Are you a specialist? Then act like it!

By
Real Estate Agent with WEST USA Realty

While our licenses allow us to practice an extremely wide variety of services in behalf of others, it doesn't mean we have become expert in each of these areas of real estate.

For instance, you might be a Short-Sale, Bank-Owned specialist with clientèle requesting your help with leasing space for a new business venture.  Do you help them or refer them?????

Maybe you are a buyer's broker specializing in residential properties in a particular area of town and you encounter a prospect looking for farm land?  Should you jump on the computer to assist them???????

I submit that our industry has evolved beyond calling your sister with a license to purchase or sell real estate.  As a land sales specialist of over 34 years, specializing in Arizona Land I have seen things that would blow you away as agents/brokers without specialization attempt to represent buyers and sellers of Arizona Land.  I have seen licenses lost, fortunes lost and law suits launched but hundreds that should have been and didn't for some reason where the agent escaped with their license in tact to do it again.

Just as a residential agent does a disservice to his/her clientèle without an excellent knowledge of markets, structures, inspections, repairs, mortgage options, programs available, etc. anyone attempting to sell land without a distinct understanding of legal descriptions, environmental issues, water rights, ingress/egress options, easements, encroachments, soils, flood plains, adverse possession claims, etc. etc. etc. is endangering their clientèle and their own professional license by attempting to work outside of their area of expertise.  The same thing applies to industrial properties, commercial projects, business sales, rental properties, property management, leasing, investment opportunities, REITs, partnerships, etc. etc. etc.

Specialization may be the defining point between hacks and professionals and I submit that we would be wiser to find our niche and refine it rather than trying to be all things to all people.  Crossing the wrong line could be financially fatal for us and our clients.

Comments (6)

Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

You bet, Bobby. I work AZ dirt too and the liability is huge. And you are right . . . this is one facet of our industry that a computer is just NOT gonna be able to help consumers. They need a person who knows all the tribal customs and experts. Good good post!

I bet you have a LOT of war stories with 34 years in AZ land! :)

Mar 26, 2011 06:41 AM
John Michailidis
Real Property Management of Sarasota & Manatee - Sarasota, FL
Real Property Management of Sarasota & M

Great blog post and I thank you for sharing it with us!

Mar 26, 2011 07:37 AM
Bobby Miller
WEST USA Realty - Phoenix, AZ
Dr. Dirt

I just walked from a transaction where a residential agent was completely out of his area of expertise.  He hurt his client, my client, himself, me and lowered the standard of care for everyone by trying to work in an area where he had no business.  How sad is this?

Mar 28, 2011 04:32 AM
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

That is totally sad, Bobby. The smart thing for that agent to have done would have been to let you pay him/her a referral fee and step out of the game.

Mar 28, 2011 06:11 AM
Bobby Miller
WEST USA Realty - Phoenix, AZ
Dr. Dirt

Candice, you and I know that but he insisted that the commission was something he had already earned from all his hard work and time put into this failed purchase.  He was neither willing to let go of that possible cash nor the listing he was incapable of representing properly.

How sad, indeed.

Mar 29, 2011 12:51 PM
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

I completely agree with this.  This goes for agents who don't know how to propertly negotiate short sales and take a short sale listing, agents who sell homes in areas they aren't familiar with, and even can include things like custom home building or historical home selling.  There really are things that we don't know and we can't be experts at all of it!  I've sold "building lots" but I'd have a hard time selling bare dirt or farm and ranch because I don't know anything about it.  I'd rather make the referral fee and get the client the right agent for them.

Mar 30, 2011 07:00 PM