Overselling is a common phenomenon in the real estate business. This is because most of the agents tend to oversell and overprice a property so as to make profits out of it.In real estate, it generally refers to the sell or renting of a property at a price which is actually far above the actual price of that property. Whereby they want to purchase a property which is being sold by an agent, but they cant really figure out whether the agent is overselling the property or not. Most buyers end up buying the property or renting it at higher prices.
In order to prevent this, here are some of the ways which can help you know if the agent price is genuine or not.
One of the qualities to check in an agent is his qualifications and accreditations. The person should be also be well known in the community and neighbourhood.Therefore as a buyer, is you are carrying out some negotiations with a real estate agent about the purchase of a property, you should first check out the qualifications. If he is not fully certified and licensed then the chances of him overselling the property is very high. This is because he does not know about the valuation of the property. He might not be very good in his statistics and calculations. In short, he barely knows about real estate.
Engage The Agent
One of the other ways is through engagement. As a buyer include the agent in a number of discussions concerning the property which maybe you want to buy or rent or lease. Ask him questions concerning that property such as when it was built, the materials used, is there anything wrong with the property, what is included in the sale and other queries surrounding the property.
An agent who is overselling will be highly evident by how he answers the questions. He will end up double crossing himself in the process of answering the questions. Some of his responses will be untrue and unreliable and others really exaggerated. From this you can tell that he is not honest.
Another way is through the character of the agent. An agent who is overselling a property is very unsettled and all he wants is quick payments so that he can pocket the excess amount on top of his commission before the seller knows. Keep in mind, the best inflatable bed is not a reason to pay extra price for a property, no matter what the agent says. He or she insists on rushing things. Patience is not a common virtual in such people. While it comes to question asking he rushes through the whole process often dodging away from answering some of the questions.
Such agents are only concerned about their welfare and money. They neither put their clients’ interests on hand (the seller) nor do they put the buyer’s interests on hand too. All they want is more money in their pockets.
When such characteristics are common with an agent, then the higher the chances that he or she is actually overselling the property. Therefore should really be careful to avoid such.