View Full Version : Common TRicks Used by Property Agents
hi can anyone share experiences of tricks used by property agents you have used to buy and sell your property?
good or bad? do share. ;)
devilplate
10-03-11, 10:34
hi can anyone share experiences of tricks used by property agents you have used to buy and sell your property?
good or bad? do share. ;)
i only find my own tenants sometimes if i got the time....hehe...quite fun...but can aso be vy tiring especially during downturn....tenants super choosy...LOL....so during tat period better let agt do the legwork:D
but i always let agts sell....
I am not sure how rampant this is but I know of agent who'll collect cheque from a potential buyer than keep the cheque for couple of days while he try to contact his other potential clients who haven't given any cheque and try to convince them to offer higher. As such, they'll get higher commission. They'll try to explain to the original buyer that the seller is away or out-stationed, etc. Think this is a violation of the rights of the first potential buyer.
devilplate
10-03-11, 10:55
I am not sure how rampant this is but I know of agent who'll collect cheque from a potential buyer than keep the cheque for couple of days while he try to contact his other potential clients who haven't given any cheque and try to convince them to offer higher. As such, they'll get higher commission. They'll try to explain to the original buyer that the seller is away or out-stationed, etc. Think this is a violation of the rights of the first potential buyer.
tat buyer greenhorn bah??
i always demand the LOO tat my offer will lapse within the next 24hr:D
I am not sure how rampant this is but I know of agent who'll collect cheque from a potential buyer than keep the cheque for couple of days while he try to contact his other potential clients who haven't given any cheque and try to convince them to offer higher. As such, they'll get higher commission. They'll try to explain to the original buyer that the seller is away or out-stationed, etc. Think this is a violation of the rights of the first potential buyer. This trick is quote common.
tat buyer greenhorn bah??
i always demand the LOO tat my offer will lapse within the next 24hr:D. This is good, at most 48hours...for me
I met another agent who once got the cheque and closed the deal, he'll disappear. He told the owner the wrong date they must vacate the unit. When I went down to check on the house on the deadline, the owners were still staying there. They said they've been told by the agent to vacate only the following week. I called my lawyer and he advised me to pursue the matter. However here is the downside, if I were to engage the lawyer to charge my agent for his apparent negligence, it'll cost me more than the compensation I can ever dream of getting from the agent. Not worth it....
What was worse was the fact that the agent just refused to answer my call or to return my call. It was a totally unpleasant experience. Sigh. All these occurred before the government demanded that all housing agents must be certified. Hopefully this initiative changed the attitudes of these erring agents.
devilplate
10-03-11, 12:05
I met another agent who once got the cheque and closed the deal, he'll disappear. He told the owner the wrong date they must vacate the unit. When I went down to check on the house on the deadline, the owners were still staying there. They said they've been told by the agent to vacate only the following week. I called my lawyer and he advised me to pursue the matter. However here is the downside, if I were to engage the lawyer to charge my agent for his apparent negligence, it'll cost me more than the compensation I can ever dream of getting from the agent. Not worth it....
What was worse was the fact that the agent just refused to answer my call or to return my call. It was a totally unpleasant experience. Sigh. All these occurred before the government demanded that all housing agents must be certified. Hopefully this initiative changed the attitudes of these erring agents.
tats real bad....u can still forward ur case to CEA
Can Mr Funny make this thread a sticky?
How about the not so common trick or rare tricks property agents used?
blackjack21trader
10-03-11, 15:24
Trick 1:
Pretending the property response is hot by arranging all buyers to view at the same time.Nothing wrong in a bullish market except when the agent delayed your viewings so that the rest of the other buyers can view at the same time creating false impression that the property is hot.
Trick 2:
Holding your check and several other buyers so that seller can consider the best offer. Nothing wrong here except when the agent showed all the checks to you and push you for a higher offer. Ethically, this is wrong.
Trick 3:
Accepted your offer and check BUT did not give you the OTP. This will make the confirmed buyer very mad because as long as you do not get the OTP, the seller can back up anytime and return you the check. It is best you immediately exchanged the OTP for your check. Agent will say troublesome, but that is his job to run to and fro, since when who said it is easy money here.
Trick 4:
Advertise a ridiculously low price/rental for a particular property to gather your phone number and check the response rate. Nothing wrong except when it wasted your precious time calling and when the owner never intend to sell at the low price. In addition, owner never want to sell but agent still advertise his property to gather your data.
Trick 5:
They tell you got enbloc "potential". Since when you know a plot got enbloc potential ? Except got potential usually only mean there is a possibility in going enbloc.
Trick 6:
Try to create peer pressure. This happened to me a few times.For example, once I went to a show flat with a celebrity. The agent called me after the viewing to say this celebrity already bought 2 units and hastened me to buy. The agent has no idea this celebrity is my best friend. I called him up and he said he did not book any unit in the project.
Hope that helps :mad:
Your humble little brother.
Trick 1:
Pretending the property response is hot by arranging all buyers to view at the same time.Nothing wrong in a bullish market except when the agent delayed your viewings so that the rest of the other buyers can view at the same time creating false impression that the property is hot.
Trick 2:
Holding your check and several other buyers so that seller can consider the best offer. Nothing wrong here except when the agent showed all the checks to you and push you for a higher offer. Ethically, this is wrong.
Trick 3:
Accepted your offer and check BUT did not give you the OTP. This will make the confirmed buyer very mad because as long as you do not get the OTP, the seller can back up anytime and return you the check. It is best you immediately exchanged the OTP for your check. Agent will say troublesome, but that is his job to run to and fro, since when who said it is easy money here.
Trick 4:
Advertise a ridiculously low price/rental for a particular property to gather your phone number and check the response rate. Nothing wrong except when it wasted your precious time calling and when the owner never intend to sell at the low price. In addition, owner never want to sell but agent still advertise his property to gather your data.
Trick 5:
They tell you got enbloc "potential". Since when you know a plot got enbloc potential ? Except got potential usually only mean there is a possibility in going enbloc.
Trick 6:
Try to create peer pressure. This happened to me a few times.For example, once I went to a show flat with a celebrity. The agent called me after the viewing to say this celebrity already bought 2 units and hastened me to buy. The agent has no idea this celebrity is my best friend. I called him up and he said he did not book any unit in the project.
Hope that helps :mad:
Your humble little brother.
Trick 7:
Agent advertise for a unit that is already sold or at a ridiculous price and when you call up to enquire, he'll say oh that unit's sold. 'Let me introduce other units to you.' Nothing wrong with that except wasting the buyer's time as the other units he introduce did not meet the buyer's requirements.
Trick 8:
As mentioned by me earlier, agent disappears once OTP is exercised. He'll ignore any questions and even tell the seller wrong information that may affect the smooth transaction on deadline.
Trick 9:
Agents who are eager to sell a unit will conceal any known problem in that unit like leakage problem and complaints from the unit below.
Trick 7:
Agent advertise for a unit that is already sold or at a ridiculous price and when you call up to enquire, he'll say oh that unit's sold. 'Let me introduce other units to you.' Nothing wrong with that except wasting the buyer's time as the other units he introduce did not meet the buyer's requirements.
________________________________________________________________
I 'kena' this Trick 7 before. There were 3 units of the same type put up for sale and I wanted the highest floor one. Agent told me that was just sold at XXXk and others are even more expensive, making it impossible for me to try to buy. I then found out through another agent that the highest floor one was not sold at all, so I bid and eventually bought it at a price cheaper than the XXXk the other agent claimed.
That loser agent later had a hard time trying to explain to me why that unit he claimed was sold - was sold to me.
Some unethical agents post a wrong photo of the house. Bloody annoying !
I called up several agents to find that it was the same unit. Some agents pretended to have close contact with seller. But seller was always not in town. Once offered a price that seller had originally offered, I was told by agent that the price had increased by at least $50k! Another agent tried to delay the deal by saying seller was away. I wonder if it's a fake seller.
Geylang OKT
10-03-11, 22:28
Agents are scum :tongue3:
This is not exactly a trick, but I'm getting irritated by all the unsolicited calls and SMSes that I am getting from agents.
Especially when you are overseas.... :mad:
This is not exactly a trick, but I'm getting irritated by all the unsolicited calls and SMSes that I am getting from agents.
Especially when you are overseas.... :mad:
Yes, I also get that, don't where they get my contact number. kinda of irritating especially I spend substantial amount of my time overseas...wonder where they get my contact. And sometimes, at between 7-8pm, these agents even call my house number. Worst of all, just 2 weeks ago, an agent called and they even know I own certain property, asking me if I want to sell now or wait till TOP...kinda of wonder if someone is selling all these data...
me too.... especially when a development is near completion.... so many calls, want to sell, want to rent, etc.... :simmering: someone must be selling the information. :tongue3: Should petition CEA to ban agents from making cold calls.::mad:
blackjack21trader
11-03-11, 08:21
Yes, I also get that, don't where they get my contact number. kinda of irritating especially I spend substantial amount of my time overseas...wonder where they get my contact. And sometimes, at between 7-8pm, these agents even call my house number. Worst of all, just 2 weeks ago, an agent called and they even know I own certain property, asking me if I want to sell now or wait till TOP...kinda of wonder if someone is selling all these data...
The Real estate data system at real estate offices can check the owners' names if they have the property address. But not the reverse. That is, if they have someone's name, they cannot check which properties they owned. But if they have the address of a property, they can check who are the owners.
:(
i only find my own tenants sometimes if i got the time....hehe...quite fun...but can aso be vy tiring especially during downturn....tenants super choosy...LOL....so during tat period better let agt do the legwork:D
but i always let agts sell....
u are super agent yourself ma:D
blackjack21trader
11-03-11, 08:24
me too.... especially when a development is near completion.... so many calls, want to sell, want to rent, etc.... :simmering: someone must be selling the information. :tongue3: Should petition CEA to ban agents from making cold calls.::mad:
Most probably you had called the number in Trick 4 innocently on an occasion as mentioned in my previous post.
:banghead:
This trick is quote common.
yes, it is true, I saw a racket between a potential buyer and an agent at my tower squabbling over this ...teh potential buyer scream at the agent and I overheard everthing as I was at lobby....the agent said go and conplain la...this happened last year before CEA was up...:)
devilplate
11-03-11, 08:29
yes, it is true, I saw a racket between a potential buyer and an agent at my tower squabbling over this ...teh potential buyer scream at the agent and I overheard everthing as I was at lobby....the agent said go and conplain la...this happened last year before CEA was up...:)
u mean ur colleague said tat to the buyer? u big ROD and he big BALLS?
Trick 7:
Agent advertise for a unit that is already sold or at a ridiculous price and when you call up to enquire, he'll say oh that unit's sold. 'Let me introduce other units to you.' Nothing wrong with that except wasting the buyer's time as the other units he introduce did not meet the buyer's requirements.
Trick 8:
As mentioned by me earlier, agent disappears once OTP is exercised. He'll ignore any questions and even tell the seller wrong information that may affect the smooth transaction on deadline.
Trick 9:
Agents who are eager to sell a unit will conceal any known problem in that unit like leakage problem and complaints from the unit below.
you are right especially Trick number 9..the most difficult to detect...they can arrange a bed to cover a broken teak flooring before potential buyers viewing...:doh:
blackjack21trader
11-03-11, 08:30
yes, it is true, I saw a racket between a potential buyer and an agent at my tower squabbling over this ...teh potential buyer scream at the agent and I overheard everthing as I was at lobby....the agent said go and conplain la...this happened last year before CEA was up...:)
An investor can get frustrated and nervous especially if he went looking for a property and encounter the same trick on almost every occasion when the market is hot !
:flaming-head:
u mean ur colleague said tat to the buyer? u big ROD and he big BALLS?
I am resident ..xiao ar, u small rod and no ball:D
Yes, I also get that, don't where they get my contact number. kinda of irritating especially I spend substantial amount of my time overseas...wonder where they get my contact. And sometimes, at between 7-8pm, these agents even call my house number. Worst of all, just 2 weeks ago, an agent called and they even know I own certain property, asking me if I want to sell now or wait till TOP...kinda of wonder if someone is selling all these data...
I heard from agent that caveats can 'buy' one... with all the owner contact info etc...
An investor can get frustrated and nervous especially if he went looking for a property and encounter the same trick on almost every occasion when the market is hot !
:flaming-head:
I still can remember the CB face of that agent...:) I pity that buyer if I were not one, I iwll push my ROD into his KNS mouth...and complian to CEA now...
devilplate
11-03-11, 08:39
I heard from agent that caveats can 'buy' one... with all the owner contact info etc...
obviously got coy selling it....i was told the coy at TPY HUB.....isit legal to sell those info? any1 wana complain to CEA?
i felt so naked during my first encounter when an agt called me and said ...hey, u bot this ppty at this date and at this price.....u can make this decent profit if u let go now...:scared-3: :doh:
One of the bad encounters I had with agents. There were few potential buyers for this house that I was interested in and I agreed to the original asking price but was later told unit was sold to another buyer who had offered higher but when I asked about the transaction price, agent said it was confidential.
Few months later, I found out from the URA website that the house was transacted at a price lower than my offer.
My friend told me agents could have accepted a pre-agreed "Ang Bao" from that buyer (in addition to the standard agent fee) to filter off all other offers and present only his offer to the seller.
This is really too much. Not only did I feel bad for missing the opportunity to buy that house, I felt bad for the seller who missed out getting a better price.
Such agents are disgrace and I really wonder where are their moral values?
Overall, I have very bad impressions of property agents.
devilplate
11-03-11, 09:25
One of the bad encounters I had with agents. There were few potential buyers for this house that I was interested in and I agreed to the original asking price but was later told unit was sold to another buyer who had offered higher but when I asked about the transaction price, agent said it was confidential.
Few months later, I found out from the URA website that the house was transacted at a price lower than my offer.
My friend told me agents could have accepted a pre-agreed "Ang Bao" from that buyer (in addition to the standard agent fee) to filter off all other offers and present only his offer to the seller.
This is really too much. Not only did I feel bad for missing the opportunity to buy that house, I felt bad for the seller who missed out getting a better price.
Such agents are disgrace and I really wonder where are their moral values?
Overall, I have very bad impressions of property agents.
next time mabe we try to use SMS/email to make an offer? like ur case happen again, can bring it up to CEA...BUST TAT AGENT!!!
btw, SMS still not legally binding in the eyes of SG LAW?
I suggest to everybody to read Freakonomics: A Rogue Economist Explores the Hidden Side of Everything
It kinds of explain agent's behaviour.
devilplate
11-03-11, 09:29
i aso felt vy damn sian once....
i oredi arranged a viewing and was on the way ....den tat agt called me and say viewing cancelled bcoz he got an offer liao....i said i wana view and if i like it i can make a decision on the spot....he just say sorry and hang up!:simmering:
tats was during the crash period of early 09....
Wild Falcon
11-03-11, 09:32
Yes - that happens. Agents are only incentivised by their commission. Sometimes u can get another agent friend to offer the price to the seller.
So, try not to use a sole exclusive agent when you're selling the place. You need "checks and balances" in place.
One of the bad encounters I had with agents. There were few potential buyers for this house that I was interested in and I agreed to the original asking price but was later told unit was sold to another buyer who had offered higher but when I asked about the transaction price, agent said it was confidential.
Few months later, I found out from the URA website that the house was transacted at a price lower than my offer.
My friend told me agents could have accepted a pre-agreed "Ang Bao" from that buyer (in addition to the standard agent fee) to filter off all other offers and present only his offer to the seller.
This is really too much. Not only did I feel bad for missing the opportunity to buy that house, I felt bad for the seller who missed out getting a better price.
Such agents are disgrace and I really wonder where are their moral values?
Overall, I have very bad impressions of property agents.
blackpepperj
11-03-11, 10:00
In all fairness, some buyers, sellers, tenants and owners are not exactly saints as well. :tongue3:
I have met my fair share of lousy agents and at the end of the day, it's your choice whether to deal with them or not. Take everything they say with a pinch of salt. Let's not forget that there some good agents.
can we get seller/buyer contact after viewing with agent? negotiate direct and let agent handle the rest?
devilplate
11-03-11, 10:04
burden lies on buyers/readers and not sellers/agts/writer:scared-3:
den no nid CEA and law liao....hehe
I still can remember the CB face of that agent...:) I pity that buyer if I were not one, I iwll push my ROD into his KNS mouth...and complian to CEA now...
u complain to CEA with yr ROD still in his mouth? who do u think CEA will believe???:tsk-tsk:
devilplate
11-03-11, 10:07
can we get seller/buyer contact after viewing with agent? negotiate direct and let agent handle the rest?
y not, i done tat b4 even though the agt insist to step aside to tok about the price....i offered loud loud and the owner heard it...hehe:D
hi can anyone share experiences of tricks used by property agents you have used to buy and sell your property?
good or bad? do share. ;)
One of the most bad experience encountered was when a agent tying to size my budget and affortablilty. In fact told me straigth off that don waste his time if don have.....,this was during the late 09.. He forgotten that t he market cycle will change.
Now properly the very same agent trying sms or call to check if you are interested to buy or sell..or worst still can't even get certified to to an agent..
The Real estate data system at real estate offices can check the owners' names if they have the property address. But not the reverse. That is, if they have someone's name, they cannot check which properties they owned. But if they have the address of a property, they can check who are the owners.
:( wow, like that...if have assess, click minister name, will know their assets...Owners' name only right, not contact number or residence address right?
wow, like that...if have assess, click minister name, will know their assets...Owners' name only right, not contact number or residence address right?
why should they use own name? can set company to buy.
One of the bad encounters I had with agents. There were few potential buyers for this house that I was interested in and I agreed to the original asking price but was later told unit was sold to another buyer who had offered higher but when I asked about the transaction price, agent said it was confidential.
Few months later, I found out from the URA website that the house was transacted at a price lower than my offer.
My friend told me agents could have accepted a pre-agreed "Ang Bao" from that buyer (in addition to the standard agent fee) to filter off all other offers and present only his offer to the seller.
This is really too much. Not only did I feel bad for missing the opportunity to buy that house, I felt bad for the seller who missed out getting a better price.
Such agents are disgrace and I really wonder where are their moral values?
Overall, I have very bad impressions of property agents.
I kenna this before. The unit I was interested was sold S$20k below my offer.
francophile
11-03-11, 18:58
I kenna this before. The unit I was interested was sold S$20k below my offer.
I suppose these are the reasons ppl prefer to buy from developer
Geylang OKT
11-03-11, 22:12
One of the bad encounters I had with agents. There were few potential buyers for this house that I was interested in and I agreed to the original asking price but was later told unit was sold to another buyer who had offered higher but when I asked about the transaction price, agent said it was confidential.
Few months later, I found out from the URA website that the house was transacted at a price lower than my offer.
My friend told me agents could have accepted a pre-agreed "Ang Bao" from that buyer (in addition to the standard agent fee) to filter off all other offers and present only his offer to the seller.
This is really too much. Not only did I feel bad for missing the opportunity to buy that house, I felt bad for the seller who missed out getting a better price.
Such agents are disgrace and I really wonder where are their moral values?
Overall, I have very bad impressions of property agents.
Agents have moral values meh?:doh: :scared-1: :tongue3: :D
same here, met an agent who claim she had an offer $10k higher than my offer. in the end it was sold at my offer price. i hate to deal with agents who don't know the client's lowest firm offer. waste of time. i prefer to just hit the offer if the price is right. rather than let some of these no integrity agents try to spark a bidding war.
u complain to CEA with yr ROD still in his mouth? who do u think CEA will believe???:tsk-tsk:
I could have missed something here... ROD is rod or wat?:confused:
after i set my price , agent still keep bringing any tom, dick, harry for viewing and annoy my tenant.
offer then came in much lower....
Another kind of agent is the kind who just persuade seller to sell as heis only interested to sell quickly and don't want to waste time advertising.
same here, met an agent who claim she had an offer $10k higher than my offer. in the end it was sold at my offer price. i hate to deal with agents who don't know the client's lowest firm offer. waste of time. i prefer to just hit the offer if the price is right. rather than let some of these no integrity agents try to spark a bidding war.
Maybe because he does not have to co-broke at the lower offer cos the other buyer is not represented by anyagent.
change agent, tell your tenant not to entertain that agent's calls.
Maybe because he does not have to co-broke at the lower offer cos the other buyer is not represented by anyagent.
i was a direct buyer with no agent representing me. after that i learnt, walk away from any deal that the agent doesn't know the client's final firm offer.
Some buyers also really got no integrity. Can offer agent pocket money if he can convince owner to sell lower.
Another trick is that buyer's tries to be pally with owner and become owner's agent.
I could have missed something here... ROD is rod or wat?:confused:
Ask the ROD man peterng. :D
I kenna this before. The unit I was interested was sold S$20k below my offer.
Well at least your money is still with you. I was 'conned' into believing that my offer for a BUC project was a super good deal coz my offer was the lowest psf ever accepted by developer. After 2 months, i checked URA caveat lodged, then realized there were other offers for same stacks but floors at way lower psf and also for other stacks. :banghead: It's 45 psf over 1500 sf. That works out to be $67 500. I don't mind paying slightly more but $65 K is not slightly more and worse still, to be 'tricked' into believing that my offer was really good is simply :simmering:. Once deal is closed, there is nothing I can do anymore. No pt scolding the agent.... Just make me more angry.
Some (Most) agents have no moral standards. I understand they need to close the deal to bring money home to feed the family but don't the rest of us non agents have the same objective? We also work a decent day's work and bring money home to feed our family? They just take those honest day's salary from us through unscrupulous means. :tsk-tsk: SIGH!
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