The Realities of Real Estate: Is your agent an expert?

Jay's note: GREAT article about representing the best interest of your clients. I would never think of going to Baltimore to try and sell a commercial property; the opposite applies here with agents who want to work the market at Deep Creek Lake - and learn it in a day to become an 'expert'.

By BOB and DONNA McWILLIAMS, For The Capital
Capital Gazette Communications Published 01/30/11

Some buyers and sellers believe that real estate agents are somewhat of a commodity, and as such, fairly interchangeable when it comes to completing a real estate deal. In reality, the differences between agents is significant and something you should consider when looking to buy or sell a home. Furthermore, there are a variety of aspects on which agents can differ, and some are more critical than others.

Agents are licensed by the state. As a result, an agent with a Maryland real estate license can legally sell essentially any kind of real estate anywhere in Maryland. But, and this is an important but, that doesn't mean all real estate agents are necessarily qualified to sell everything under the sun. If an agent attempts to represent a client in an area of expertise outside the scope of their knowledge or in a geographic location where they normally don't do business, they could run afoul of ethical standards that require them to not venture beyond their experience and abilities.

The most common limitation is geographic in nature. Although our real estate license might permit us to sell a house in Deep Creek Lake, we would never think of representing a buyer or seller in that location because we lack an intimate knowledge of the area. To properly evaluate property, it is necessary to sufficiently understand the important real estate nuances that exist in all communities. We actually got married up at Deep Creek Lake and have visited there many times, but that doesn't give us the skills and abilities of a local agent. Those agents know the ins and outs of why a house located on one part of the lake might be substantially better than one situated in another area. Conversely, a Deep Creek Lake agent won't know the merits of various neighborhoods around Annapolis. So, if an agent is representing clients in a particular location, they should have a reasonable understanding of that area or previous experience in doing business within the community.

Read the full article here.

If you are thinking of buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! 877-563-5350

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