4 Red Flags to Look Out For When Picking a Real Estate Agency

In Canberra, as with other parts of Australia, the real estate industry is quickly growing. There is increasing demand and competition for well-priced properties. Unfortunately, this dynamic has not entirely worked in favor of prospective buyers and sellers. There is a new breed of scammers out there taking advantage of the fast-moving real estate market. Knowing how to identify a fraudulent agent in the Canberra market is crucial as it will protect you from losing your money or getting a lesser share than you deserve. Spotting a fake real estate agency can be rather difficult – they all pose to be real estate agency Canberra best bet. Here are some tips to help you identify a fake and a find real estate agency in Canberra with a good reputation.

real estate agency Canberra

No license

A legitimate real estate agent must have a license. The first thing to do is to ask for a copy of their license. But this is not enough; you need to verify its authenticity. Check the internet on national databases to find out if the broker’s license is listed. Better yet, you may contact the Better Business Bureau for further verification. Note that if the agent works for a Canberra real estate agency, the corporation must be licensed as well.

Upfront payments

Most fraudulent real estate agents will ask for a sum of money up front whether they are helping you buy a house or selling a house for you. This puts them on a safe ground since they will have something to run away with should the deal get soar. Genuine real estate agents depend on commissions – a percentage of the sale of the property. They usually don’t ask for money upfront. If a real estate agent insists on a down payment, move to the next real estate agency Canberra has to offer.

Does the deal look too good?

Fake agents will try to revamp their offers so as to attract more customers. For instance, they will quote a rock-bottom price for a top-of-the-class property. Of course they do so because they are not selling the property at all. This is a red flag you need to watch out for. Before you buy a property or sell one, know the prevailing market prices in the Canberra market. This can protect you from falling for phony deals.

Extreme sense of urgency

If your real estate agent is so eager to close the deal, then there’s reason to worry. If you are buying a home, you should never be rushed – you need time to view a good number of properties for you to make a sound decision. And if you are selling a property, you might miss out on a high bidder if the process is rushed. Other than that, you need a few days or weeks to do your due diligence detective work of checking the legitimacy of the real estate agent. If you feel so rushed, simply move to another agency.

If you are looking for a legitimate real estate agency Canberra has to offer, contact Manage me or visit their website on http://managemecanberra.com.au.