Broderick Perkins, in his article on business in today's Sunnyvale Sun,comments on the fact that consumers are woefully unprepared for their first purchase of a property. He compared this lack in today's school systems to sex education in the '50's.
He also quoted statistics from the Consumer Federation of America which say that only 34% of buyers know that the MLS is the best source of real estate information, and only 30% knew that the State regulates the real estate industry. The figures are higher for those who work with an agent or broker, but are still lower than I would expect in this relatively sophisticated area.
The point that seems to be missed here is the fact that Realtors in California are the specialists. We would not expect the school system to prepare the average student to replace an attorney in handling his own legal problems. An experienced real estate broker is trained not only in the practices and principles of real estate, but also in real estate law. We are also required to take continuing education in all aspects of our business, including consumer protection.
When in doubt, hire a professional!
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