As of late, we in Woodstock have started to notice a familiar trend. We have consistently witnessed Real Estate Agents from out of town listing and selling properties in Woodstock. In relation to our brokerage, Out of Town agents have often done more monthly business than some of our local competitors. Inserting themselves as our direct competition.
While this can certainly be frustrating for us local Realtors that pride ourselves on being experts within the Oxford County market, I would just like to discuss why, in a rational sence, it is not a trend that we want to encourange or maintain.
First, and foremost, the lack of market knowledge is apparent when agents from other cities (markets) enter Woodstock. Just as I would not be able to accurately tell you the price of a 3 bedroom ranch in Toronto, they are unable to do so here.
We have seen homes listed or sold for values that they should never have been, therefore indicating that somebody within the transaction did not receive an adequate value for what they purchased or sold within the Woodstock Real Estate market. Perhaps in comparison to the market they are moving from (Toronto, Kitchener, etc) they believe that they have received a fair market value but in reality, if they knew that they had overpaid/underpriced, they may not feel the same. With that being said, they will more than likely not find this out until they wish to relocate in the future.
Secondly, from an economic sense we are essentially sending money out of our city by using out of town services. Rather than utilizing a local service that is in a position to reciprocate, many are using those from other cities that will more than likely never buy anything more than a coffee in Woodstock. This doesn't just go for Real Estate, it is a trend that continues all the time within many different markets. Whether it be where your car is produced or where your food is grown there are many glaring examples of the trend.
There are countless of other examples of why you should use a local Realtor ranging from on the spot client care to our market specific connections that will get your house sold fast.
For out of town Realtors that may be reading this posting.... Do the right thing for the client, refer the business to those in a better position to help them!