Midwest Minute- Mar 22, 2021- "Real Estate Myths"

Midwest Minute – Real Estate Myths

It is time to expose some of the myths people believe about organized real estate and the people who work in it.

I will be the first to admit that what I am about to say may not be what some of my colleagues would tell you, and that is okay. This is my column and my opinions.

Myth: A Realtor working for both the buyer and seller has divided loyalties. True, but it does not mean he or she will be unprofessional in their conduct.

 Our role in dual agency is that of a facilitator helping both parties to fully discuss a potential transaction to a conclusion. I have had some great kitchen meetings between two farmers wanting to do a deal. 

Generally speaking, my personal preference is to stay on one side of the table, so it doesn’t get confusing for the stakeholders, including me.

And this is why my business partner and I have for sixteen years split the representation when we can. One works with the seller, the other supports the buyer. It allows us to be advocates for our respective client.

Again, I am a simple man, so it works for me.

Myth: A Realtor working for both buyer and seller should be expected to reduce their commission. 

Why would anyone voluntarily cut their pay when they have worked hard to complete a successful sale? It is like asking the coach of a winning sports team to take less salary than a counterpart who did not make the playoffs.

 Myth: Realtors cannot be trusted; they are only interested in getting the sale. Maybe some are, but the majority are focused on helping clients achieve their goals. 

 We see a lot of people in high stress situations and try hard to help them find a positive way forward. 

 The situations we encounter on a daily basis would make for fascinating reality television, but I am sure most viewers would not believe this is what we truly experience. It is.

 Myth: Real estate is easy. No, Virginia, it is not easy. In fact, it is a profession that can be damn hard so life experience, personal balance, and emotional strength definitely counts.

 There are many different aspects to real estate – residential, commercial, agricultural, property management, just to name a few.

 Take the commercial/industrial field for example. There are so many types of enterprise in today’s world, no one can be expert in them all. 

One day we may be searching for land along a railway to support a processing facility. The next, negotiating on a building to house an agricultural dealership.

 Commercial clients are often simultaneously juggling several critical expectations vital to the success of their business. Consequently, their Realtor needs to be closely aligned to the organization’s strategy and in almost daily communication with the management team for long periods of time.

 Even residential properties can significantly vary in their challenges beyond the stereotypical single-family home with special requirements for recreation, luxury, condominiums, acreages, multi-family complexes, the list goes on.

 I love the challenge of being a broker / consultant / confidant and will go the extra mile for anyone who needs my support. 

 What annoys me are the individuals who are so focused on themselves, they think nothing of stepping on my clients, or anyone else, in their effort to get ahead.

 Myth: The customer is always right. Not by a long shot. People who give respect deserve respect.

 Vern McClelland is an associate broker with RE/MAX of Lloydminster and an active partner in his family’s livestock operation. Comments on this article are welcome either by emailing [email protected] or calling (306) 821-0611.