Specialty Concerns In Real Estate
When you go to the doctor you go to a specialist. You don't go to a baby doctor for a broken arm, and you don't go to a dentist to have a brain tumor removed. Real estate has many specialty areas that require specialty knowledge, expertise and experience. Realtors are bound by their Code of Ethics to not work outside their area of expertise.
It has been interesting to watch in recent years as short sales became commonplace, but few Agents had every heard of the concept, no less worked on one. Educational classes were put together to get the Agents up to speed and a new niche market was born. Now there are many Agents very skilled at short sales. There are also many Agents that don't know what they are doing, but try to slog through it anyway. This is not unusual, and is something the consumer must be alert to.
Unlike the doctor that advertises his area of expertise and takes on patients accordingly, many real estate Agents take on a Buyer or Seller because their paths crossed. The knowledgeable Agent will interview the prospective customer to find out what they are looking to achieve in their real estate ventures and make a professional opinion as to whether or not they can help them. If not, refer them to somebody that will best serve the customer. Everybody wins that way. Keeping a customer you are ill equipped to handle is a game of chance that could end up failing, or worse, in litigation.
There are many obvious different types of real estate specialty areas such as commercial, industrial, development, vacant land, acreage, ranch and farm, multi-family, business opportunities, residential, property management, etc. There are also niche markets within each specialty area such as luxury homes, condominium ownership, hobby farms, new construction, build to suit, etc.
Then there are circumstances surrounding the property that require specialty knowledge and experience such as bankruptcy, probate, class action lawsuits, zoning and other entitlement procurement, foreclosures, etc. Each requires good working knowledge of the laws and ordinances pertaining to that arena of real estate. That leads to knowing the area that you are working in, good local knowledge of the community and its real estate market.
Our Advice: Consumers look to the real estate Agent to guide them through the perils that can trip them up along the way. It isn't always possible, however, to know if your Agent has the knowledge to help you properly, and to complicate things, it is not always important that they know all about it as much as how to find out about it. With a good network and a base of good experience they can put things together for you quickly even though it might be in an area of real estate that they don't work in on a daily basis. What counts is that you don't lose time, transactions that should close, or money because of an Agent working out of her area of expertise.
Ask a lot of questions as you move along and you'll gain confidence in your Agent as they answer you with their knowledge... or not. Remember, it is your purchase/sale and your money on the line. You need to pay attention to protect your interests. The good news is that we have a very high standard of practice in Northern Nevada real estate and you likely be well served when you contact an Agent here.
When it comes to choosing professionals to assist you with your real estate needs... Experience is Priceless!