Whenever im searching for properties I always find these properties claiming ‘Must sell today!’ or some derivative.
Originally I thought this may have been geniune, though in tracking properties over a period of time, you can obviously see that is not really the case. Then I just thought it’s likely a tactic to gain interest for those looking for a good deal.
But then I thought it might be a ”cunning” strategy to pressure inexperienced property investors who are looking for a good deal to put an offer on a property with a jacked up price. But then there are regulations which control alot of what agents can and cannot do, so I was unsure.
So I was just wondering what the deal is with what Agents can and cannot put on window cards? What to expect to be fudge, and what to expect to be legit?
Even if it were illegal to BS about the condition of the vendor, how could you possibly police it? Someone would come in and say “You didn’t really have to sell it today”, and they would turn around and say “yes i did”, who would argue.
I know I didn’t say that clear, but did you get the point?
Dan.
The most important thing is to make the most important thing, the most important thing.
Anon.
You can’t easily police alot of things.
It’s only through slip ups that shoddy practices like conflicts of interest and so on are brought to the fore.
One of the reasons I asked.
</reading book ‘real estate mistakes’>
I find it is best to completely ignore any ‘baiting’ tactics used by real estate agents and this means the blurb they put with the picture of the property in order to sell it. It is certainly unethical for a real estate agent to say a property must sell on a particular day and it doesn’t sell for months. It is most probably also in breach of s52 of the Trade Practices Act but nobody will take any legal action because what is the loss and damage you have suffered? I have no doubt real estate agents behviour should be the subject of more vigorous scrutiny but its unlikely to ever happen so its best to simply never feel hurried by such selling statements.
Do we then take the same view with car dealers or individuals trying to sell their vehicles with the following statements –
Must sell this weekend
Owner going overseas!!They are trying to sell and market it in a way which gets people interested. We all have a BS meter…..probably worth using it…..
Absolutely. The types of statements being referred to here are the ones that encourage you to ‘get in quick’. It is always a risk that someone might get a deal before you but you simply have to stick to your process of evaluating the deal and if it goes before your process is complete then move onto the next deal. These types of statements should never encourage you to shortcut your evaluation process.
there’s a way to check how motivated everyone is…. go in with a real lowball offer on 14 days settlement (yes I know the banks like 21 but if they want business they’ll do it ..)and find out HOW desperately they want to sell today… its a good BS gauge ….
I will make it….regardless
there’s a way to check how motivated everyone is…. go in with a real lowball offer on 14 days settlement (yes I know the banks like 21 but if they want business they’ll do it ..)and find out HOW desperately they want to sell today… its a good BS gauge ….
I will make it….regardless
YEah,
I don’t know how many times I have had an agent call and tell me it is the deal of the century…. I just normally comes accross as real excited and start my checking processes to see if it is worth turning off The Simpsons and go and check it out or not.There is Always a deal round the corner…. agents love getting dutch auctions going as it creates demand and urgency thus driving the price of the home up…
I always walk and regroup for a few hours to see if it is really a god deal and also to see if thre was something missing in my system checks…. but most of all I get to rethink my strategy and see if I have been creative enough or not.
Regards,
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