Like every other industry, the trade of buying, selling, renting, financing, and fixing property is also incapacitated with fraud, deceit, scams, and unconscionable behavior. There are some mischief makers amongst the realtors waiting to cause intentional detriment to investors and other individuals who come to gain profits in the real estate world.
One of the prevailing predicaments faced by individuals in the real estate world is being overcharged and overpriced. Traditional Brokerage commission fees are too high that has no justification in today’s market. Normal agencies have been seen to have a cut of 6% in the commission. However, with modern technologies and the current real estate market, it is not fair to charge home-sellers with 5% or more. The contemporary world of the internet and social media allows realtors to provide better services with much less work. As a result, it is highly unreasonable to charge such high costs for much less effort and work. Further, agencies often keep their clients in the dark by keeping their commission fees hidden, making it difficult for consumers to learn about their commissions.
The non-existence of properly structured incentives, realtors can use their specialized knowledge to further their interests at the expense of those who hire them. Therefore, it is paramount that investors, clients, and individuals ask maximum questions and inquire about any suspicion or doubts that seeds in their minds to prevent exploitation by realtors. It would help if you took the total gain of what you are paying for.
The realtors have an obligatory duty to provide latest information of the market to determine a reasonable asking price, show the terms and conditions of competing properties, and develop a marketing plan that could include repair suggestions, open houses, advertising etc. Moreover, realtors should provide security for your home when shown to strangers, negotiate the best price for your home and monitor the sale process. They should renegotiate as needed and resolve issues before closing.
Based in the United States, Lloyd Segal plays a vital role in helping avert the horrors of being victimized by fraudulent real estate agents. He advocates that it is paramount to keep an open eye for scams, fraud, or overcharging amongst individuals. Segal has specialized real estate litigation has a constructive experience of over 30 years. Segal assumed leadership of the Los Angeles Real Estate Club in 2017. He is also a mortgage banker, real estate investor, mentor, and public speaker.
The passionate real estate expert has authored various books, including “Everything You Wanted to Know About Chapter 11 Bankruptcy…but Were Afraid to Ask,” “Stop Foreclosure Now in California” (Nolo Press), and “Stop Foreclosure Now” (American Management Association. The man of exceptional knowledge also wrote “Foreclosure Investing” (Regency Publishing) to educate real estate investors on buying foreclosures. Lloyd’s newest book is called “Flipping Houses” which describes how to get started finding, financing, fixing, and flipping houses. He has toured around the world, wrote many books, and held numerous workshops and seminars where he educated investors and other individuals on buying and selling property. He also enlightens them about the prevailing frauds and scams and how to stay away from them.