Well now there are real issues that we really should fear - they are the potential "invisible monsters" that could well be hiding under the bed of every home in America.
We here about these issues affecting unknowing people every year and shutter at the thought of those poor people actually being us. We read about the devastating results of what happens to people because these issues exist. We see amazing footage of the destruction caused by these issues on TV. And we all have heard about how we should fear those things we can't see that could have a major impact on our health and well-being.
And now for the good and the bad news.
The good news - there are ways to find out about these issues and the bad news - there are ways to find out about these issues.
I am speaking of natural hazards and environmental issues that could exist around and under the improvements that have been built on the real property. The dirt and immediate environment and all that could happen to it over time in special circumstances.
More than just freak incidences of nature these are real issues that have been mapped, recorded and logged publicly.
These issues are in the air, in the dirt, related to a specific location, regional, in the water and generally are realized only when they become the cause of something very bad.
And by that time - it's too late.
In real estate we have chosen now to deal with these issues last - why I'm not sure. Or worse yet, not to deal with them at all.
Remember this classic statement? It's the things that you can't see that will hurt you.
Well in this case - that is very true.
In a real estate industry that is obsessed with "physical inspections" and "tours of properties" we have done a very poor job of providing any detail related to a property that we can't inspect or see early in the transaction. The invisible things that Sellers, Buyers, brokers, agents, appraisers and even inspectors can't see, but are known to others today.
I think unfortunately most real estate professionals really believe, "out of sight, literally means out of mind".
So what do these things - these issues - potentially include? Here's a short list:
- ground water contamination
- soils contamination
- vapor intrusion
- flood plain areas
- leaking storage tanks
- existence of drug labs
- fire danger areas
- proximity to earthquake faults
- areas prone to landslides
- and more
It is very unfortunate that we as an industry we wait for some governmental agency to suggest we disclose these types of dangers in a real estate transaction. And it is even more tragic that when we do it at all it is only done in some States and usually as a last step in the transaction at the closing table.
Look again at the list above and imagine a portion of that critical information about the property buried in the stack of paperwork at the closing office - or worse yet, not disclosed at all.
Then there's this matter how this all relates to our industry's answer to declarating a property to be "green".
In short, it doesn't.
How in the world can we make any such a determination if something is truly "green" if we are unaware of just these types of environmental issues? Leave it to the NAR to have the solution to the problem.
Declare that what the consumer really needs is a "green REALTOR". Yes, you heard it right, a green certified person to evaluate a property and declare it "green".
Right.
No surprise, no where in that program is anything about bringing the disclosure of relevant environmental issues - putting these last things first - in such an evaluation.
In my book the importance of a property having low flush toilets, an EneryStar water heater, and double pane windows takes a back seat to knowing if it is sitting on a Superfund site, an area that is subject to landslides or an earthquake fault.
After all, few REALTORs I know want to be the bearer of potential bad news that could kill the deal. The discovery of the existence of a Superfund site near a home I'm about to buy? A definite deal killer.
But maybe once again I'm guilty of being just way too consumer-centric.
You know there is an awful lot of "noise" in this business about quality service and the measurement of service. The lingering question I have is when are we going to begin to speak to the question of providing a new standard of consumer care as a meaningful part of delivering a higher quality real estate services? That's very different than delivery good service.
It's what you do as a services provider versus how you do it.
In this case it's the transparency and information that we provide that isn't forced on us that creates a new level of care that leaves no consumer unaware and exposed to these issues.
I don't know about you but combined with the professional appraisal and the professional inspection the need for a full understanding of the environmental and natural hazards associated with a property is definitely not an option.
Come on all you real estate professionals out there - refresh your transactions and think about the impact of these real issues and consider making them something you surface first rather than last in your next transaction.
If for no other reason than it is simply a matter of "life and health".
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