Every service industry has people who indulge in unethical practices just to further their own interests and, unfortunately, the real estate business is included in that list of industries. However, there are certain “red flag” warnings that can tell you ahead of time that the person you are dealing with is not a professional, legitimate and honest agent.
When searching for an excellent real estate agent to help you buy or sell property, always remain aware of the following:
- Real estate agents who do not stay in contact with you. If you have called your agent with questions or relevant information concerning a property and you do not receive a return call within a few days, consider finding another agent. He or she may be trying to juggle too many transactions at one time or is simply not devoting enough attention to their job. This type of behavior could result in frustrating delays, inaccurate documents or indicate a less then ethical real estate agent.
- Does your real estate agent suggest using a specific mortgage company or lender right away? If so, consider finding another agent with which to work. Agents who pressure clients into taking loans out from certain lenders are usually getting a cut of the fees associated with the loan. Professional real estate agencies like Orly Chen do not suggest lenders to clients unless the client directly asks for advice concerning mortgage companies.
- Has the agent incurred any disciplinary actions in the past? Each state retains records of any disciplinary actions taken against real estate brokers and can be access online or by writing to the agency. Contact your state’s Association of Real Estate License Law Officials to find out if you are dealing with an honest real estate agent.
- Be wary of misleading offers by shady real estate agents if you are selling your home. Some agents attempt to submit a lower price to the seller than the price given to the buyers. They want to sell homes as fast as possible to avoid fluctuations in the housing market in order to receive the highest commission possible at that time. They do not care if the seller receives the best deal or if he is satisfied with the final deal because these agents know there are other vulnerable home sellers just like him out there waiting to be scammed.
- Always ask to see the real estate agent’s license if you have never worked with the agent. For every five licensed and reputable realtors who are genuinely concerned with the service they provide for their clients, one unlicensed and totally bogus “real estate agent” exists to rip off people and flee the scene before law enforcement can catch them.
To avoid getting caught in the slick trap of a scam artist when buying or selling property, select a real estate agent like Orly Chen that has years of experience, hundreds of satisfied clients and the ability to give you the undivided attention you need in order to make your real estate experience a smooth, rewarding and expedited process.