You’ve been planning for months for your new home and you’re just about ready to make the purchase. With nearly zero knowledge about the real estate industry, your only hope is to turn to a real estate agent to help facilitate the buying process. But, with all these news reports of scammer real estate agents, are you ready to trust your life savings in the hands of a real estate agent that you barely know?
Most of such real estate scam cases are usually because buyers tend to ignore the red flags that their real estate agents display throughout the buying process. Usually, this is emotionally-driven, an attachment to the property itself and the desperation to own it. If you’re about to make your first (or next) purchase on a piece of property through a real estate agent, these are some of the signs that you might need to look out for.
#1 Communication Issues
Communication issues are the most obvious sign that your real estate agent isn’t really interested in helping you get you your dream property. If you begin noticing that your calls to them end up unanswered and emails are answered with vague details and updates on the property, you can be fairly certain that your real estate agent may be having some other plans up their sleeve. Their tone of communication is also another factor to be considered. They need to be able to speak to you in a clear and concise manner, without too many industry jargon and with a certain air of professionalism.
#2 Continuous Delays
This is another sure sign that your real estate agent may be ripping you off. Although hiccups and setbacks are quite common in the process of property purchase, too many of them may indicate that your real estate broker isn’t quite invested in the process as they should be. In many cases, delays mean that your real estate agent may be looking for some form of additional return from your purchase and may be deliberately delaying a sale for their monetary gains.
#3 Fluctuating Fees
A real estate with fluctuating fees is a clear indicator that something shady is going on. Real estate agents who are genuinely looking to assist their clients in the purchase of their dream home usually will have all the steps mapped out and would be able to tell you for sure, how much the charges are and at which stage of the buying process that the fees must be paid. If your agent seems to be going back and forth about how much their fee and other payments are going to cost, you may be better off looking for a new real estate agent to assist you with your property purchase.
#4 Zero Effort
A real estate agent that gives you zero input on things regarding the property and the sale are of no value to you. They need to be proactive and provide you with information that you may not have about the process of your sale or the pricing of the property in the market. Someone who just agrees with everything you say may not be the best candidate to get you a good deal on the property that you have been eyeing for so long.
Real estate agents should be working towards getting their client their dream home, without them having to break bank. Always remember to go for an agent with proper licensing and is affiliated with a reputable company. If you have reason to believe that your real estate agent is up to some shady dealings, a simple email lookup, phone lookup or people search will expose the true identity of your agent in no time.