The Danger of Influencer
“Real Estate Agents”
WARNING: In unregulated real estate markets like the Dominican Republic & Mexico there are many people building their social media brands in order to make money. They do this by promoting real estate projects and offering advice to influence you to invest through them. Today we share why you should stay away from them.
Social media influencer real estate agents may present certain dangers, such as providing inadequate or inaccurate information, conflicts of interest, and a lack of professional training or experience. It’s important to thoroughly research and verify the qualifications and track record of any real estate agent before making a decision, whether they are an influencer or not. It’s always a good idea to look for recommendations from trusted sources and to thoroughly review an agent’s licensing and disciplinary history.
Ask yourself a very important question, ‘Do you really want to roll the dice on real estate ?’ We will cover this later on in the blog.
Influencer real estate agents may pose certain risks to individuals looking to buy or sell property, including:
- Inaccurate information: Influencer agents may prioritize getting attention over providing accurate and up-to-date information about the real estate market.
2. Conflicts of interest: Influencer agents may have conflicts of interest, such as receiving commissions from developers for promoting their projects, which may not be in the best interest of their clients.
3. Lack of expertise: Many influencer real estate agents may have limited experience and training in the real estate industry, and may not have the expertise to effectively guide clients through the buying or selling process.
4. Hype-driven marketing: Influencer agents may rely on hyped-up marketing strategies that overstate the potential benefits of a property, leading to disappointment and frustration for clients.
It’s crucial to thoroughly research and vet any real estate agent, influencer or not, before making a decision to ensure that they have the necessary qualifications, experience, and expertise to effectively represent your interests.
THEY DON’T HAVE YOUR BEST INTEREST IN MIND
Why You Should Always Use A Real Estate Agent
While it’s possible to buy or sell property without a real estate agent, there are several reasons why using an agent can be beneficial:
- Expertise: Real estate agents have extensive knowledge of the local real estate market, as well as the process of buying or selling property, which can help you make informed decisions.
2. Negotiation skills: Real estate agents have the skills and experience to effectively negotiate on your behalf, ensuring that you get the best possible price for your property.
3. Time savings: The process of buying or selling property can be time-consuming and complex. A real estate agent can handle much of the work for you, freeing up your time to focus on other things.
4. Access to resources: Real estate agents have access to a wide network of resources, including property listings, inspectors, and contractors, that can make the process of buying or selling property easier and more efficient.
5. Professional representation: Real estate agents can provide professional representation and guidance throughout the buying or selling process, ensuring that your rights and interests are protected.
Overall, using a real estate agent can help simplify the process of buying or selling property and increase the chances of a successful outcome.
These Influencer “Real Estate Agents” are actually doing the entire industry a disservice.
Do You Really Want To Roll The Dice On Real Estate ?
Why should you be careful listening to these social media influencers/YouTubers when it comes to real estate? Not to lump them all into one group but, the great majority will paint the most profitable picture of real estate for THEM. Their main goal is to INFLUENCE you when to comes to real estate so they get a cut of that commission. They want to INFLUENCE you so you can INFLUENCE their bottom line in a positive manner.
Due to their lack of experience and knowledge they don’t want to sell you ‘Reality’, they want to sell you the ‘Good Day’. It’s in their best interest to keep everything smiles and sunshine, super easy, just sign on the dotted line and BINGO you have your property!
They won’t sell you ‘Reality’ because it INFLUENCES their bottom line in a negative manner. Real estate isn’t something you want to roll the dice on.
They aren’t going to tell you about the pitfalls, what to be on the look out for, the questions you should be asking, etc…with their insight being extremely limited they can only offer surface level advice.
Not A Single Social Media Influencer Has Your Best Interests In Mind, They Have Their Own Bottom Line In Mind.
The World Of “Gringo Prices”
Gringo Prices are a way for these social media influencers/YouTubers to make extra money. Sometimes A LOT of extra money. Be aware that these influencers can visit a development, promote the development at a higher rate to people in the US and Canada (natives of the country would get better prices). Be aware that the development may be 30 minutes from the beach, lack amenities thus causing it to not be appealing to tenants. How are you going to make any ROI?
Read Our Blog: Caribbean Real Estate ROI Myths
Be very cautious of Social Media Influencers/YouTubers giving real estate advice & offering real estate services. They will paint a very narrow picture of how real estate works so you are only exposed to limited information, it a way for them to lure you, it’s all part of their sales pitch. They want to interact with you at least 8 times, in order to build rapport so you are comfortable with them. Read here about how many “touches” they want to have with a potential investor so they can convert them from ‘potential’ to ‘paying customer’.
Unregulated real estate markets are overflowing with scammers and fraudsters. People operating with no ethical code all in order to get a potential investors money only to disappear and never deliver.
The Danger of Influencer “Real Estate Agents”
As a foreigner that isn’t familiar with how things work in a unregulated real estate industry it is extremely important that you maneuver with caution. You need to do your own research and move slow. Real estate is very nuanced, especially in an unregulated market. There are many things you need to be on the look out for, many questions you should be asking, lots of research to be done, it isn’t a quick & easy process.
Closing
Feel free to reach out if you have any questions about real estate agents, new projects and where to invest in the Caribbean. Please be careful with these Influencer “Real Estate Agents” as they can be very dangerous to deal with.
