Dear clients, friends and colleagues,
We truly hope you and your families are well and safe.
In light of the latest instructions from the provincial government, the OACIQ has instructed Real Estate Brokers to halt all in-person interactions until April 13th. This means there will be no visits, no face-to-face meetings, no photography and or videography sessions, no inspections and only urgent, priority notary signings under strict distancing and hygiene conditions.
What this means for ongoing transactions:
For promises to purchase and lease that have been accepted but whose conditions have not yet been fulfilled, additional delays will be put in place for the conditions relating to inspections and visits of the premises as well as the signature of the act of sale and/or the date of occupancy of the premises. We will make sure the right provisions are set forth to protect you and the transaction for when activities can be resumed.
For conditions which do not require in-person interaction, we continue to work on your behalf making use of the latest technology available to do so remotely.
Our entire team is active and in close contact with our clients, colleagues and connected professionals such as notaries and mortgage brokers via video conference, email, phone and text.
What this means for properties currently listed:
We are making all efforts to find solutions outside the box during this time to help in the pre-qualification process and hold off physical visits until they can be resumed. Until access to the properties we represent is restored so we can shoot professional virtual tours, we have asked the occupants to shoot a video tour with the tools available to them, we have already secured a few transactions this way. -- On the bright side, this will weed out less qualified buyers and leave us with high quality inquiries.
You are considering putting your property in the market, should you wait?
Without access to the marketing tools that we know will set your property up for success such as professional photos and videos, your property will not have the optimal visibility that could yield the highest price and best conditions. Our recommendation is therefore to wait until we can do a proper evaluation, produce top quality marketing material and allow qualified leads to visit your property.
This doesn't mean we can't start working together in preparation for the sale of your property. Here are a number of things we can do together in the meantime:
- We can work on evaluating your property remotely.
- We can help you gather the documents necessary for the sale.
- We can get started on the paperwork so that we are ready to go on day one when it is safe to resume operations.
- We can help you determine what maintenance items, touch ups, decluttering and decor will help your property shine.
- You can take advantage of this forced pause to take care of the items we judge pertinent.
However, if you have an urgent need to get your home in the market, we will put in place the best strategy possible to yield the results you need. We do have a pool of qualified buyers waiting in the sidelines and there is the possibility that a transaction can be worked out under the best conditions for both parties.
You are actively looking for a property to purchase or rent. What can you do?
New listings are still entering the market. There are a number of options presented to you:
- We can organize a virtual visit of the property that most interests you.
- We can gather all documents and information necessary to help you get a clear picture of the condition and characteristics of the property while we wait for a physical visit.
- We can help you prepare a promise to purchase or lease remotely, via our electronic signature platform, conditional to a visit of the property to your satisfaction after April 13 2020.
Will the Real Estate market crash because of this crisis?
We cannot predict the future, but we can look back for some clues. Prices have not fallen after previous crises in the past two decades; there was sustained growth after 9/11 as well as the 2008 stock market crash. Considering the market conditions before the COVID-19 pandemic (high demand and low inventory), we anticipate a very active market once the floodgates reopen.
We are actively working with our buyers and sellers through all mediums available to ensure that you are set up for success when it is deemed safe to resume normal activities. We will be ready to go on day one!
The COVID-19 situation is constantly evolving and we will continue to adapt based on the latest developments. As we learn more, we are committed to continuing to provide a reassuring experience for you.
We sincerely thank you for your trust. We are here to serve you, to help you navigate these ever changing situation and to ensure that you remain secure throughout the process.
Ana, Daniel, Désirée, Liam, Marie and Louise.