An estate agent will show you around a property for sale.
They will tell you the features of the property, and help you to make an offer.
However, it is important to remember that estate agents are not just there to help you.
They have an agenda too, making money. Some may well use unscrupulous methods to increase what they make.
The Home Owners Alliance (HOA) warned about one specific trick estate agents use to get buyers to offer more.
This falsely increases what sellers will get, but also the commission estate agents will pocket.
Buyers should always make sure they see something in writing.
The HOA said: “Your below-asking-price offer has been accepted, the property you are buying is off the market, and it’s all steam ahead towards completion.
“Then the next week, the Estate Agent calls to say that someone who viewed the property previously has put in an offer a few thousand pounds above yours. You smell a rat.
“If you suspect this is a false bid, challenge the Estate Agent and ask to see proof in writing that this third party exists and they are willing to make a higher offer.”
This is not the only estate agent trick buyers or sellers out to be aware of.
Another trick involves making sure you don’t reveal the minimum you will accept for your home, if selling.
While estate agents want to get good prices for the homes they sell, they also don’t want to work too many hours to get their commission.
For this reason, they may be angling for their seller’s to accept a lesser offer than they want.
The HOA said: “Never let them know your bottom line (if you’re selling) or your maximum price (if you’re buying).
“Otherwise the chances are you’ll end up having to settle for it.”
Another estate agent warning is to make sure a certain sign is not put up outside your house.
Website UKhomes2less.com states: “Despite popular belief and what estate agents want you to believe, having an ‘under offer’ sign against your property is not in your best interest, either within your garden or on the internet.
It claimed the only person this is good for is the estate agent themselves.
“It gives them great local PR and local credibility. In fact, estate agents can’t get any better local PR than having ‘under offer’ and ‘sold’ signs against their property.”