By Paul Cowhig, Advisor, Professional Standards
In CREA’s Standards of Business Practice, Article 1 says: “A REALTOR® shall be informed regarding the essential facts which affect current market conditions.”
It makes perfect sense to expect that any professional Realtor would know what they’re doing well enough to understand current market conditions. We all assume that being granted a licence means you are qualified to do the job you are licensed to do.
But the business of real estate is constantly evolving, as is the automobile industry. Every year car manufacturers produce new models. Each one is more complicated than the last. I gave up wrenching on my own car 20 years or more ago.
For one thing, I couldn’t keep up with all the new tools needed to work on the new cars. When I lifted the hood, I couldn’t even locate the distributor cap. No one told me electronic ignitions didn’t use distributor caps! I had lost the ability to recognize the essential elements of a car engine.
My trusted family mechanic, who was a wizard, finally retired because even he couldn’t keep up. It was so different from the way it was when he first got his license and so challenging and costly to keep up that he found he just wasn’t enjoying it any more. I think a few in the real estate profession may be thinking the same thing.
This is the world we find ourselves in.
Our job is agency. If we aren’t up on the essential facts, how can we assist our clients properly? They rely on us to know what they do not. That’s why they hire us.
CREA’s Standards of Business Practice Article 1 acknowledges that our profession is one that is constantly evolving and puts the onus on Realtors to keep up with all the changes that might impact clients and the agency representation services they expect to receive from us.
Keep up with changing facts. Don’t wait until you can’t recognize what’s under the hood.