When a property is listed at a lower price than the vendor is prepared to accept, this is known as underquoting. It’s a sales technique employed by real estate salespeople to entice buyers – and it’s against the law. Underquoting still exists in some real estate businesses. Rajinder ‘dhutti, a leading Realtor in Fraser Valley shares hos 4 best tips to avoid becoming a victim of underquoting.
Underquoting might be difficult to show, which is one of the issues. Some real estate agents frequently use the excuse that a property has garnered more interest than anticipated, or that the vendor has changed their mind and increased their reserve at the last minute.
What can you do as a buyer to protect yourself? You aren’t utterly powerless, though. This is what Rajinder Dhutti has to share.
1 Learn about the responsibilities of a real estate agent.
Real estate agents like Rajinder Dhutti are governed by various ethics and obligations under federal, state, and territory legislation. If you know your rights as a buyer, you’ll be able to recognise illegal selling practises by brokers fast.
2 Misconduct is unacceptable.
Keep a record of the price range you’ve been offered. You can take the matters in your hand if you suspect an agent is underquoting you. You can fire that agent and work with the one that can help get the full value of your money. Buying or selling a home is not something that people do every year. It is a critical decision so make sure you can fully trust your agent.
3 Keep yourself updated and do your own research.
Keeping up to date on market values is the best way to go about this. Keep an eye on other sales in the area you wish to buy in and keep track of how much properties sell for. Soon, you’ll be able to tell when a price range advertised is too low. Also, keep up with market reports and industry news by visiting reputable websites.
Real Estate market can experience serious ups and downs depending on a lot of factors. By stying up to date on the current market trends, you can shield yourself from falling victim to underquoting.
4 Consider working with a professional
If you’re worried about the sales process, you might choose to work with an experienced real estate agent who knows the market and how to negotiate. They would typically provide a range of services, from locating homes and arranging purchase agreements to simply bidding at auction.
Rajinder Dhutti is an experienced real estate agent in Fraser Valley and eaget to help you out with his extensive knowledge, skills and network. Get in touch with him today to get a free evaluation done on your home.