Stay Within Your Expertise

By
Real Estate Sales Representative with Robert W May - Lethbridge Real Estate

electrical panel

 

Stay Within Your Expertise

 

     I recently did an evaluation on a commercial property for a client.  During the physical tour of the building I took pictures of various parts of the building, the services, the design and layout.  The client asked me several questions about real estate, the market, and property values.  All of these questions were easy for me to answer, provide relevant facts and information on, and give evidence to things that are happening and have happened recently in our city.  This is an area of information of which I would consider myself an expert.

 

     However, while we were looking through the building the client insisted I take a look at this electrical service.  Now I happen to know more than the average person about electrical services.  I have viewed hundres of them in properties I have dealt with, I have replaced a few in properties I have owned over the years, and I have actually worked on a few as a contractor when I was a kid and did a couple years of work as an Electricians Apprentice.  I am far from an expert though, despite my advanced experience.  When I looked at the panel I can readily identify a couple of things that didn't look right, but my professional responsibility disqualifies me from offeringn an "expert opinion" on these things.  I know that there are many people who know more about it and would be far better for us to consult.  In fact, I have multiple contractors in my contacts list just for such incidents as this.

 

     As real estate professionals, it is easy for us to overstep our expertise and want to just provide a short answer quickly for a client,  However, the prudent thing to do is to always defer to an expert.  This is what is in the best interest of ourselves and our clients.

 

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lethbridge real estate

lethbridge realtor

Robert W May is a Real Estate Broker in Lethbridge Alberta, having now been in the industry for over 23 years. . He was also a licensed Lethbridge mortgage broker and financing expert with Canada First Mortgage of Calgary Alberta for the past 10 years.  He is an industry leader always willing to help train and educate others in how to improve their business models for financial and personal benefit.




 

 

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. JM Padron, CCIM, MRICS 05/21/2016 10:18 PM
Topic:
Real Estate Industry
Location:
Alberta South
Groups:
Active Rain Newbies
Realtors®
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Tags:
expertise
experts
real estate
stick to real estate

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Rainmaker
1,911,676
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Actually that's what Article 11 (2nd paragraph ) of the COE says  !

May 21, 2016 12:36 PM #1
Rainmaker
3,368,524
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Robert, I do not give legal, plumbing, fireplace or electrical advice but I have some awesome inspectors available:))Endre

May 21, 2016 03:28 PM #2
Rainmaker
509,199
Dan Tabit
Keller Williams Bellevue - Sammamish, WA

Robert, It's good to stay in our lane.  I sometimes make observations based on my experience, but I always make sure we get an expert involved if it's for a property we're pursuing. 

May 21, 2016 05:00 PM #3
Rainmaker
4,798,675
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Hi Robert.  You are a wise man and are doing your job the way a true professional should.

May 21, 2016 08:54 PM #4
Rainmaker
594,449
JM Padron, CCIM, MRICS
INTERNATIONAL COMMERCIAL ASSOCIATES - San Diego, CA
CCIM, MRICS, Serving Mexico-USA Border

Just refer to article 11 of the code of ethics.

Your quote is very especific and detailed about a field, but how manny realtors out there are practicing commercial real estate without having a clue!

May 21, 2016 10:18 PM #5
Rainmaker
1,266,835
Alan Kirkpatrick
Austin Texas Homes - Round Rock, TX
Alan in Austin

Robert May 

This is really good advice and advice I try to follow. Have a great week. 

May 22, 2016 02:12 PM #6
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Rainmaker
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