No matter if you are an experienced real estate agent or just beginning the search for your first home, brushing up on some fun but useful facts about real estate industry is never a bad thing. Seth Price of Inman recently put together an infographic detailing these intriguing tidbits of knowledge.
He presents 15 fascinating facts that highlight the essential role real estate brokers play in the property industry.
2. They’re not allowed to lie
Real estate agents oversee the purchase and sale of large amounts of property, so it’s crucial they abide by ethical rules. Unfortunately, as in any profession, some may bend the truth for personal gain; most lies can be minor; however some can cause irreparable harm and potentially cost an agent their license.
Real estate agents tend to be honest and hard-working professionals; however, it’s still wise to vet any agent before hiring them. You can do so by asking for their resume, reviewing their listings, and requesting license numbers – these steps should help avoid falling for scam artists trying to sell you a home they aren’t equipped to represent you in.
Real estate agents often lie by misrepresenting themselves and their experiences or credentials, for instance by falsely advertising that they specialize in condominium sales when in reality they only sold houses. Also, agents might try to impress potential clients by falsely advertising credentials or achievements on social media.
Real estate fraud often takes the form of agents misrepresenting multiple offers on a property to clients. Although it is possible for agents to mislead clients into believing there are multiple bids on the table, doing so generally violates Realtors’ Code of Ethics and should you suspect your agent has misled you, filing an ethics complaint could help ensure justice is served.
At its core, real estate agents who lie create distrust between themselves and their clients. This makes selling properties harder while discouraging future collaboration between agent and client.
Real estate is an extremely competitive industry and most real estate agents are honest and reputable, but it is essential that buyers understand all of their rights before hiring one. To do this successfully, it’s crucial that buyers become educated on all the rules and regulations before making a hiring decision.