I usually write our blogs and I hope you've found them useful and somewhat entertaining. But this time Julie has something to say and has taken over the keyboard... enjoy!
Market knowledge is very important when choosing an agent to represent you in a real estate transaction. It is considerably more important in a resort market such as ours, Richland Chambers Lake, where there is so much data to be gathered before making a decision to purchase a waterfront property. When we opened our office on the Lake in 2008, we had no idea of how much information gathering that would be required to properly serve our clients. We quickly realized this fact and began to drive all the neighborhoods, pull all the plats, copy all the restrictions for the more than 60 subdivisions and began our schooling of all things Richland Chambers Lake! We worked tirelessly 7 days a week those first few years to inculcate ourselves to be equipped to serve and become the RC Lake experts!
Questions that often arise on a daily basis are those related to HOA's, building requirements, subdivision amenities, lake fluctuations, lake depths, marina locations, boathouse building information, and whether or not RV's or Vacation Rentals are allowed in each of the subdivisions. These answers vary depending on the subdivision on the lake. There are no two that are the same.
With the booming of real estate markets in metropolitan areas around us and the lack of inventory in those markets, we are seeing more and more agents getting out of their comfort zones and attempting to represent their clients in markets not within their scope of expertise.
Part of a Realtor's fiduciary duties to their client's as lined out in the Texas Real Estate Commission's
Canon of Ethics is competency, to be knowledgeable and informed on market conditions that affect
real estate and exercise judgment and skill in performing these duties.
Real Estate is a part of your portfolio that requires extra special care and expertise. Like the rest of your investment portfolio, you must take extra care to avoid the pitfalls that could occur without a well equipped professional on your side.
Whether you are buying or selling, the local agent is always the best choice to protect your investment. If you are selling a property, the benefits of hiring a local agent are numerous as well.
For example, market knowledge and pricing are key in getting your property sold. Local area agents
in markets like ours, have been inside almost every home that has sold and everyone that is currently on the market for sale. They can help you make specific comparisons to each of these competing properties that will help you to establish the best listing price that will achieve your goals of both time and money depending on your own motivations. They are also available to check on the property if you are an absentee seller. They also have the benefits of knowing which marketing works and can implement the right tools. But most importantly, and often overlooked, the agent you hire must be fully equipped with all the data and information needed to sell the lake area first. Most lake area and resort buyers are shopping lakes and this is vitally important to the sell. Out of town Agents are not equipped to sell in markets they do not know.
To sum it up, real estate is one of the most valuable and important investments you will make in your lifetime. Protect that investment by careful selection of a real estate professional that is an expert in that market.
