This article will be quite different than previous messages due to its content. There seems to be a lot of discord and uncertainty across the state about the future of the real estate profession. When changes are first initiated in the way real estate is practiced, it creates a fear in people, a fear of the unknown. Since we are licensed by the State of Alabama to teach real estate, agents think we have or should have the answer to any given topic of concern. Therefore it is our duty and our responsibility to educate ourselves on political, global, and local affairs affecting our industry. We will never have all the answers to all questions, but our awareness of major situations can position us so that we can provide our students with a direction for them to take to get quality answers to their specific question. One of the things I have learned through the years is that generally things are not nearly as bad as were originally thought.
When approached about something we are not familiar with, we should think it through carefully before responding. If we can't answer their question factually, we should point them to someone who can provide them with factual information. Remember it is acceptable and proper for us to say, "I don't know the answer to your question, but I suggest you contact “fill in the blank” about this situation. Maybe they can help you." The worse thing we can do is provide them with incorrect information.
I get calls every day from agents wanting to know how to handle various situations in a real estate transactions. To manage my own risk, I only tell them what the law says, or I direct them to someone else. Much of the time they have already been searching the internet for an answer. While I read newsletters and special reports every day via the internet, I unfortunately can't honestly determine what is factual and what is gossip. For example, I have read that Zillow is eventually going to eliminate the need for a broker/agent to close a real estate transaction. I personally don't believe that state laws will permit that to happen but that is only my opinion. There is a lot of concern about it nationally so I continue to read so I can stay abreast of arguments on both sides of the issue.
Another major concern that has been developing over the last few years is virtual real estate offices. As I understand, they have already become a reality in Alabama. To educate myself I looked up the definition of virtual, which is defined as almost or nearly as described, but not completely or according to strict definition. "The virtual absence of border controls." It also means, "not physically existing as such but made by software to appear to do so."
Due to the sudden growth of virtual offices in Alabama, I contacted the legal department at the Alabama Real Estate Commission and asked Mandy Lynn for an opinion on virtual offices. She said, "More detailed information would be released in the near future."
This message is not intended to sway your position on any situation, for or against. I do encourage you to make yourself aware of all possible changes that could come about so you'll be prepared when called upon for an answer to a specific question. We need to only disclose factual information.
Respectfully,
James Anderson
2017 President, AREEA
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