Stettler town council is hoping an incentive for local real estate agents will lead to a boom in moving an inventory of available municipal property.
The decision to approve a real estate agent incentive was made at the Dec. 15 regular council meeting.
The proposed change to Policy V-4(c) Marketing of Residential/Commercial Property was written by administration and presented to councillors by Director of Planning and Development Leann Graham, described in the agenda memo as a strategy “To encourage marketing of Town of Stettler lands for residential development.”
The proposed addition to the policy would be referred to as Section 3, and reads, “The incentive remuneration of five per cent of the sale price (excluding GST) will be paid to local agent/realtors who are involved in the transaction upon final payment and closing of a Town of Stettler owned property purchase.”
Graham noted the primary focus of this strategy would be to generate interest among buyers in available town-owned commercial property but also include some residential property.
Coun. Al Campbell stated the town had problems in the past with another incentive similar to this one that ended up in a lawsuit.
Graham responded that she’s worked for the Town of Stettler for 13 years and there hasn’t been such an incentive while she’s been there.
Campbell responded, “That’s because we cancelled it.”
Graham added that while the primary focus is selling commercial property, the ultimate goal is for the taxpayers to reap the rewards of economic development.
“Let’s get them sold and let’s get positive taxation on these (properties),” said Graham.
Graham further noted out-of-town realtors could claim the incentive if they purchase a Town of Stettler business license who would then be asked to partner with a local real estate agency.
Mayor Sean Nolls stated he was happy to see an idea like this come forward and will make the town’s commercial real estate more attractive for local realtors.
“It will be a positive,” he said, referring to the transformation of vacant commercial land into taxable properties.
Councillors approved adding the real estate agent incentive to policy V-4(c). The rules and conditions can be found in their entirety on the Town of Stettler website.
Stu Salkeld, Local Journalism Initiative reporter