Maxim Arte
Reading time
6 min
22 April 2020

Realtors tricks: how to avoid cheating in Cyprus

To find an excellent real estate in Cyprus for regular money is not very easy. Most people turn to realtors relying on their experience and professionalism, to save time and nerves. But not each specialist act in the interests of the customer.

Some harmless realtors' tricks are nothing more than marketing methods, but sometimes there are also more dangerous fraudulent methods that can cost a client both – money and an apartment. Let's find out how to protect yourself from a not too decent realtor in Cyprus, who wants to cash in on customers' trust.

Psychological manipulation 

The first thing that you need to understand is that the realtor is perfect in human psychology. An experienced real estate agent can respond almost instantly to determine the ability to pay off the customer and his interest in the early acquisition of housing. 

1. Hurry and pressure

Usually, after viewing several variants, a person is in the indecisive condition: is it possible to find better housing or not, or it is better to choose from the already seen objects. A realtor, warming by the idea about bonuses, will inform you about others who want this housing and try to assure you that there is no more suitable apartment/house on the market. So, this is a simple way to make an artificial rush about a specific proposal. And a client, for fear of being left without housing, will hurry up with a decision. And a very skilled agent can even tune phone calls or meetings with other potential buyers/tenants, which can be his colleagues or acquaintances.

Tip: Do not succumb to persuasion if it is no well-reasoned. If you rush with a choice, you risk buying housing at a higher price than the market or with significant shortcomings. If you ask a realtor, "why is this object unique?" and he throws something like: "I am a professional, I know better," be sure that this is a manipulation. An experienced agent can prove his words by making a sample of 5-10 options and describing each of them's pros and cons.

2. Almost free cheese

According to the statistics, cost – is one of the critical factors considered when buying or renting housing in Cyprus. It is right for tourists who come to Cyprus for a few weeks, and for people interested in moving to permanent residence. The indication of the price below the average market in the announcement is a favorite trick of realtors, focused primarily on foreigners. Of course, the customer will be informed of the real cost, but only when inspecting the apartment. It assumed that under the influence of the agent's moment and charm, he would agree to a price higher than was expected.

Sometimes housing is offered at a low price. It is done to increase demand for the object and create an auction between those who wish it. The viewing schedule for the same time for everyone and bidding begins. So, it is possible to raise the initial value of the object.

Tip: In order not to get in trouble, it is necessary to compare real estate prices that are indicated in similar ads and preferably on several specialized portals.

3. Myth and tales

A more sophisticated version of the previous trick. The agents lure the customers with real estate announcements – real estate with ideal parameters of price, location, and area. But, with the slightest interest from a potential buyer or tenant. It turns out that the apartment has already been rented or sold. But the realtor, of course, is ready to find the same or even better.

Tip: Keep a sober mind while trying to find your dream house/apartment in Cyprus. Do not accept cooperation with a realtor who decided to start business relationships with deception, as he can get a taste.

Illicit Property Tricks

The commission of realtor in Cyprus depends on the cost of real estate and usually is 5%. Agents that do not want to lose money due to the low cost of illiquid housing can use simple, but not always apparent, tricks to the buyer.

1. Less light – more camouflage

Not even the keenest buyer/tenant will notice an old sofa and mold on the ceiling in daylight. But in the evening, the walls look smoother, the renovation - more modern, and nothing to outside the window. If the apartment windows overlook the highway or cemetery (a good reason for lowing price), the client risks not to notice this in the evening. A lot of painting and carpets help to hide defects in decoration. Before viewing the home, the landlord can offer a coffee; in some cases, it could be done with one reason - to hide the apartment's unpleasant smell. 

Tip: If it is possible, do not agree to view the property in the evening. If you do not have another time, be sure to learn the area's map and do not hesitate to check every corner inside.

1. Black stripe

At first, a realtor can intentionally show housing in low conditions and explaining that precisely such objects are most often the same as those in the given price category. Those first impressions form the clients understanding of the state of the Cyprus property market that the agent needs. After it, any other variant, even with apparent shortcomings, but not in such a deplorable state, may seem like a real treasure. 

Tip: If you do not trust your agent 100%, do not limit yourself to his services only. Collaborate with others as well and receive data from different sources to compare. And contacting with another realtor could interrupt a series of failures in finding housing in Cyprus. 

1. Teleportation 

Real estate agents in Cyprus can offer to meet a client and drive to the property together. It could be done to avoid the long search of the final destination and not spoil the customer's mood.

If the house/ apartment for sale is located in a place where it is difficult to get, the agent will want to give you a lift and will do this not only out of kindness.

Tip: remember that there is no metro on the island. And you need to be a very patient or lucky person to wait for a bus in Cyprus. So it would help if you thought in advance how to get to your home after purchase.

Sleight of hand and fraud

1. Money first

In the worst case, under the local realtor can be a fraudster. Fraud schemes are continually evolving. This trick remains widespread under the pretext of a deposit for the seller because of its simplicity. An unscrupulous agent receives much money from the client and then disappears.

Tip: Before start to cooperate with an agent in Cyprus, check his license. Even with a permit, it's safer to transfer the security deposit only to the owner or lawyer and get a receipt.

2. Concealment of information

Private realtors often sin by hiding information. In the best case, a realtor will not inform the client about the legislation's features that could affect his decision. For example, foreigners do not have the right to rent their property in Cyprus. This restriction applies to all non-residents, except EU citizens. An important argument for those who plan to make money on renting out real estate.

Tip: do not believe agents' words. He is not responsible if, after closing the deal, the customer will get many problems. Real Estate agency in Cyprus that value their clients, avoid possible issues, try to involve lawyers in the transaction execution.

Of course, not every realtor in Cyprus will use various tricks. Unlike their colleagues from small and infamous or illegally operating companies. Reputable agencies do not lack clients. They have access to an extensive real estate database and certainly will not risk their reputation for a one-time gain.

Source: DOM LiVE
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