Should Agents Talk About the $8,000 Tax Credit?

By
Real Estate Agent with BHHS Homesale Realty RS221729L, 532943

Show of hands: How many folks reading this feel that real estate agents should understand the current First-Time Home Buyer Tax Credit well enough to explain the basics to others? OK, how many believe that agents ought to simply tell customers and clients to consult a tax expert?

Our branch manager tells us to hand out the less-than-hard-hitting corporate flyer on this subject and deflect any and all questions by referring people to their tax advisor. This IS prudent advice from a branch manager, I think--you know, focus on showing and selling houses, don't cause people to rely on you for things outside your core of expertise, and so on.

But, aren't we in the homeownership business? Shouldn't we know something about topics directly related to our role as trusted advisors to our clients--something beyond the headlines? Or, are we doing clients a disservice, and opening ourselves to liability, if we attempt to provide information on anything except the homebuying process? What do you think?

For those who want something to pass along, here are two possibilities:

NAR's presentation on the $8,000 tax credit

NAHB's site - FederalHousingTaxCredit.com 

Posted by

Peter Gibaud Team

Lancaster PA office

717 393-0100 x9849

Chambersburg PA office

717 267-3222 x229 

peter@GoGibaud.com

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Location:
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Groups:
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Long & Foster Agent Lounge
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Tags:
tax credit
firsttime home buyer
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Show All Comments
Rainmaker
18,895
Khash Saghafi
Proficio Mortgage Venture, LLC - Cleveland, OH
Mortgage Loan Officer, Cleveland Ohio

Hey Peter & Tammy, this is a great post because, in my humble opinion, it asks a deeper question -- should agents know those factors which could affect their business?  I believe that the answer is a resounding YES!  I am not an appraiser, but I am constantly studying appraisal guidelines and why they do what they do.  I speak about the homebuyer tax credit to every single buyer, but I am not a CPA.  I always tell them to consult with their CPA and when they tell me that they do their own taxes, I tell them to go get an accountant; nonetheless, I do believe that agents should be knowledgable and 'generally' informative on this topic.  Great post!!!

Mar 20, 2009 09:08 PM #1
Rainmaker
267,786
BethAnn Long
RE/MAX Inland Empire - Spokane, WA
Realtor, CRS, e-PRO, Spokane Wa Real Estate

I think a good basic understanding is important, but I consider myself the source of the source.

Therefore, your brokers take on this is prudent and wise. Thank you for the links!

Mar 20, 2009 09:09 PM #2
Rainer
207,212
Shane OnullGorman
Eau Claire Realty, Inc. - Eau Claire, WI
Eau Claire Wisconsin, Real Estate Agent & Realtor- Buy or Sell

I put up a page about it on my website and it gets hundreds of views. If you search for any of the key words involved I rank in all the top spots for it in my area. I have the NAR pamphlets available and it says specifically to consult a tax expert. You can make the info available and still provide service as well as tell them where to go. Otherwise they are standing there looking at you like you must be some kind of dummy for not knowing about it.

Mar 20, 2009 09:09 PM #3
Rainmaker
314,070
Michael Russell
Keller Williams Realty Partners, Inc. - Overland Park, KS
Overland Park Kansas Real Estate

it is not hard to understanf the basics of the tax credit. Every agent should be capable of talking about this.

Mar 20, 2009 09:19 PM #4
Rainer
51,006
Omega Omega
Omega - Glendale, CA

Hey Peter and Tammy - I'm sure your branch manager has good intentions but uhhhhhh, that's why you and others are the clients "trusted advisor."  The issue....as far as I can see is not for you to discuss the tax consequence, etc. but to make sure YOUR CLIENTS are empowered.

Just my 2 cents.

Best wishes!!!!

Cheers

Mar 20, 2009 09:21 PM #5
Rainmaker
727,502
Chuck Carstensen
RE/MAX Results - Elk River, MN
Minnesota Real Estate Expert

I think we should tell them.  But I am okay with telling them to check with their tax advisor on it too.

Mar 20, 2009 09:43 PM #6
Rainer
36,487
Donald Wenner
Keller Williams Maplewood Mid-Town Direct - Florham Park, NJ

Thanks for that link.  That is great information.

DW

Mar 20, 2009 09:54 PM #7
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Rainmaker
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Peter Gibaud Team

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