Do Real Estate Agents Lie About Other Offers?
In the competitive real estate industry today, it’s common to wonder if real estate agents lie about other offers. It may sometimes feel surreal when you hear ‘there’s a lot of interest’ in every house you look at – so are real estate agents telling the truth or stretching it to interest you?
Why Real Estate Agents Won’t Lie
Real estate agents have a lot to lose if they’re caught lying. Here are the most common reasons they won’t lie.
The Moral Code Of Real Estate Agents
First, know that real estate agents have an ethical code they should follow. Is it super regulated? Probably not as much as it should be since it’s hard to follow up on every real estate agent in the country.
But, reputable real estate agents won’t lie. They abide by their required ethical conduct and want what’s best for their clients.
Real Estate Is All About Reputation
If a real estate agent is known as a liar in the industry or even one person calls their bluff, it could ruin their reputation. Real estate agents rely on word-of-mouth. They don’t want people telling others in the area bad things about them.
Lying just to get more offers isn’t an ethical move and anyone who’s found out doing it will likely ruin their reputation.
How To Spot A Lie
However, there are likely plenty of agents that will lie, but luckily there are ways to find out.
- Read Through The Lingo – If a sales agent tells you there is a lot of interest in a home or he/she has many offers, ask for more information. If they don’t say we already have an offer for the listing price or above the listing price, they are likely bluffing just to get you to act fast.
- Ask Questions – You may ask the agent questions about the offer, such as “when did you receive it” or “does it have contingencies”, but remember the listing agent has Code of Ethics Duties and an Agreement to abide by from their seller as well as their brokerage, so some questions they may not be able to answer.
- Give A Lowball Offer – If you don’t think there are other offers and you want the house, make a lowball offer, but one you think the seller will accept. If there aren’t any other offers, the seller may work with you or even send you a counter offer. If there are offers, yours will very likely be declined and you can move on.
The key to finding out if a real estate agent is lying about other offers is to work with a reputable real estate agent yourself. As the buyer, you need someone on your side that has your back and is looking out for your best interests.
Sure there are unscrupulous real estate agents out there that will lie just to get a listing or to try to increase their commissions. Don’t fall for it. Having a reputable agent on your side, means you have a professional who can see through this and is ethical in all that they do.
If you’re ready to buy a home and want a reputable agent with you, contact me today!