My Real Estate Agent is a Rogue

Hi Scott,
 
We had a terrible 2022, starting with listing our apartment for sale in May – right at the time interest rates went up in record succession. It ultimately resulted in our agent pulling all sorts of manoeuvres to get us to drop our price. We didn’t take the bait, and he delisted our property, meaning we lost the upfront marketing costs of $7,000. Two complaints to Consumer Affairs to no avail, so we lost that money. I’ve taken it really badly – it’s been a big confidence hit, not to mention the daily guilt I feel for putting my family in this situation. What can I do to get some of this money back? How are consumers able to hold businesses accountable when there are no consequences for unethical behaviour?
 
Linda
 
Hi Linda,
 
It’s a hard one.
 
So perhaps the agent got you on the books by touting an unrealistically high price … and then began knocking you down to reality. It happens a lot, especially with numbskull agents.
 
Or maybe it was the fact that you listed your house at the tail end of the Covid property boom and got caught out. From May to January, house prices in capital cities pulled back 8.6%.
 
I know I sound unsympathetic, but you can’t blame your real estate agent for that. His one and only job is to go out and find the highest price the market is prepared to pay.
 
It’s your job to decide whether you’ll accept it. And if you’ve anchored your price 10% higher than the market is prepared to pay, that’s not his fault. I think it would be a hard ask to get a refund on the dough his agency has spent marketing your property to the property portals.
 
Please don’t beat yourself up. This is all part of the emotionally and financially taxing process of selling a property. From here on out, focus on the reason you decided to sell in the first place … and what your next steps are.

Scott.