While real estate agents seem wise and charming about a property, there are times when they use common clichés and marketing tactics to achieve a property purchase.
Property Buyers and Management’s Robert Skeen says that agents can say things opposite of what they truly mean for different reasons.
Some of the “real estate speak” that agents use to convince an investor to purchase include:
“Plenty of off-street parking”
Often used on investors who haven’t seen the property in person, this line is an example of agents taking advantage of the deceptive nature of real estate photographs, Mr Skeen said.
“Can you really squeeze two cars into that space? On the brochure, it looks possible, but if you get the measuring tape out, it may only hold a Mini and a smart car,” the buyer’s agent said.
Property investors would naturally want an area with high demand, which is why agents usually drop this line when promoting a property to increase the possibility of a sale.
According to Mr Skeen, this leads to buyers “paying a ridiculous price for a fancy location”.
This line is equivalent to “deceased estate”, Mr Skeen said.
He explained: “[It means] every room has different wallpaper, there’s a funky smell and wild animals have taken over the overgrown garden.”
Mr Skeen’s interpretation of this cliché is “it’s miles from anywhere”.
“This may be appealing if you’re looking at retirement villages, but if you’re buying a home, then you’d better be prepared to travel long distances to get a coffee or any shopping done,” the property professional said.
To ensure the best decision making, Mr Skeen encouraged building a financial team whose main goal is to help further the success of their client in the business of wealth creation.