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Blog by Thomas Krause

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Why Do Some Real Estate Agents Get A Bad Reputation?

The fact is that real agents generally tend to get a bad reputation for a number of different reasons, the most common being that they are considered self-serving and unprofessional. However if you think about it for a moment it is not difficult to find unprofessional staff in practically every business sector. If you talk to people who have a bad opinion of certain real estate agents, they will also go on to tell you about top notch real estate agents who are real professionals and should be examples to those who they consider slackers.

What are the key benefits the real professionals bring to the table? This is simply that they help the sellers earn more money from the sale of the property, and then on the other hand they help buyers get the best return on their investment.

So your key challenge, if you live in Canmore, is to find these top quality Canmore real estate agents when it is time to sell or buy a home. Would you like some useful tips? If any of the following gimmicks are ever tried out on you, take close note as the person in question may not have you, the client’s, best interests in their mind.



Gimmick #1

“Good news! I have a buyer for you!” You could be told this by letter, SMS or phone and it is a common tactic used by real estate agents to get into your home and get close to you as their potential home seller client. Many real estate agents will confirm that this tactic is taught to trainees across Canada.

As real estate agents will point out this claim is not technically telling a lie, because somewhere out there, there is a buyer who is looking to buy a property in Canmore, or the city that you live in. However hiring the real estate agent, who made this claim, simply because they were the first to make it, is no reason to use them. If you want the services of a professional real estate agent you will be advised that he or she has a marketing plan to get the best price for you and is able to show it to back up their proposal.

The fact is that if the real estate agent actually has a buyer on hand they should be able to present their offer. Should they be unable to do that the agent is really just trying to get your attention and get a foot in the door. Reject this type of proposal as you need an agent who is prepared to price your home correctly and market it well to make a good sale.

Gimmick #2

“This must be the ideal property for you, buy it quickly as it won’t be available for long.” The fact is that professional real estate agents don’t force sell homes, what they actually do is to help buyers to navigate the process of finding the right home for the  buyer at the right price to match their budget. If you are feeling that uncomfortable pressure from the agent who is pressing you too hard about a particular property something is not right for sure.

It is true that many agents live from pay check to pay check and the agent wants to make a sale. So it is natural that if their sales figures are not so good the go for the quickest sale so that they can be paid as quickly as possible. Ask if the agent is on a “double-end” deal. This means that they receive commission from both the buyer and the seller. This does not necessarily mean that it is a bad thing, but if you feel you are being over pressurized about a particular property make your feelings known and step back.  

Gimmick # 3

“If your house won’t sell I’ll buy it!” This tactic is more common than you may imagine and is used by a number of estate agents. Here they offer to buy a house to take it off your hands. There is nothing wrong with this, as such, as there will be a legal contract and purchase. This approach can help the real estate agents appeal to more buyers. But it may not be the best deal for you, as the price you will normally get is far less than your asking price. These deals can normally be offered at as little as 85% of your homes actual value. Only once you sell, then the real estate agent actually start marketing the home actively.

Gimmick #4

This is the bidding war when buyers are advised to get into a quick fire auction to try to get their hands on the property. Well organized by the agents the final price that is agreed is well above the sellers original expectations. But if you think about this end result, it is bordering on fantasy, as a great result for the seller is very rare. The risk that you could be advised to take, as a seller, is to drop down the price you are asking for your property to trigger the price war. But you need to watch out, as you could be legally driven to sell below your expected price!