Do it yourself? REALLY?

This morning as I looked at my reflection the thought occurred to me that it was time to cut my bangs.  Yes, you've imagined correctly, when I do it myself it does look like someone used nail scissors to create abstract art.  Yes, my incredible hair stylist always winces and reminds me that part of her service is between cut bang trims.


What, you ask, does this have to do with real estate.  Well....since you've asked.  What I have never done to my hair stylist is to go in and have this conversation.  "I want to save money by cutting and styling my own hair.  I've looked at sites on the internet and bought good scissors on e-bay.  What I need is for you to tell me everything you know, encapsulated, from your 30 years of full time hair styling, so that I can do everything you do myself."


Likewise, I've never had an electrician into my home, made him coffee, and then ask him to give me detail of how to rewire my own home so I could do it myself.


I've never asked my accountant to come over, free of charge, and prepare a detailed report on my finances so that I could avoid using him and do my own taxes and g.s.t.


You're smart....you see where I'm going with this.  If you want to sell your own home, or purchase your own home without the services of a professional, that is fine.  It has always been a fully legal option for you.  You have no need to worry about paying a professional.  And, like a defendant who decides to be his own lawyer, you'll have a fool for a client. (Did I say that out loud?)


But...(you knew there was a but), do you really think its okay to solicit professional help and advice and strategy -- all unpaid -- to help you eliminate the very person helping you?  Why would anyone think that's okay for the real estate profession?  Why would any REALTOR participate?  I've actually read on a local For Sale By Owner real estate web sites that the best way to go forward is to have a REALTOR in (obviously under false pretenses) and get pricing and marketing ideas from them.  Thank you so much. 


Before becoming a REALTOR I have bought and sold our own homes.  I shudder to think now what I missed and thank my lucky stars the very real issues I never even thought of didn't come back to bite us.  (You know, little things like not asking for a septic system to be pumped.)  Anyway, we really were lucky.  And maybe you'll get lucky too.


Don't be the person though who uses the services of a great professional (one, who doesn't get paid until they've found you a solution) and then fall off the map.  And then, maybe, buy them a plant and thank them when you tell them you bought a FSBO.  REALTORS deal all the time with representing clients in private sales AND we negotiate our own commission with the sellers AND we keep you safe in the process.


Don't be the person who trades on the knowledge of your friend and put them in the awkward position of saving your hide and walking you through the whole process for a case of beer.  Professionally you put that REALTOR in a very tricky situation.  There's this little thing called "implied agency" that results in law suits.  Imagine how ridiculous it would be for a REALTOR to get sued by reason of offering advice at a coffee party.  Yes, of course it's happened.  Yes, of course it's stupid.


If you want to do it yourself, do it yourself.  Enough said.

Buyer beware...especially of fsbo's

Now before you go jumping to the concussion that I'm just trying to get you to use a Realtor, just consider on fact alone what I'm writing about.

In BC the Real Estate profession is tightly monitored and Realtors are held to a standard bordering ridiculous on matters of disclosure -- disclosure on remuneration but more importantly disclosure on any known faults in a home they're marketing.

Transactions taking place within the fold of organized real estate also have insurance protection and an organized body (Real Estate Council of BC) to handle any grievances that may arise.

In addition, Realtors have to take identification from prospective buyers or sellers and have to report any large cash transactions or anything which raises suspicion at all to do with the transaction.

Realtors are held accountable and the profession is held accountable for all transactions using a licensed Realtor to give the security that sales are above board, clear and clean. All monies are held in trust at each stage of the transaction as well.

Shockingly private sales are held to no such standards other than the court system. A private seller does not necessarily fill out a property disclosure statement (mandatory for all Realtor sales). It is strictly buyer beware.

Yes, you can and should use a lawyer for privates sales -- but has your lawyer been to the property? Have they met the buyer or seller on the other side? Do they know if an inspection took place or if strata minutes are acceptable? Not usually.

Before becoming a Realtor I have on more than one occasion bought or sold privately. I did not know then what I know now! I fully realize that many trade in good faith. Just be very, very careful.

If I wanted to sell a grow op or launder money I sure wouldn't do it through organized Real Estate! If I wanted to hide a fault in the home, I sure wouldn't want a trained Realtor taking the listing! If I built without permits or final building inspections I sure wouldn't want that highlighted on a property disclosure statement. If I was over pricing I sure wouldn't want a Realtor aiding a buyer with comparables.

In BC sellers pay the real estate commission. Why any buyer would not use the services of a professional is a complete mystery. Savvy sellers need no convincing to use a Realtor. I challenge you to find any real estate mogul, investor or financier dealing with real estate investments and sales that doesn't use licensed Realtors.

There's a reason great Realtors are worth their weight in gold. To serve and protect. To serve and prosper. To serve and promote.