Today, I’m going to spill the beans and share with you top three dirty secrets you never knew about the Singapore property market.
1. “Ah Beng” Flyers
Ever received an enticing flyer in your mail box informing you of your property’s great sales value? Seems too good to be true? Well, you’re right! This is an under-the-table method of leads generation; a ploy for property agents to get you to call them in order to obtain your number. These handwritten flyers are called ‘ah beng flyers’ and are NOT legal. Remember to avoid at all costs!
2. Dummy Listings
Imagine you’re scrolling through several online property portals, and you stumble upon a beautiful unit that is being sold at a ridiculously low price. You are thrilled, but be careful! This could be a dummy listing. Dummy listings are fake listings used to lure in prospective customers. Once you’ve contacted the agent regarding the unit, you are then told that the unit is no longer available or some sort of reason, before he recommends another, less attractive unit. This is merely a ploy, so if it seems too good to be true, it probably is!
3. Agents who don’t act in your best interest
In fact, in some situations, the agent may not even be putting in effort to sell your unit! In fact, sometimes, agents use a particular unit to highlight another unit for a buyer to purchase. They use a more expensive unit to push sales for a cheaper one, by highlighting the immense price difference and therefore pressurising customers to choose the cheaper option. So, you must always be careful in ensuring that the agent you choose is acting in your best interest!
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There you have it – three dirty little secrets that property agents never want you to know. Armed with this knowledge, go forth in your property hunt confident you don’t get scammed by these tricks!