Consumer Tips For Real Estate • 21 May 2021

Unrepresented is no Party…

by CENTURY 21 Assurance Realty Ltd.

Did you know that Real Estate Agents in British Columbia are held to the highest standard of conduct under the law in all of North America?

Well, now you know. But what does this mean?

Real Estate Agents in B.C. are fiduciaries. Or, as Miriam Webster explains, “of, relating to, or involving a confidence or trust: such as held or founded in trust or confidence”. It’s a legal and binding relationship similar to Lawyers and Doctors.

In real estate, the relationship is called Agency or a Client Relationship. When it comes to real estate trading, the act of buying and selling real estate, the rules in B.C. stipulate there are only two types of consumers; clients and non-clients. Consumers in BC must choose. Non-clients or “unrepresented parties” are those individuals or entities who do not have an agency relationship with a licensed agent. Non-clients do not have the protection of a fiduciary relationship. They are not owed any special legal duties. Other than their whits, they have no special legal protection under the law. Clients engaged in an agency relationship with a Real Estate Agent in B.C. are entitled to the following special legal duties.

Loyalty – They will act only in the best interests of their client.

Full disclosure – They must share everything they know that may influence a client’s decision in a transaction.

Avoid conflicts of interest – An agent must avoid any situation that would affect their duty to act in their client’s best interest. For example, when working for a seller as a listing agent, it is a conflict for the listing agent to give agency to a buyer.

Confidentiality – An agent must not reveal private information without the client’s permission. This duty extends after the client relationship ends. The duty of privacy includes, but is not limited to, a client’s reasons for buying or selling, their minimum or maximum price, and or any preferred terms or conditions they may want in a contract.

All agents in B.C. are obliged to act honestly and with reasonable care and skill with clients and non-clients. At the same time, buying and selling real estate is a complex venture, and there is no doubt that a skilled agent working closely with a client under these rules is an ideal match for success.

At CENTURY 21 Assurance Realty Ltd, our agents are trained as fiduciaries to the highest standard and looking forward to helping clients navigate the complex and competitive market.

What’s the Matter… Port?

by CENTURY 21 Assurance Realty Ltd.

3D Virtual Tour – The New Standard for Home Marketing and Sales

In 2008, CENTURY 21 Assurance Realty Ltd. pioneered high definition(HD) photography for home sales in the Central Okanagan. At that time, the MLS^® System allowed just eight photographs in an online listing. Agents would add extra photos to their listings on their personal websites to give interested buyers a more fulsome view. Even so, buyers were often left in the dark about the home’s layout, site lines from each room, and overall feel.

By 2012, the MLS^® system allowed up to 20 photos, and today, Realtor.ca allows 50. Excellent progress for sure. Yet, static photos do not tell the entire story.

In 2018, CENTURY 21 Assurance Realty Ltd pioneered the adoption of the Matterport 3D system across all of its listings. All new listings; every listing when the seller or tenant allows. No other National Brand can make this claim in the Central Okanagan.

Our Matterpoprt camera shoots 360° scans of the home and stitches them together into a seamless online walk-thru. Prospective purchasers can “walk” from room to room, turn corners, look up, down, and even views through windows/patio doors.

More exposure equals more $$$ for our sellers.

With the average onsite viewing lasting less than 15 minutes (source: NAR 2016), buyers can refresh their memory and excitement of a property after the confusion of a rushed showing.

On Realtor.ca, the 3D Matterport software window shows up on the first page. Our clients’ listings look full and detailed. Buyers are reported to spend more time viewing listings that have a 3D Virtual Tour. 74% of agents using Matterport win more listings and 95% of people are more likely to call about properties with 3D Virtual Tours (source: Matterport)

3D Virtual Tour software also allows buyers to visualize the layout of the home better.

We know from our statistical tracking that buyers often upload our HD photos and 3D Virtual Tour software during negotiations.

In certain price ranges, more than 50% of buyers do not live in the Central Okanagan, and homes are often purchased without a viewing. Does this give our sellers an edge in negotiations? I think it does.