Today’s Changed Ways of the Real Estate Market

Throughout this pandemic the real estate buying and sales process has tremendously changed. Brokerages and agents were forced to rapidly adapt to drastically different environments in order to maintain the well-being of all stakeholders while ensuring the success of their business. Despite the challenges, real estate brokerages and agents pushed and evolved their business for the better. Here are a few ways how:

PAPERLESS BROKERAGES

If your brokerage isn’t paperless by now, it’s time to seriously consider making a switch. Ensure the brokerage you partner with uses industry leading technology that allows you to close your deals fast by keeping in touch with you, sharing property details, completing
valuations and conducting transactions electronically.

VIRTUAL SHOWINGS

It’s become the new norm that virtual showings are encouraged prior to in-person showings. In-person showings are now reserved for “serious” buyers only, giving the sellers extra intel on buyer interest.

COVID-19 SCREENING DISCLOSURES

Prior to in-person showings buyers must sign a disclosure agreement usually outlining that personal protective gear is required, and that only individuals contributing to the purchase are permitted to enter the property. Some sellers take it a step further and ensure to leave all the lights on, doors open, and restrict visitors from using the washrooms.

PERSONAL PROTECTIVE EQUIPMENT FOR SHOWINGS

No longer a surprise, buyers are expected to wear a mask and in some cases, gloves when entering the property of interest. Hand sanitizer is a must. 

VIRTUAL OFFER PRESENTATIONS

These days offer presentations tend to take place virtually. The lack of face-to-face interaction has definitely impacted the pressure both the buyer and seller feel during the process, inevitably making it easier to walk away from a deal.

SAFTEY CLAUSES IN AGREEMENTS

Including clauses pertaining to closing date extensions in case of any COVID-19 related delays has now become the standard. It’s in everyone’s best interest to include protection clauses as such in their agreements. If you are not already doing this, you are definitely behind in the game.

ELECTRONIC AGREEMENT SIGNINGS

Making the process a little less intense, but definitely more convenient, is electronic signings available through Authentisign or Docusign. This is convenient for all parties, but again, makes it a lot easier to walk away from a deal as a result of less pressure being applied from the lack of face-to-face interaction.

While we don’t know how long this global crisis will last, it is bound to change the landscape of real estate and how things are done for years to come. Royal LePage Realty Plus Toronto Brokerage has and will continue to offer the industries most advanced virtual technologies to ensure real estate agent businesses are taken care of always, but especially during this challenging time.