{"id":10087,"date":"2016-01-21T21:09:57","date_gmt":"2016-01-21T21:09:57","guid":{"rendered":"https:\/\/louisvillehomesblog.com\/?p=10087"},"modified":"2023-08-19T16:57:10","modified_gmt":"2023-08-19T16:57:10","slug":"top-7-lies-realtors-tell","status":"publish","type":"post","link":"https:\/\/trepryor.com\/blog\/top-7-lies-realtors-tell\/","title":{"rendered":"Top 7 Lies Realtors Tell"},"content":{"rendered":"\n

Full disclosure, part Deux: I may be the\u00a0Amur Leopard<\/a>\u00a0of the profession because I don\u2019t lie and I\u2019m a Realtor. So as you\u2019re reading keep this in mind. Thanks!<\/em><\/p>\n\n\n\n

When I first became a real estate agent, I was shocked<\/em> to find out that public perception of real estate agents was low. But not just “low”… like only a few spots up from used car salesman<\/strong>.<\/p>\n\n\n\n

\"Photo
She seems happy enough but is her real estate agent trying to pull a fast one?<\/figcaption><\/figure>\n\n\n\n\n\n\n\n

This Harris Poll<\/a> shows real estate agents\/brokers at, or near, the bottom of every occupation tested. Ouch!<\/p>\n\n\n\n

I had a hard time believing this. Our family agent, a wonderful man, had a servant\u2019s heart and was incredibly knowledgeable and hard-working.<\/p>\n\n\n\n

So you mean, all agents weren’t like our Realtor Jim?<\/p>\n\n\n\n

Apparently not, my friends. So it falls on us to call out the bad behavior coming from some in our profession<\/em>.<\/p>\n\n\n\n

Top 7 Lies Realtors Tell<\/h2>\n\n\n\n

These lies aren’t in any particular order but they represent the most common ones I’ve heard during the past decade.<\/p>\n\n\n\n

Realtor Lie #1. \u201cYou\u2019ve got<\/em> to see this home, it\u2019s a gem!\u201d<\/h3>\n\n\n\n
\n

puff\u00b7er\u00b7y: (noun) undue or exaggerated praise.<\/p>\n<\/blockquote>\n\n\n\n

I think we all<\/em> saw this one coming. When an agent says, \u201cThis home is absolutely beautiful!” what\u2019s the first thing you think? “Uh-huh, sure it is.”<\/p>\n\n\n\n

It’s a challenging thing to promote your client’s home<\/strong> in the best possible light while not crossing the line and saying things that aren’t true. No one is going to want to hear you say:<\/p>\n\n\n\n

\n

“It’s a mildly attractive rambler with a decent sized family room and almost no updates in the kitchen. Schedule your showing today!\u201d<\/p>\n<\/blockquote>\n\n\n\n

What can an agent do?<\/p>\n\n\n\n

A) Highlight the home’s best features
B) Stretch the truth to unbelievable lengths, or
C) Make a claim that warrants legal reprimands.<\/p>\n\n\n\n

(The correct answer is A. Answer C will help you lose your license.)<\/p>\n\n\n\n

Recommendation<\/strong>: Today\u2019s home buyers are better equipped to combat this lie because of all the online photos. Also, I don\u2019t think it\u2019s out of line for other real estate professionals to kindly<\/em> correct outrageous puffery when they find it.<\/p>\n\n\n

\n
\"Photo
It’s important to know who’s shooting straight with you and who’s out for themselves.<\/figcaption><\/figure>\n<\/div>\n\n\n

Realtor Lie #2. “Business is great!”<\/h3>\n\n\n\n

This might fall into the category of a little white lie, in that, it’s not really hurting anyone. But if you ask 100 real estate agents, “How’s business?” You’ll get back a near-unanimous response of, “Business is great!”<\/p>\n\n\n\n

Not everyone<\/em> can be doing great, right? Right.<\/p>\n\n\n\n

The most recent research I completed on real estate agent salaries here in Louisville showed that just 10% of all agents made nearly half of all the revenue<\/strong>. Conversely, the other half is divided up among the remaining 90% of Realtors.<\/p>\n\n\n\n

Recommendation<\/strong>: Treat it like you would any time you ask someone, “How are you?” and they respond back with, “Fine.” It’s the same kinda thing.<\/p>\n\n\n\n

Realtor Lie #3. “I actually have a buyer client that would be interested in your home. You should list with me!”<\/h3>\n\n\n\n

There are a million-and-one ways to bend words<\/strong> in order to take advantage of people. We\u2019ve all heard them.<\/p>\n\n\n\n

Here\u2019s one that I don\u2019t think, in the entire history of real estate, has ever been true.<\/p>\n\n\n\n

Recommendation<\/strong>: If you are interviewing listing agents and one brings this lie out, reply quickly with, “Oh great! What’s his name?” If you experience even the slightest<\/em> pause, that is the agent’s brain on speed-dial, trying to pull up any<\/em> name without stammering.<\/p>\n\n\n\n

Realtor Lie #4. “I\u2019ve done the work and your home is worth $XXX,XXX.”<\/h3>\n\n\n\n

This lie is perhaps the most challenging one on our list<\/strong>. The reason is that there is no verifiable value<\/i> to put on a house. Market value can actually be flexible.<\/p>\n\n\n\n

In fact, if you hire two appraisers on the same day, it\u2019s not unheard of for them to come back with values as far as 10% apart.<\/p>\n\n\n\n

(True story: I received appraisals just two years apart on my personal home. The second claimed my house lost 11.2% of its value while I knew the market was actually moving higher. The truth is both appraisals were off<\/em> by a good amount.)<\/p>\n\n\n\n

All this to say, pricing a home can be a challenge. But that doesn\u2019t stop some Realtors from lying and telling a prospective client that their home is worth more than it truly is<\/strong>, just to get the listing.<\/p>\n\n\n\n

From Article 12 of the Realtor\u2019s Code of Ethics:<\/p>\n\n\n\n

\n

REALTORS\u00ae shall be honest and truthful in their real estate communications and shall present a true picture in their advertising, marketing, and other representations.<\/p>\n<\/blockquote>\n\n\n\n

Funny how this might be “forgotten” by some when there is the potential to earn some cash.<\/p>\n\n\n\n

Recommendation<\/strong>: The best valuations come from a trustworthy Louisville Realtor<\/a> or impartial appraiser using a manually adjusted competitive market analysis (CMA). Ask to see their work!<\/p>\n\n\n\n

Realtor Lie #5. “There\u2019s a great deal of interest in this property!”<\/h3>\n\n\n\n

Did you notice that exclamation point? Studies have shown that when someone is lying, they are more likely to state it in a bold way.<\/p>\n\n\n\n

Of course, not all real estate agent lies are told to clients<\/strong>. Here’s one that Realtors tell to other Realtors<\/em>.<\/p>\n\n\n\n

The hope is that the Realtor being lied to will share this fiction with their<\/em> clients to pique their interest. The thought might be, “If other people want to buy this house, it must really be great.”<\/p>\n\n\n\n

Agents telling this first lie might have an even greater lie on deck: “We have an offer coming, so you tell your clients to hurry!” This has happened to me… sadly, more than once.<\/p>\n\n\n\n

Tsk tsk. If only there was an instant replay<\/strong> that we could all refer to, in order to document which agents lie and how often.<\/p>\n\n\n\n

Recommendation<\/strong>: Be very skeptical of this one unless another real estate professional can confirm the claim.<\/p>\n\n\n\n

Realtor Lie #6. “It’s been really wonderful\u00a0working with you.”<\/h3>\n\n\n\n

Anyone in sales knows that the customer is always right. The next axiom in line is, “Even the worst customers are always right.”<\/p>\n\n\n\n

If you heard your Realtor say this to you, chances are he was being sincere. But if you have a track record of being a demanding and sometimes unreasonable person<\/em>, then your agent was probably lying if they said it was “so much fun helping you buy your home.”<\/p>\n\n\n\n

Recommendation<\/strong>: Treat others how you’d like to be treated. I think I remember reading this somewhere before.<\/p>\n\n\n\n

Realtor Lie #7. “It\u2019s a great time to buy a house!”<\/h3>\n\n\n\n

Without transactions, agents have zero<\/em> earning potential. The market somewhat self-regulates but there is an inherent push for more.<\/p>\n\n\n\n

The truth is that selling your current home and buying your next home are two separate deals that are likely at opposite ends of the market see-saw<\/strong>. So, if it is truly a great time to be selling, odds are it\u2019s not the best time to buy… and vice versa.<\/p>\n\n\n\n

But again, an honest agent will shoot straight with you and support his opinion with facts and statistics.<\/p>\n\n\n\n

Recommendation<\/strong>: Also take into consideration whether you\u2019re moving from a lower-priced home into a higher one. Weigh that with what the market is doing. Each deal should be evaluated on its own merit. Then, take both outcomes and combine them.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

I hope this piece will lead to a more enlightened marketplace where agents, buyers, and sellers can all interact with more integrity. At least, until they put truth serum<\/strong> in our municipal water source.<\/p>\n","protected":false},"excerpt":{"rendered":"

Full disclosure, part Deux: I may be the\u00a0Amur Leopard\u00a0of the profession because I don\u2019t lie and I\u2019m a Realtor. So as you\u2019re reading keep this in mind. Thanks! When I first became a real estate agent, I was shocked to find out that public perception of real estate agents was low. But not just “low”… […]<\/p>\n","protected":false},"author":2,"featured_media":10088,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"0","ocean_second_sidebar":"0","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"0","ocean_custom_header_template":"0","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"0","ocean_menu_typo_font_family":"0","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"0","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"off","ocean_gallery_id":[],"footnotes":""},"categories":[788,680],"tags":[1359],"class_list":["post-10087","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opinion","category-residential","tag-top-7-lies-realtors-tell","entry","has-media"],"_links":{"self":[{"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/posts\/10087","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/comments?post=10087"}],"version-history":[{"count":2,"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/posts\/10087\/revisions"}],"predecessor-version":[{"id":20336,"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/posts\/10087\/revisions\/20336"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/media\/10088"}],"wp:attachment":[{"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/media?parent=10087"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/categories?post=10087"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/trepryor.com\/blog\/wp-json\/wp\/v2\/tags?post=10087"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}