Real Estate Agents Think They Know It All by Darrin DeRoches April 8 - 14, 2010 The market is hot and we are creeping out of the recession and everyone knows someone who lost a lot of money in the falling market. Many people lost wealth in their mutual funds and pensions – but no one lost money in their homes. In the states everyone lost money everywhere but here in Canada we still made money in real estate. In a down market no one wants to talk to a real estate agent but in this hot market and terrible financial market – everyone wants to talk to an agent about real estate. Most people want to know “what did the house down the road sell for?” They want to be reassured they still have money somewhere and that place is in Real Estate. The old real estate agent who would show up with a smile and a pen is a dinosaur. Today’s agent blackberry is buzzing constantly; he has to know everything from the simple fix up advice to the costs of a total remodel. Clients in today’s market are looking for the maximum rate of return on their investment. An agent in today’s market has to be constantly updated their knowledge. Back in the day if you knew the local school you had it covered, today you have to know the best daycare, Montessori, after care programs, travel times to work, future developments, nearest gyms and even 24 hour grocery stores. Today’s clients are moving faster and require more information than how many bedrooms and baths. More and more people are starting to realize their real estate holdings are the best bet for their future and they want to know they are getting the best deal. Sure they need to love the home they live in but maybe for different reasons. The security of the investment seems to be the number one love on the list. The desirable area and market trends are the buzz words for the real estate agent in today’s market. The agent has to be knowledgeable in many different areas, it use to be feign schwa, decluttering and paint it beige. Today it is about tear downs, creating valuable space, curb appeal and rate of return. The real estate agent is being asked to become a financial advisor in many cases, where legal and taxation questions come into play. One of the largest real estate companies have added a clause for their agents to sign on every deal which declares their opinion is not that of any legal, taxation or building expertise. today’s agent is being asked a myriad of questions from value to construction and some have experience and insight but remember an opinion is just that an opinion – ask the right person the right questions. If you have any legal questions, send them in. I will pass them on to my lawyer to answer and get you the expert answer. Real estate or mortgages – I will be glad to answer.