RELIT? Real Estate Literacy. This is a subject that we as real estate professionals should dig into in a much more serious way. Why? The need for Real Estate - or a home - is the one thing all 8 billion of us on this planet have in common. And for the vast majority of us, the cost of a home, whether renting or owning, is the single largest consistent expense we face. THAT'S how important real estate literacy is.
While we may assume that the vast majority of wealthier people who can afford to buy a home are real estate literate, I'm consistently confounded by how ILLITERATE they are on this subject. Obviously, there is no need for the consumer to be a specialist and have the vast knowledge and expertise we as agents share: we don't go to medical school for years either.....we rely on professionals. However, there are FIVE basics that escape far too large an audience, and this lack of knowledge is being manipulated by those who seek profit. Here are FIVE common real estate literacy themes that urgently require our action:
Consumers should understand that real estate is far more complicated than some wish to lead them to believe. Navigating the complexities of buying and selling, timing, improvements, positioning, etc are complex and differ on a case-by-case basis. An informed insightful professional can make all the difference. No, real estate is not brain surgery, but too often its complexity is under-stated. Dr. Google is a dangerous place for medical self-diagnosis: so too is it - and many other entities - for do-it-yourself or discounted real estate advisory. There is way too much confusing, irrelevant, and inaccurate information out there. Technology can help dramatically, but just like a doctor stares at a screen these days as tech aids them in their role, so too will technology aid the role we play in the real estate sphere, not replace us.
I really, really don't want a computer or 'discount doctor' to tell me what medications to take....do you?