REA Dirty Tricks!

Hello SS,

I'd like to start a discussion about dirty tricks you've seen real estate agents use to try and push up prices etc.

I've dealt with one REA only so experience is limited but I did have an opportunity to see some dirty tricks! So far I'm enjoying the property game as it reminds me of a mixed game of poker and chess.

I presented an offer as discussed in another thread and told him we would not budge on price. We had the impression that the REA and vendor were desperate. At 21:27 last night I received an email from the REA saying the property was sold to a higher bidder. At 21:29 he called me to say the same thing "We cant disclose the amount right now but we can in due time *pause*".

At that time I gave him the Kthxbai and hung up. Calling the bluff on this one. So what have you seen? How did you identify the trick? What were some tells and how did you checkmate?
 
Or in fact the property did sell for a higher price and the REA was calling all other prospective buyers out of courtesy...?:confused:

It's not a dirty trick until the whole story unfolds. You may find you have burned a potential relationship with a REA when the next property comes along.

pinkboy
 
Or in fact the property did sell for a higher price and the REA was calling all other prospective buyers out of courtesy...?:confused:

It's not a dirty trick until the whole story unfolds. You may find you have burned a potential relationship with a REA when the next property comes along.

pinkboy

But we don't care :p Have you experienced any dirty tricks Pinkboy?

EDIT: Courtesy call at 21:30 doesn't seem too courteous. Maybe I'm reading into this too much but I believe he was with the vendor presenting offers. 21:30 is probably a good time to call as people would often have had a couple of drinks, might be tired/emotional and sick of house hunting etc.
 
How is a courtesy call a dirty trick? I've had them before as well when for example a property sold the night before an auction. That would have been at 8pm.

And it's normal for real estate agents to only give the price after building and pest and finance clauses are met.

Doesn't seem like a dirty trick. Just that you're annoyed you didn't get the property. But there will be others. There always are.
 
I'd like to start a discussion about dirty tricks you've seen real estate agents use to try and push up prices etc.
You do know that is their job right.....to get the highest price they can for their vendor?

At 21:27 last night I received an email from the REA saying the property was sold to a higher bidder. At 21:29 he called me to say the same thing "We cant disclose the amount right now but we can in due time *pause*".
No agent that I know (and I know plenty) takes the time to call you at 9:30 at night to tell you a property was sold to a higher bidder, if that is not the case.
 
Courtesy call at 21:30 doesn't seem too courteous.
It IS most definitely a courtesy call, as you can go to bed without wondering if you purchased a house or not. I know I'd appreciate it.

Maybe I'm reading into this too much but I believe he was with the vendor presenting offers. 21:30 is probably a good time to call as people would often have had a couple of drinks, might be tired/emotional and sick of house hunting etc.
Wow, I think you are reading too much into this :eek:
 
How is a courtesy call a dirty trick? I've had them before as well when for example a property sold the night before an auction. That would have been at 8pm.

And it's normal for real estate agents to only give the price after building and pest and finance clauses are met.

Doesn't seem like a dirty trick. Just that you're annoyed you didn't get the property. But there will be others. There always are.

Agree entirely with Tim86 here.

Also, every REA I've come across has been courteous, punctual, caring, understanding, highly knowledgeable and organized......and when we parted ways, I went my way, and they all jumped on their unicorns and rode off to bask in their pot of gold at the end of the rainbow.

pinkboy
 
You had put an offer in and were not successful that is why you received a call at 9:30 as someone else was higher. A REA will not disclose the sale price until it is unconditional as it might fall over but you know it is higher.

They are not playing a game or using a dirty trick.

Also the REA is out to get the best offer for their vendor not sell it to you cause they like you or not sell it to you because they do not like you.
 
Is this for real? The agent here has done the right thing by both the vendor and you and you're still having a whinge??
 
Is this for real? The agent here has done the right thing by both the vendor and you and you're still having a whinge??

Yes Sanj, this is for real. I thought he was trying to push for a higher offer but apparently this is common practice? Part of being green is not knowing these things. Thanks fellas :)
 
I presented an offer as discussed in another thread and told him we would not budge on price.

I dont think saying you wont budge on price is ever a good idea as it ends negotiations. Agent can quickly rule out your offer and deal with another purchaser if the vendor wants more.
 
It doesn't sound like he was giving you an opportunity to bid higher but telling you that someone else's offer was successful IMO
 
What I have seen is a big difference in agents approach depending on the market. I remember going to some opens in 2010 in Cairns when the local economy was on its knees, unemployment had just spiked and there were boats and cars with for sale signs everywhere. I had the feeling then that a few local agents were desperate for a sale and ANY offers were appreciated. Two years earlier in BN it was a different story and every interaction with an agent was about how many other people had submitted an offer or were about to. No doubt some of this was BS but some of it wasn't
 
Hi Big will, have you experienced any REA dirty tricks?

It is more with buying listings saying your house is worth x and when it is really 50-100k less.

My in laws were told easily 700k maybe upto 800k if lucky, sold for 580k nearly a year later.

Uncle & Aunt were told 400-450k comparable sales were in high 300s and sold for 385k.

Once an agent has the listing 3/4 of their job is done for getting the commission and just need to find buyers and negative with them to extract their best offers.

Think of it from REA/vendor side, if you were the only one who had put an offer and they came to you saying need more money and you walk away they have just lost 100% of their interested parties and it might cost them $$$, raise further queries about the property (does it have a structural defect) and longer sell time ($$$ extra interest/lower sale). Why would they want to play a game with 1 buyer? If they have 3-4 interested parties they are going to use you against each other to get your best/walk away price. Same as you would be using other properties against the vendor to lower the price.

You will learn which agents tell the truth and when they do you cannot get angry as they told you what is happening and you didn't believe them. The ones you don't know or think are lying then that is a risk you will need to take if it is the truth or not.

However general rule if an agent has been around for a number of years he would generally be telling the truth each time as he knows that the buyers of today are the vendors of tomorrow and it is critical he doesn't burn you during the buying process or you will not use him in the future.
 
Yes Sanj, this is for real. I thought he was trying to push for a higher offer but apparently this is common practice? Part of being green is not knowing these things. Thanks fellas :)

I guess depends which side are you on. I dont think that's dirty trick, REA dont and never work for buyer. They only care about commission and their career. How to achieve is by reach higher sold price.

We as buyer on the other side just need to adapt, one of them is becoming a "friend" instead of enemy. Current market also make a big different, REA dont have to wait for other buyer to beg..

Build your relationship with them during flat market, they will contact you first time before property hit the market. I'm sorry for buyer agents, as this is my strategy to equip REA (enemy) to be "buyer agent" and save $7000 min
 
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