Realtor Tricks to watch out for
Every industry has its tricks. Wanna know a few realtor tricks?
The real estate industry has many tricks. It is important to know these tricks, and how they may influence your decision as a buyer or seller. In this video I will discuss 4 tricks that should be disclosed when working with a realtor.
#1. Property Dimensions: Property dimensions are always approximate. And this is indicated in small print in all realtor advertising. Nothing is stopping a realtor from approximating these dimensions. Realtors can easily market say a 960 square foot condo for 1000 square feet. This is great for sellers but bad for buyers. I recommend referencing the strata plan for condos, and the building plans if you are purchasing a house.
#2. Number of Bedrooms - a defined as a bedroom is defined a a room with 4 walls, a closet and a window. Even though you may not care if that den is labelled a bedroom, you should care when it is time for you to sell that home. The number of real bedrooms will affect your homes value.
#3. Days on the market - Buyers typically at this stat. This stat indicates how long the home has been on the market. The lower the days on the market the better it is in the buyers perspective. If the Days on the market is greater than 30 days the buyers may feel that their is something wrong with the home and may shy away from viewing or writing an offer.
The seller and the realtor may decide to remove the property off the market. This would reset the days on the market back to zero so looking at days on the market is not an accurate figure. I would recommend looking at the property history on MULTIPLE LISTING SERVICE versus days on the market.
#4. Price- Like days on the market, buyers like to ask if the home has had any price reductions.
Their is nothing is stopping a realtor to list a home at 1.5 million and drop it to 1 million the next week. This makes it appear that a great deal can be had by the buyer. But the fact is that the price can be changed at anytime with the permission of the seller. It is always wise to look at the price history of the property and how it relates to market prices in the neighbourhood.
So there you have it the 4 realtor tricks you should know about if you are buying or selling real estate. If you have any questions please reach out to me.
Question of the day, what realtor trick do you come across that I didn’t mention? Please leave it in the comments below. I will try my best to personally answer all comments myself.