Sellers Beware of Sneaky Agent Tricks

You’re to smart to fall for these sneaky sales tactics. Just be aware that there are many agents out there who will do or say anything to get your listing.

They’ll pester you with unwanted texts and calls, employ questionable sales tactics, make bold “hard to believe” claims, and even break the law and their code of ethics.

Here are a few things you should be wary of …

Do Not Call List: 

Most people are on the Do Not Call List. Calling a person on the list with an expired or for-sale-by-owner listing for the purpose of soliciting their business is Against The Law.

Yet, there are agents and brokers in our area who willfully and repeatedly violate this law on a daily basis. Do you really want to work with an agent who ignores the law?

Believe me, they know you’re on the list and they know it’s unlawful. But they call anyway. They’re counting on the fact that you’re just too nice to report them.

189 Point Marketing Plan:

There are many variations of this sales gimmick. It is designed to make you feel like the agent is doing a lot of work for you.

In fact, most of these plans are just filled with the detail tasks that every competent agent does as a matter of course. Ensuring your name and address are spelled correctly and that the listing has the correct tax map number is not marketing.  

There are 8 main components to an effective real estate marketing plan.

1. The MLS
2. Internet Syndication
3. Mobile Marketing
4. Direct Mail
5. Social Media
6. Email
7. Print Media
8. Open Houses or Public Venues

 The effectiveness of any marketing plan relies heavily on the skill, experience and knowledge of the agent.

A good plan will incorporate as many of these components as possible. A good plan will also “target” the marketing message to the right people in the right places.

I’ll Sell it in 30 Days or I’ll buy It!

Variations include “I’ll sell it twice as fast” as other agents, or ” My listings sell 10% higher on average than other agents”, or ” If it doesn’t sell in 30 days “I’ll sell it for Free” or “I’ll pay you”.

The devil is in the details with these “Guaranteed Sales” programs. Study the fine print carefully. Be wary of statistics. Data can easily be manipulated to favor any point of view. Remember the recent presidential election polls?

Yes they will buy it if it doesn’t sell in 30 days, but you have some expensive hoops to jump through first.

You’re required to have an inspection and then repair everything. You’ll also be required to get an appraisal, possibly paint and professionally stage the home, and list it 5-10% below market value to get the guarantee.

If they do buy your home, it will be for 20-30% below market value. You’ll still pay a commission and the agent will make another commission and a profit when he resells it.

It’s always a good deal for the agent, never for you.

Note: If you do need to sell quickly for whatever reason, please give me a call. There are ways to get it done without giving away all of your equity. I’ve helped many distressed sellers get their homes sold quickly for a fair price.

Price It Too High!

Some agents will promise to sell your home at an unrealistic price just to get your listing. Then they’ll pester you relentlessly for price reductions to get it sold. Some “teams” and large brokerages even employ a full time “price reduction” negotiator.

No amount of marketing or advertising will sell an over priced home.

There’s an old adage in real estate that holds true in any market:

“It’s a pricing war to the door then it’s a beauty contest once they’re inside.”

Even in a sellers market with higher prices and low inventory, buyers still demand the most value for their money.

Buyers are smart these days, they have access to a lot of information and to the services of experienced buyer’s agents. They know when your home is over priced. They’ll pay top price for a quality home that meets their needs and has the features they really want. However, if they believe your home doesn’t offer them good value, they’ll avoid it. They won’t even bother to look at it.    

I’ve got A buyer For Your Home

“Yeah right!” and I’ve got some lake front property in the Sahara you might be interested in.

Occasionally, an agent will offer to bring a “buyer” over to see your house. This buyer is always an accomplice posing as a buyer who will decide your home is not quite right for them. The goal is to make you believe the agent has active buyers looking for properties like yours so you’ll be more inclined to list with him.

More often than not, when an agent tells you he has a buyer for your property he’s just referring to his list of prospective buyers. A list of people who’ve expressed an interest in Myrtle Beach real estate.

Every agent and brokerage has a list of prospective buyers. These are consumers who have visited the brokers web site or a real estate portal like Zillow and signed up for a free report or property updates.  These ” leads” are captured and often sold or given to multiple agents who typically put them into a drip email marketing campaign.

Most of the people on the list are just looky-loos. A few are serious buyers. But be assured that none of them have called the agent and asked about your house.

What the agent is really saying is “List with me and I’ll send your listing to everyone on my “buyers” list and maybe one of them will be interested in your home. 

Marketing to the “list” is a good strategy and it’s used by most brokers and agents. When you list your home, no matter who you list it with, your listing will automatically go out to thousands of buyers on multiple lists as soon as it hits the MLS.