There’s no denying that the property market is… tough right now.

But you still want to get the best possible price for your property – right? Of course!

Well, before you put your house on the property market there’s a scam an insider estate agent recently revealed to me…

There’s a sneaky trick that some unscrupulous estate agents use to make you think your house is worth a lot less than you think. This way you will quickly accept an "okay" offer when it comes along, instead of holding out for the big money you deserve.
 
You see, all offers should be confirmed in writing to both the vendor and the potential buyer. But this does not always happen. The reason is that some agents like to influence the seller into taking a LOWER offer by creating the impression that the property is actually worth less.

Here's what they do. They submit a series of low offers to the vendor. These aren't ACTUAL offers. They're bogus. If you asked to see all the paperwork, you'd be regaled with excuses by a lot of red-faced agents.
 
Now, when you get a reasonable, but still low offer, you are more likely to accept it. For example, say the "guide price" is R500,000. The agent will submit a series of bogus offers of around R420,000. When you talk to them about what price you'd like to get, they'll always give you a slightly pessimistic view of achieving the maximum.  After a while, when a low offer of around R450,000 comes in, it's easier to persuade you to accept. You'll be relieved. As will the estate agency when it chalks up another fast sell. Nice!
 
If you are being informed of offers without written confirmation, ASK FOR IT. This gives you a paper trail of evidence if you suspect foul play. If investigated, your file should also show names, addresses and copies of the letters sent to the bidder.

TIP: When choosing an estate agent, ensure they are part of the "Estate Agency Affairs Board". Website: www.eaab.org.za. Tel: (011) 731-5600.