Could the City of Sault Ste. Marie spawn more cash from its inventory of surplus property if it allowed real estate professionals in on the action?
The idea is catching on at the Civic Centre, with staff initiating talks with the Sault Ste. Marie Real Estate Board about the possibility of involving professional Realtors in marketing all surplus developable municipal real estate over 400 square metres.
The city used to have a property division comprised of a couple of staffers who had developed expertise in the valuation, buying and selling of property.
Nowadays, that business is handled by the city's lawyers.
City Solicitor Nuala Kenny concedes she and her legal staff have little experience in valuation and even less in selling.
Surplus properties are advertised in the Sault Star for one week, bids are accepted and the highest bid wins unless a lower bid is considered in the city's best interest.
The results are often underwhelming.
Ward 3 Councillor Matthew Shoemaker says the city's lawyers do excellent legal work but they're not Realtors.
"We don't market, we advertise," Kenny agrees.
"That often precludes people from out of town from seeing the advertisement," Shoemaker told last week's meeting of City Council.
On the other hand, a good Realtor knows the community and who needs what, and might well be able to identify and alert other prospective buyers.
According to Shoemaker, getting Realtors involved means potentially more money for the city, as well as supporting local business by providing commissions when deals close.
"It's a win-win for the city and for the local real estate practise," he said.
City Council agreed last week to work with the local real estate association to develop a new policy allowing Realtors to market surplus properties, and to also review the Sault's surplus property bylaw, which Mayor Christian Provenzano says is outdated.
"Real estate folk, it's their livelihood," said Ward 1 Councillor Steve Butland. "They'll work at it, there's no doubt. It's a good private-public partnership."