Indisputably, a real estate agent makes your work easier when you want to sell or buy property.
These professionals have extensive experience in the industry. Thus, they attract prospective buyers through quality marketing materials and making the necessary negotiations.
- 1 Information not to share with your realtor
- 1.1 You won’t lower your sale price
- 1.2 Avoid bringing potential buyers to my home, especially if you’re not present
- 1.3 Take all the time you need to sell my property
- 1.4 Avoid presenting low-priced offers
- 1.5 Your house is on sale because you separated from your spouse
- 1.6 You are undergoing financial difficulties, and that’s why you put your house up for sale
- 1.7 You are selling the house because you have a terminal illness
- 1.8 A fatal incidence took place on the property
- 1.9 You only want to deal with a certain group of buyers
- 1.10 Don’t disclose anything before signing a legal contract
- 1.11 Don’t forget to express your needs
Remember, realtors have a broad spectrum of expertise; therefore, they know what to say and what not to say when facilitating a sale.
Hiring a dependable realtor enables you to save time, money, and effort. On average, employing a real estate agent will deliver 11% higher returns.
Typically, a realtor should only present your interests as per the terms and conditions of the contract. Ensure you sign a legal agreement with your realtor.
This way, they won’t be able to alter the final sale price. Moreover, don’t tell the real estate agent everything about the property. There are some things you have to keep to yourself.
Disclosing certain personal and financial information can cost you a fortune. In this article, we discuss some information you should avoid telling your real estate agent.
You won’t lower your sale price
Avoid telling your agent that you won’t accept lower prices. If a realtor senses that you are too unrealistic, they may hesitate to work with you.
It is essential to sell your house at a reasonable market value. Of course, the price should help you obtain maximum profitability. But you have to be realistic.
At times, the market will force you to lower your price. Setting very high prices for your property makes the work of the agent more difficult. Often, they won’t be able to sell the house.
Spare some time to listen to your agent’s advice. They have extensive experience in the real estate industry. Therefore, they can advise you on the best-selling price that will attract potential buyers.
Avoid bringing potential buyers to my home, especially if you’re not present
The majority of prospective buyers have to see your property before they make their final purchase decision. So, you have to be flexible enough to allow different people to come into your home.
Although this can be uncomfortable, especially if you’re not around, you have to be open to it. It would be best to leave this job to your realtor. Potential buyers will be more comfortable asking questions and making comments when you are not there.
If you forbid your real estate agent to show your home unless you are around, it can be hard for you to sell the property. Moreover, consider stepping out anytime you have prospective buyers in your property.
Take all the time you need to sell my property
Like most commodities, the longer your property is on sale, the lower its price. After some time, your house will become outdated, and the demand for it will decrease.
So, never tell your real estate agent that they have more than enough time to sell your property. If possible, give them a time deadline. Doing this will keep them on their toes.
They will do their best to market and sell the house within your preferred price range. Your house should be on sale for not more than three months.
Otherwise, you won’t be able to make as many profits. Hire a different realtor if you don’t make the sale after three months.
Avoid presenting low-priced offers
Always listen to all the offers you receive. Do not tell the real estate agent that you won’t consider offers below a specific price.
Be open and listen to all offers, regardless of how small they are. Failure to do so would make the realtor’s work harder since they’ll have to dismiss many offers.
Nonetheless, some realtors do not present all the offers they receive, especially if they have their best interests in mind. Listening to all offers also helps you set competitive prices.
Your house is on sale because you separated from your spouse
Avoid telling your real estate agent that you are selling your home because of a marital separation. This type of information seems harmless, but realtors can take advantage.
Once they sense desperation, they only present low offers that benefit them. Moreover, they can mention the situation to fellow buyers and employees. Consequently, this can lower the value of your house significantly.
You are undergoing financial difficulties, and that’s why you put your house up for sale
Never let the agent know you are selling your house because of financial problems. Doing this will motivate them to give you below market price values. As a result, you will receive low profits from the total proceeds of the sale.
Although you may think that this information is harmless, it can cost you a lot. Also, some realtors may worry that you won’t settle their payment after the sale due to your financial problems.
So, if you are selling your house due to financial difficulties, don’t disclose such information to your realtor.
You are selling the house because you have a terminal illness
Additionally, avoid telling your agent that you are selling your house due to a terminal illness.
Doing this indicates a sense of urgency, and the realtor can take advantage of this. Moreover, don’t sign a short contract term. It is essential to give the realtor enough time to sell the property.
Give them at least two months before you can terminate the contract. Furthermore, disclosing such sensitive information to someone you don’t know is highly discouraged.
A fatal incidence took place on the property
When selling your property, you have to be raw and honest. For example, if there is a problem with the electrical panel, it is essential to disclose this information to the buyer. Even so, avoid mentioning a death that occurred on your property.
This can put off prospective buyers. Nevertheless, some states require you to disclose information regarding death that happened due to the safety conditions in the house. Seek advice from your attorney on how to go about this matter.
You only want to deal with a certain group of buyers
Never tell your realtor that you can only sell your property to specific types of buyers. It is unquestionably wrong for property owners to discriminate against buyers due to their sex, race, religion, and other related factors.
If you discriminate against buyers, you may end up being charged with a discrimination lawsuit. Also, it would be hard for the realtor to find a suitable buyer. Most realtors stop working with you once you start becoming picky.
Don’t disclose anything before signing a legal contract
Avoid disclosing all personal information to the realtor before signing the agreement. Remember, you’ll have to consider different real estate agents before you actually settle for one.
Ensure that you make realistic oral commitments before you can sign a physical agreement. Consequently, you’ll prevent future misunderstandings with your realtor.
Don’t forget to express your needs
Although you have to keep certain information to yourself, you have to express all your requirements to the agent. Subsequently, they’ll be able to get a clear picture of what you want.
For instance, if you’re going to buy a house, you can tell them that you are looking for a house near your kid’s school. Additionally, if you have just retired, tell them that you need a cozy neighborhood to take morning/ evening walks.
When you communicate effectively with the realtor, they will find the best home that caters to your requirements.
What to tell and not to tell your realtor
It is essential to keep certain information to yourself when dealing with a realtor. However, this does not mean that you don’t communicate with your agent.
It would be best if you told them only what they need to know. Avoid telling them about your personal life or financial problems.
Otherwise, they might take advantage of your situation and present prices below market value, especially if they sense desperation.