Newsletter

The New Normal – No Open Houses!

Last month I touched upon the ways we have shifted our marketing and sales activities to ensure the safety of all while meeting the needs of our clients. As I write this, it seems that the Vancouver market is still strong in most categories, with an even more limited supply of new listings available.

All agencies have adopted some form of waiver for both sellers and buyers to acknowledge risks, with showings being done on a very limited basis and virtual tours, facebook live open houses and technology such as 3-D matterport tours available for the buyers to really screen the property before booking a showing.

Now more than ever, a well structured plan for marketing a property is required, along with clear timelines and the understanding that the pace of the market has not really changed, the average days on market for most Vancouver Condo’s in the past month has still been under 20.

As a buyer, be prepared with your pre-approval updated, especially if your job situation changed in the past 60 days. Also be prepared to conduct the majority of your due diligence ahead of being able to view the property.

So, what is the new normal for Vancouver Real Estate? Bring and wear your own mask for showings, let your agent know if you do not have one so it can be provided to you ahead of time. Ask the Listing agent to open any cupboard doors, and be respectful of items in the home.

Be aware that showing times will be limited and be on time for your appointments. Be aware that until further notice, tenanted properties will have limited flexibility for access and if considering a home with a tenant in place, be prepared to assume that tenancy, as the prohibition on giving a tenant notice for Owner Occupancy will probably continue for at least another few months after the Emergency Order is lifted.

So there you go, this is the new normal…..any questions please reach out. I love hearing from you.

Paradigm Shifts in Marketing Property

Who could have imagined the world could change so much in 30 days?   As we all make adjustments to how we plan our days, from strategic shopping trips to becoming proficient with new technology, one thing is certain, where there is a will there is a way.  

We closed the Oakwyn Offices on March 13th and have all been working from home.  The Government declared Real Estate an essential service, as many of my colleagues have cautiously needed to keep working.

I am grateful I did not have any clients between a selling and buying transaction, who may have been possibly homeless.  There are still a trickle of transactions happening and as yet no noticeable shifts in pricing, although as job losses mount and the credit situation gets tighter it could be a very different market come summer.

Necessity is the mother of invention, so although not a new concept, more and more homes are being shown through video tours, matterport (3D guided tour) and virtual showings, with many agents saying they will keep working this way in the future. Could the days of 20 pairs of shoes at the front door of a busy weekend open house be a thing of the past?  

Now only fully qualified and pre-screened buyers are getting appointments to view homes, with a requirement to sign waivers, agreeing to wear masks and not touch anything.  Having already virtually decided on the property, viewing the property is often now a subject in an offer. This makes for a slowed down process that puts safety first and separates the serious from the speculative.  In my books this is a win-win for everyone.

Feel free to call me for a market update anytime.

Realtors Declared an Essential Service

The provincial government announced on March 26 that real estate agents are considered an essential service in BC, alongside measures to centralize our healthcare response, ban the secondary resale of essential goods, and secure supply lines for British Columbians. 

Other real estate-related essential services include: 

Land registration services 
Construction work 
Professional services, including lawyers and accountants 
Insurance services 
Building code enforcers and inspectors 
Read the full announcement. 

What does it mean to be an essential service? 
Being an essential service doesn’t mean business as usual.  

The recognition grants REALTORS® the privilege to continue to practice real estate in a socially responsible manner in strict adherence to the provincial health office’s orders.  

These orders are changing often. Realtors, together with their clients, have an obligation to know and follow them.

For example, the provincial  provincial housing minister announced  on March 25 that, while the provincial emergency order is in place, landlords aren’t permitted to enter a tenant’s rental space (for showings, routine maintenance etc.) without the tenant’s consent. Exceptions were given to protect health and safety or to prevent undue damage to the unit. The Residential Tenancy Branch will soon provide more instructions on these changes.

The provincial government has empowered municipal bylaw officers to enforce the provincial health office’s orders related to the COVID-19 pandemic. The City of Vancouver will start fining residents and businesses who aren’t following physical distancing practices. 

“These are uncertain times. Should you need to, contact your local Realtor to discuss how to responsibly achieve your housing and shelter needs amid today’s public health emergency,” Ashley Smith, president of the Real Estate Board of Greater Vancouver said.

Your Realtor can discuss alternative approaches to in-person interactions, such as virtual showings and other technology-based solutions.