16 October 2018 ~ 0 Comments

How sold data will be used is the elephant in the room.

Now that sold data will be available for the public to access in Ontario, when and how should this information be used?

The most likely scenario for its use would entail what I playfully have called, N.N. or the nosy neighbour.

The N.N. takes place when a property is up for sale and a public open house is in process. Your friendly, nice neighbour saunters by and innocently knocks on the door and when answered, responds “is there an open house going on today?” They are coy in revealing their identity but an agent worth their salt will soon get it out of them, and that they actually live two doors down or across the street.

I won’t go into too much detail on this topic (see my previous post N.N. Friend or Foe?) but my point is, many of you have played the role of the N.N. at one point or another. Some of you may even make a weekend hobby out of it like others do geocaching. Whatever. Point being, most home owners are curious about what the neighbours are getting for their home, and what their soon to be neighbours have paid. I don’t see anything wrong in that.

Where I see potential real danger is when individuals may rely on this information alone in either justifying or determining what a piece of property may be currently worth. Red flag number one let’s call it. Thousands of dollars could either be lost or someone else’s gain when misinterpreting the data.

Throw in non-licensed Realtors to the mix –  banks, mortgage agents, lawyers, insurance agents etc…who may want to play “realtor” and give opinions on value without any of them ever stepping inside the subject property, let alone comparable properties. Red flag number two.

Distress sale? Divorce? Estate Sale? “I’m only selling if some sucker pays my way above market value price” person? And yes, they all exist. Red flag number three

You see where I’m going with this. Now, some of you might be thinking… all good points but maybe slightly biased coming from a Realtor who is looking to protect his/her livelihood? Well, you’re entitled to your thoughts. All I’m going to say about that is, for those who know and work with me, they are well versed in my intentions, beliefs and principles I live and work by. For those of you who don’t know me, let’s just say it’s not my focus or concern. I consider your thoughts and insights more as a guest, and I really like guests. I’m truly quite hospitable. But they are not my honoured attendees. That is saved for my past clients, friends and family whom I serve. This is where my focus lies.

Keeping in touch with the values going on in your neighbourhood can be a good thing when it comes time to making a move. Privacy issues aside (new rules will be written as we go along I’m certain), Having access to sold information is a good thing.

While I was thinking about this article I was calculating how many properties have I personally physically been in over my career? I peg that number at approximately 18,000 houses and condos. Sometimes, even the same property that has sold two or three times.

I work both sides of the real estate sales business, the listing of homes and the buyer side. I work multiple pockets and neighbourhoods, as well as price points. This gives me incredible insight into the goings on of what is happening in the real estate market. Yet, I still spend countless time networking and masterminding with top minded agents throughout North America. Yes! North America. We don’t live in a bubble, so I don’t operate like I do.

I also spend the equivalent dollar amount of multiple MBA’s on training, coaching and education. I get asked often by those closest to me (and actually some Realtors who spend the bare minimum or nothing on investing in themselves) why I continue to do so? Humbly, I will tell you that I’ve been in the top percentile of my profession for most of the past twenty years. I’m a very active agent consistently year in and year out.

And my reply often goes like this: I invest so that I can be the best version of myself not only yesterday, but today and god willing, tomorrow also. This is to the benefit of the clients I serve. And then a funny thing happens along the way. You have a very active business year in and year out. Funny how that is. But not really.

So even after 22 years of being a full time estate agent, approximately 18,000 properties viewed, six figures plus invested in training, education, networking and coaching, I need to keep the saw sharp so to speak, to stay on top of values. I actually think the public having access will make my job slightly easier when working with Buyer clients. And in a balanced market, even Seller clients should be more informed.

Having access to information and having wisdom or knowledge on a topic, are very different. No threat here to those who are worried. Finally we can move forward with a more educated consumer and that’s always a good thing.




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