.
Wow some shady dealings in Australia. They don't tell you the price? Totally illegal in Canada.
I know right!! Naughty naughty Australia! Also this is in certain parts in Australia, in Victoria agents got in trouble on this a few years ago so they have to give a pretty rough guide.. still though
@@MortgageBrokerAustralia are price is listed right on the realtor website. I can't imagine it not being listed.
New Zealand is worse. Especially Auckland
this guy is from europe..what the heck...i want someone local new york carajo
Thanks for watching Pablo! We are based in Australia :)
Number 1 FOMO FOMO FOMO it’s going its going I’ve got eastern states investors it won’t last Blah Blah Blah
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