UGANDA, Kampala | Real Muloodi News | Some real estate agents in Uganda fight to gain the trust of their clients during the home buying and selling process and follow ethical tactical methods, some less scrupulous agents have been found dubious, swaying potential clients into accepting deals that may not be in their best interest.
Some real estate agents lie about the details of their credentials, the property value, and its condition. These misrepresentations can cost you a lot of money if you choose the wrong real estate agent.
Whether buying or selling a property, always consider the reputation, amount of experience, and specialisation of a real estate agent. An agent may stretch the truth or outright lie about some details, so before selecting one, check the facts.
Below are some common agents’ lies and half-truths.
Misleading Property Descriptions
Real estate agents make a commission by closing a deal on a property. To promote a property, they sometimes use appealing language to lure potential buyers, even if what they are saying isn’t true.
Sometimes agents haven’t even visited the property and merely rely on the information on the phone. Before putting in an offer, buyers should ask the broker plenty of questions and inspect the property in person to avoid being duped.
You could also hire a certified home inspector, who can discover issues you may not have seen. This allows you to demand certain repairs before the sale is complete.
That is not Something to Worry About
When you ask an agent a question, they must always provide you with an adequate response. Do not proceed before you get a valid response. When they dismiss your inquiry with “That one isn’t important,” never accept it. Such a response shows the agent is maybe concealing information from you or that they do not have all the information about the property they are marketing.
Inflated Property Values
Homeowners want to make a profit when they sell their homes. For a quick sale, real estate agents may recommend inflated values to properties. However, in real estate, correctly pricing a property is one of the most important factors that affect whether it will sell. An overpriced property will struggle to sell because today’s home buyers are very savvy.
Agents may tell prospective sellers how their properties are worth far more than what they are on the market.
If you’re selling your house and are interviewing prospective agents, yet all but one is telling you a lower price, the agent with the higher suggested price, is not the one you would want to hire. It is critical during the interview to ask the real estate agents to provide you with a comparative market analysis for comparison.
Another way to determine whether an agent has told you the right price, research and compare the recent sales prices of properties from area residents.
Imaginary Buyers
The realtor may try to convince property owners to list their property with them by assuring them they have the perfect buyer for their property already lined up.
Sometimes that perfect buyer is just a little too perfect—and/or does not exist.
If you’re selling your property and an agent tells you they already have a potential buyer, don’t hire them solely for this reason. The agent is using this tactic so you hire him to sell your home.
The Property Value will Double in a Few Months
Desperate agents use this lie to close a sale. Such lies should not be taken lightly. Real estate appreciation depends on several factors, such as the growth of industrial projects, road construction and expansion, and services, among others.
Real estate will always appreciate, however, the rate of appreciation is not determined by the agent’s words. Before you believe the agent, make sure you do diligent homework.
Reluctance to Give Full Details
If the property has a land title, the realtor must willingly give all the necessary information for you to do your search. When the agent refuses or is hesitant to provide you with all the information required to search, be careful fraud might be in the works.
Although most agents are honest and hard-working, there are also a few rotten apples out there. If there is any doubt whether an agent is being honest, it’s would be a good idea to confirm any potential doubts.
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