What are your thoughts on so-called “area-experts?”

Category: Neighbourhoods

 

Hey David,

Is this something that the industry, via advances in technology, has passed by?  What about out-of-area agents listing properties, ie. can your uncle from Niagara Falls successfully list your downtown Toronto condo?  Thanks, and keep up the great work!

 


 

Hi Jake,

Your question is exceptionally timely, given my blog on Thursday is going to be about an exceptional deal I secured on Saturday – the Saturday of a long weekend, since the listing agent was from out-of-town, and didn’t think this would be an issue.  There were a few more mistakes he made, but I don’t want to spoil the story!

As for the “area expert,” on the buy-side, no, I don’t think this is relevant in 2016.

I tell people I “specialize” in Toronto, facetiously, since I really, truly do know about 95% of the neighbourhoods.  But I have to.  Based on where the market is, an agent has to know every area, since buyers don’t stick to ONE neighbourhood anymore.  They might target Roncesvalles, but realize they can’t afford it, and then turn to Danforth Village.  What good is an agent if they say, “Oh, darn, I specialize in Roncesvalles.”

As for the listing side, I do believe that some “area experts” have a brand-name that adds value.  I use my colleague Patrick Rocca as an example.  I know, unequivocally, that his name on the “FOR SALE” sign will get more money than John Doe from XYZ Real Estate.  It’s not a question of “if” but rather, “how much?”

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  1. Joe Q. says:

    Now curious to know which Toronto neighbourhoods are in the 5% that you’re *not* familiar with — and why these particular neighbourhoods?

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