Not everyone can sell rural real estate.
Find out what you don’t know.
This week, I showed a vacant parcel of land in the rural Haliburton area. A Sales Representative's from downtown Toronto listed the property, but they had never even seen the property in person. They didn't even know there was an old house on the land, even though it was in poor condition.
This raises serious questions about the Sales Representative's fiduciary duties and whether they truly represent the seller's best interests. Why would a seller list their property with an agent who doesn't know the area or even the property itself?
Unfortunately, some sales representative may be willing to take on listings for properties they know nothing about; they just need to complete the paperwork and fire it onto the MLS. While this may be easy and profitable for the Sales Representative, it's not in the seller's best interest.
Local Representative
As a local Sales Representative in the Peterborough/Hastings area, I have access to the same MLS data as big city sales representative. The key difference is my intimate knowledge of the local market and properties. This allows me to properly market and show the property to qualified buyers who are a good fit.
If a seller lists with a Sales Representative who lacks this crucial local expertise, they are likely missing out on potential buyers and may struggle to get the best price for their property. Hiring a local Sales Representative who knows the area inside and out is crucial when selling rural or specialty properties.
Hiring a local Sales Representative also ensures the property is priced appropriately based on recent comparable sales and crucial market knowledge. Out-of-town Sales Representative may struggle to accurately value rural properties. Local experts can identify unique features that impact the price. Furthermore, a nearby Sales Representative can easily coordinate viewings, liaise with potential buyers, and provide hands-on support throughout the selling process. This local expertise and availability is invaluable when selling rural real estate.
Rural Representative
As a rural Sales Representative, I have full access to the big city MLS. The access swings both ways. The big city Sales Representative now has full access to the rural market, which temps them to represent Buyers in areas they know nothing about. Where is the nearest hospital or fire hall? What services does the municipality offer? What does the waterfront look like in the summer? All things if you don't know about the area, the Buyer needs to be informed. If the Sales Representative does not know either, fiduciary duties are not met. Local expertise allows the local Sales Representative to highlight unique features and address potential buyers' concerns about rural living.
In conclusion, when selling or buying a rural or specialty property, it is essential to hire a local real estate Sales Representative who is intimately familiar with the area. This local expertise allows the Sales Representative to properly represent the Seller or Buyer, and provide hands-on support throughout the sales process. Sellers and Buyers who list with out-of-town Sales Representative who lack this local knowledge are at a significant disadvantage and may potentially make a huge mistake with the lack of local knowledge and information.
Brad Sinclair, Sales Representative
Team Lead at The Brad Sinclair Team
Royal Heritage Realty
