Beware of the “Experts”
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May 2012
Like the blind leading the blind, I am amazed how many people will take advice from everyone except the very people who are trained and active in a particular field. Perhaps because there might be a fee attached to getting expert advice, people don’t take this route, but as the adage goes, you get what you pay for.
I don’t know how many times after a buyer or seller has given me their authoritative analysis of the real estate market, I find out the source of their information came from the plumber that fixed their drain yesterday or their cousin who drives bus, or the lady at the drycleaners. Don’t get me wrong, I’m not down on relatives, bus drivers, and drycleaners giving a little friendly advice if they think they know something but please don’t make serious decisions based on information that may not be accurate or at the least, is incomplete.
Everybody’s an expert these days! Because of the proliferation of information on the internet and other sources, some people think knowing a few things is all they need to know. However, anything to do with a subject like buying and selling real estate has become very complex. The problem is most people don’t know what they don’t know.
A word of advice: if you’re a professional, stick to giving advice about your area of expertise. One couple who asked me to sell their property had a price in mind because their accountant told them what he thought it was worth. Did he inspect the home? Did he do a market analysis and home evaluation? I doubt it. He may have known a few things about the home but his knowledge of the specifics and the big picture, made it clear he didn’t know enough. This couple was quite distraught when they realized later that the home actually wasn’t worth what their accountant said it was worth. They had mistakenly made plans based on his advice… advice given outside of his area of expertise.
I know of a neighbor who bought another neighbor’s house. I guess he thought he knew enough about home values without getting a Realtor® involved but in my estimation, he paid about $35,000.00 too much. Great for the seller, not so great for the buyer.
To quote Robert Kiyosaki, author of Rich Dad Poor Dad, “always hire up”. In other words, always hire people who are more knowledgeable than you are in any given field. Hire people who are trained, experienced and active in their field. If you need insurance advice, talk to an insurance broker. If you need real estate advice, talk to a Realtor®.
Expert advice may come at a price but it can save you a ton of money and grief.
Valerie Edwards
Sensitive Sales Solutions
RE/MAX Camosun
Cell: 250-477-9947
Email: valerie@valerieedwards.com
Website: www.valerieedwards.com