Home Sellers Beware: How to Spot an Unethical Estate Agent
A London Homeowner’s Guide to Ethical Estate Agency Practices
Selling your home is a significant life event, and the last thing you want is to be misled by the unscrupulous practices of a minority of estate agents.
These agents and their actions give the industry a bad name.
We’ve no time for them, and neither should you.
The good news is we’re about to shine a light on some of those practices so you can look out for them and act to avoid agents who use them.
London homeowners deserve transparency and fairness when selling or buying a new home.
Here are some dodgy practices you need to be aware of to protect your interests.
Overvaluations: The high price of false hopes
Some agents might tempt you with inflated property valuations to secure your business. The risk? Your home languishes on the market, and you’re later pressured into selling at a lower price. Always seek a second opinion and choose an agent with a track record of accurate, market-reflective and evidence-based valuations.
Invented viewings and spurious offers: Your right to reality
Fake viewings and offers are not just unethical – they could deter genuine buyers and skew your perception of the market. Demand transparency from your agent and ask for documented feedback and evidence of offers.
Unfair contracts: Know where the exit is
Be VERY wary of long, restrictive contracts. They can tie you to an agent who isn’t acting in your best interests. Before signing, be crystal clear about the duration, your cancellation rights and any withdrawal penalties.
Preferred investors: Ensuring YOU get the best deal
Some unscrupulous agents have arrangements with ‘preferred investors’, which can mean you don’t get the best possible price for your home. The investor may get a quick deal, but you often get a much lower price. Insist that your agent markets your property widely to attract a range of potential buyers, ensuring competitive offers.
Your home, your choice
We believe selling your home should be a positive and profitable experience.
By staying informed and choosing an agent who values ethical practices, you safeguard your financial investment and the trust vital in any home seller-agent relationship.
When it comes to selling your home, please don’t settle for anything less than an ethical agent who answers how they address the points raised in this article.
If you have any questions, please contact us today – we’re here to help.