ICYMI: Register for our AGM, featuring renowned real estate speaker Rob Hahn

Don’t miss our virtual annual general meeting (AGM) on March 30 – click here to register now!

This free meeting is your chance to get the full picture on one of the most unique years your Board has faced from Chair Colette Gerber and CEO Brad Scott. And while there are no special resolutions for you to vote on this year, we’ve lined up one of North America's most sought after real estate speakers: Rob Hahn.

Who's Rob Hahn?

Rob is the founder and managing partner of 7DS Associates, a consulting firm specializing in creative solutions rooted in strategic analysis and data for the real estate industry. They cover corporate strategy, technology strategy, product development, marketing and communications, training and coaching, corporate finance, and more.

Rob’s presentation will look at life after the pandemic. Last year was a year of change, and the way the world adapted coincided with major developments in the real estate industry. Rob will discuss some of the biggest changes happening in the US and the likelihood that they’ll make their way to Canada, including:

• Tech adoption and its impact: teams, brokerages, iBuyers, oh my!
• Cooperation and compensation under attack.
• Asset bubble inflating?

Don’t miss Rob’s presentation – register for our free AGM today!

See more of Rob’s work

Read Rob’s popular blog, the Notorious ROB, where he opines on topics in real estate, technology, marketing, and strategy. You’ll also find his work at Inman.

Check out Rob’s presentation at the MLS® Executives Workshop from 2019 below:

Take our COVID safety challenge and #ShowHowYouShow

As REALTORS®, keeping the public’s trust during the COVID-19 pandemic is paramount. You do this every day by adhering to public health orders while conducting your business.

We want you to show the public that the Realtor community is making the safety of the public and colleagues a top priority. Participate in our #ShowHowYouShow challenge by:

1. Posting a picture or video that shows how you’re keeping your clients safe and following the safety protocols.
2. Using the hashtag #ShowHowYouShow when you post your picture or video.
3. Tagging five of your colleagues and us (@REBGV for Facebook and Twitter, and @RealEstateBoardOfGV on Instagram).

Watch REBGV Chair Colette Gerber’s video below for some inspiration:

View this post on Instagram

A post shared by REBGV (@realestateboardofgv)

Let’s get #ShowHowYouShow trending with lots of positive posts about how you’re doing your part to follow the rules and limit the spread of COVID-19!

Latest Paragon updates include new access for tools and integrations

Paragon received a software update this week. Here’s a summary of the new features and enhancements you’ll see the next time you log into Paragon:

Accessing integrations and tools

Paragon has eliminated the row of chicklets in the listing results grid where you’d access tools and integrations (like myCondoPlans, tax search, history, etc…) and replaced it with a single plug icon. Clicking on the icon beside each individual listing will open a menu showing all the tools and integrations available for that listing.

The plug icon also appears in the top menu bar as ‘Actions’. You’d use this to access tools and integrations when you have several listings selected in the grid view.

Immediately to the right of the plug icon in the menu bar is a new ‘More’ option, where you’ll find the overflow of tools that don’t fit in the menu bar.

Listing maintenance upgrades

You can now add and maintain photos, open houses, tours, documents, and videos when adding a new listing without having to save it first. Selecting any of these actions will automatically save your data as a partial listing. Previously, you had to save your listing first to access those additional options.

You can also add new listings more easily using the new ‘Add’ button in the listing toolbar.

Updating expiring notifications sorting saved searches by date modified

The expiring notifications dialog window has been enhanced to include the contact name and the last accessed and last notified dates. You can also enable, disable, or extend the notifications for another year with a single click.

Note that when a search is extended, Paragon will run the search against current prospecting restrictions and return the usual error message if any criteria in the search is now prohibited.

Also, a new modified date column has been added to the results grid in your saved property searches. The grid can be sorted by the modified date by clicking on the column header to help you keep track of which searches you've made recent changes to.

Need help? Call our Help Desk at 604-730-3020 or email support@rebgv.org.

Low inventory, limited access, frantic buyers, and frequent offers

There’s a lot going on out there. Most would say this is positive. Who’d have thought we’d have a 2016 market in the middle of a COVID crisis? Certainly not me. If anything, this market seems wilder than the last one with even lower levels of inventory and even more frenzied buyer interest.

Now, I’m beginning to think anything could happen. And while “anything” can describe good and bad, easy and tough, today we’re going to focus on some of the harsher aspects this market is producing, and offer solutions as to what to do about them.

With the good comes the tough. What’s good is rarely easy, so when the market is good, even frenzied, there are going to be members and their clients who don’t see it that way.

It’s better when markets are balanced. When they’re not, as is the case now, one side is distinctly disadvantaged. If the situation continues for long enough, it isn’t long before the Board is asked to do something about it. A good clause, a suitable form or a new rule usually fixes things, right? Or do they?

There are always unintended consequences to creating a rule or changing a policy, especially in the face of an unprecedented situation like today. Frankly, I don’t think there’s a clause, a form or a rule that can concurrently take on low inventory, a high virus count, and a market imbalance. What can be done to, at least, mitigate the worst of it?

I’ve had some really helpful conversations with members about this. I also know there’ve been many conversations between members as to potential solutions. Since the Board shouldn’t create rules to give advantage to buyers and their agents over sellers and their clients, there’s a need for balance.

Sometimes, balance makes everyone unhappy, as is the case now. I can’t think of another time when everything was so topsy-turvy. This isn’t the first time we’ve seen low inventory and high buyer interest. What we haven’t seen is extremely low inventory, record-high buyer interest and a pandemic, all rolled into one. We have sellers who only want their property shown enough to get the job done and buyers who, quite rightfully, think they should actually be able to see a place before they make an offer. The nerve of buyers these days. We also have Dr. Henry telling us to limit showings while maintaining physical distancing. And, we have Father Time telling us there’s only so much time during the winter daylight hours to get a bunch of buyers into the (in everything but name) open house.

What’s a person to do? If you’re a seller (or tenant), you don’t want a herd of potentially virus-infected buyers in your home. If you’re the seller’s agent, you want to show the property. But, with all the restrictions you have only a two-to-four-hour weekend window in which to do it.

If appointment-only showings are scheduled 20 minutes apart and if everyone is on time (a big if) then, during a three-hour window at the property, you’d get nine buyers through. If there’s 20, or 30 or even 50 interested parties, what do you do? You could say, I suppose, “It’s not my problem. We’ve had enough buyers through to generate eight offers, so leave me alone.”

If you’re one of the many buyers and agents who phoned for an appointment, only to find all the showing slots booked, you’re thinking, “WTH? The listing is on MLS®. My buyer is interested. I should be able to get them in there.” Except, the Board suspended the showing requirement last March in the face of Health BC edicts that sellers (and tenants) should be able to limit who gets into their home during the pandemic. If this rule were re-established, there’d be a posse of sellers banging on our door, including the inestimable Dr. Henry, claiming the Board and its members are thumbing their noses at COVID rules. If we leave it in place, there’s a posse of buyers and their agents banging on our door demanding to get better access.

This time, a magic rule/form/clause isn’t going to fix things, at least, as far as I can tell. The market is going to have to calm down before we see the situation get better on all sides.

I have suggestions. Since I’m not out there with you, if I’ve missed something, let me know and I’ll add your suggestions to future columns.

General:

1. Stay calm and encourage the use of common sense.
2. Educate your buyers and sellers on what to expect in this market.
3. Meet, to the letter, provincial COVID health and safety rules.
4. Walk a mile in your colleagues’ shoes, shoes that will be on your feet sometime soon.
5. Communicate early and often and tell the truth. Don’t sugar-coat which gives rise to unrealistic expectations.

Specific:

1. As one long-time member says, “if you don’t have enough time to get all the buyers through the property during the showing window, hire colleagues to have the place available for showings when you can’t be there.”
2. Put that shoe on the other foot if you’re a buyer’s agent and you can’t be in four places at once, meaning if your buyers want to see a place when you can’t be there, consider asking a colleague in your office to help you by attending at buyer showings.
3. When you list a property, fill in every single field of information on the data input sheet, even the optional ones. Get a floor plan drawn up and have really good pictures taken. Post the title search and strata docs as associated documents right away.
4. If you have a listing, consider making it as easy as possible for a buyer who hasn’t yet seen it (or who may not ever be able to see it) to know what the place is all about. Use Matterport and YouTube video walkthroughs. Imagine being a buyer’s agent in this situation: you know who owns the place, what’s on title, (what the strata rules/regs and financials are all about if applicable). You know the floor plan and room sizes; you’ve read the R/Remark and you’ve seen the pictures. And, you don’t have a lot of questions because everything known about the property is either shown or disclosed on the PDS form.
5. If you’re a seller’s agent, why not harness Rule 4.02’s Direction Regarding Presentation of Offers form while giving every interested buyer the opportunity to see the place virtually, with lots of time to write an offer for presentation a few days later? You could, I suppose with robust seller instructions noted on the listing’s Schedule A and the R/Remarks, ask your buyer agent colleagues to review the listing information, pictures, tours and documents first and then encourage them to write an offer subject to viewing. If you’re the buyer’s agent you’d have a shot at getting the place for your buyer after, of course, you educated them as to what to expect.

I wish you all the very best. We understand the frustration everyone is feeling. Hang in there, everything in life is temporary.

The Cullen Commission, the Land Owner Transparency Registry, and more 

BCREA and the Cullen Commission 

The BC Real Estate Association made a presentation to the Cullen Commission of Inquiry into Money Laundering in BC on behalf of the profession last week.

Read more.  

The Land Ownership Transparency Registry – what you need to know 

To help you understand the complexities of the Land Ownership Transparency Registry, we invited real estate lawyer Bijan Ahmadian to offer expertise and insights. Here’s what we learned.

Read more.  

Update on the managing broker project 

The Office of the Superintendent of Real Estate, Council, and the Ministry of Finance have been reviewing the role of managing brokers and recently proposed regulatory changes.

Read more.  

Superintendent wants feedback on real estate teams

The Office of the Superintendent of Real Estate and Council want to hear from REALTORS® about the regulation of real estate teams. The deadline is April 2, 2021.

Read more. 

Municipal updates

What’s going on in your community? We've summarized notable recent highlights from municipalities across the Board area.

Read more.  

Zoom etiquette tips for your PDP courses

As we approach the one-year anniversary of halting our in-person classes due to COVID-19, most members have now had some experience completing a PDP course through Zoom. Many of you have told us that it’s been a positive experience, and that you’ve enjoyed being able to learn from the comfort of your home.

We’ve also had comments about how you’re able to make better use of your time with no commute. Most REALTORS® have adapted to delivering many of their services to clients virtually, using technologies like Zoom, FaceTime, and Facebook Live.

Webcams and microphones are now regarded as essential tools of the trade. How you present yourself virtually to your clients and colleagues is every bit as important as how you present yourself in person.

Just like an in-person PDP class, a Zoom class can be a great way to network and make a professional impression on your peers.

Here are a few tips to set yourself up for success during Zoom PDP classes.

Basic etiquette tips

• Remember that you’re representing your brand. You’ll be interacting with your colleagues, so dressing in reasonably professional attire is appropriate.
• Be prepared to have your webcam on during the course. The instructor and moderator will expect this of you to make the course as engaging as possible. If you don't have a webcam, please either get one before the course or use a second device with a camera, like a smartphone, tablet, or iPad. We’ve produced a handy guide if you need help.
• Ensure you have a quiet space. Remember that other participants will be able to see whatever is in your background throughout the course.
• Please mute your microphone unless you're asked to unmute. The instructor will give guidance at the start of the class, and the moderator can assist you if necessary.

Pro tips

• For best results, use two screens. This allows you to follow the presentation on one screen, while referring to the course workbook on the other. Alternatively, use your laptop for the presentation and download the workbook to your iPad or tablet.
• Use speakers or earphones to hear the instructor clearly. If you’re in a shared space, noise-cancelling earphones work best.
• Make sure you’re comfortable. A desk with good lighting is best for taking notes.
• Don’t multi-task. Each course has regular breaks to allow you to answer emails and calls. Almost all the instructors are busy too, so set expectations with your clients and let them know you’re in a class that day.

For more pro tips on presenting yourself well online, review this recent PDF presentation by REBGV member John Kemp.