Between January and June of this year, the Australian authorities received reports of buyers agents scamming sellers out of an estimated $4.5 million. This represents a rise of 83% from the same period last year.
Between January and June this year, top authorities governing the buyer’s agents in Sydney received 1,882 complaints from sellers about scams perpetrated by buyer’s agents. This is reportedly more than double the number of complaints they received during the same period last year.
Dishonest sellers majorly scam buyer agents in Sydney, and it is essential to be aware of these scams to protect yourself.
Getting Out of A Contract with an Agent
Speak to the agent directly. Ask them why the contract is not working and what you can do to fix it. Be polite and respectful, but be firm in your refusal to sign the contract. If the agent refuses to listen or help, it may be time to find a new buyer agent.
You can also consider hiring a lawyer to help you get out of the contract. A lawyer can review the contract and negotiate with the agent on your behalf. They may be able to get you out of the contract for less than you would have paid if you had signed it yourself.
You can file a lawsuit against the buyer agent if all else fails. This may be your last resort, but it could work if you have solid evidence that the agent is not working in your best interests.
Common Scams in Sydney Real Estate Market
The “quick sale” scam
This scam involves an agent working with a buyer to sell a property quickly. The agent may promise quick sales rates or high profits, but this usually doesn’t happen. The buyer usually loses money, and the property may not meet their needs.
The “too good to be true” scam
Another commonly known scam is the “too good to be true” scam. This scam involves an agent telling a buyer that the property they are interested in is available for sale, but it is not. The agent may promise low prices or quick closings, but these usually don’t happen. The buyer often spends more money on the property than expected, and the property may not meet their needs.
10 Signs Your Buyer’s Agents Are Scammers
- They refuse to give you any information about their services.
- They demand money upfront.
- They make unprofessional comments about you or your property.
- They try to pressure you into making a quick decision.
- They offer unrealistic deals on properties.
- They do not have any reputable references.
- They make false promises about the quality of their services.
- They do not follow through with their commitments.
- They deny having any contact with you or your property once the sale is complete
- The price they offer you is low.
One of the most common scams in Sydney is buyer agents. These scammers will indeed pretend to be from a company looking to buy a property and offer you a very high price for the property. They will usually ask you to commit to the deal immediately and pressure you into making the purchase.
Always be actively suspicious of anyone offering you a high property price. If the person seems too eager to make the deal, they may be a scammer. Make sure to contact multiple agents before making a decision, and don’t let yourself be pressured into making a purchase right away. You can also avoid scammers by doing your research before buying a property.