Tuesday 6 November 2012

Can real estate agents give property price forecasts to customers?

Good Institute
Tip 1: Be cautious when you give price forecasts to customers, you may be sued for negligence

Case Study 1:
Jason is a real estate agent. He brought Miss Chong to see a house in Klang and forecasted prices to skyrocket. Miss Chong bought the property but prices dropped 50% in 3 months due to a recession. Can Jason be sued for this?

Answer:YES. Estate agents may be sued for negligence if :
a) They have presented themselves as an expert in this field.
b) They would have known that the customer's purchasing decision depends highly on this price forecast
c) They did not disclaim responsibility after giving the remark

Recommended Solution:a) Do not simply provide price forecasts.
b) End the discussion by telling customers that your own opinion may not materialise as there are many factors affecting property prices.
c) Advise that at the end of the day they need to make their own decision instead of relying on your own opinion.

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