Last week, the Ontario Real Estate Association (OREA) along with the Toronto Real Estate Board (TREB) urged all realtors to stop all in-person showings and open houses, said Mavi.
“At the Brampton Real Estate Board, we follow suite with that call and are highly recommending to our members that they do not do in person showings,” said Mavi. “Our business has changed significantly in the past few years with the implementation of electronic signature now in place, and as such, much of our business can utilize current technology to drastically reduce the need for face-to-face interactions.”
If someone needs to buy a new home, Singh said they are arranging “virtual tours” where agents can provide a FaceTime tour, or realtors can take prospective buyers through a home one at a time, wearing personal protective equipment and sanitizing to reduce the risk of infection.
“If a prospective seller’s circumstances require them to sell their home at this particular time, they need to have a conversation with their agent regarding the implementation of different marketing strategies to minimize face-to-face meetings and showings by using technologies such as 3D tours, virtual tours, floor plans, HD photos, and even FaceTime,” said Mavi.
Mavi said people are playing wait-and-see at this time, and they hope to know more a few weeks from now. Unfortunately, Mavi said, people are hesitant during this unprecedented event, and not everyone is comfortable leaving their homes to view properties at this time.
Once the sales numbers are out for March, Mavi said they will have a better picture of what’s happening in the real estate market.
The disruption to the real estate market will likely last six to eight weeks more, said Singh.
“(The market) will eventually bounce back,” said Singh, and there will be more inventory and buyers when the pandemic is over.
“I don’t think it will go back to the way it was before,” said Singh.
“I don’t personally believe anybody has seen a pandemic situation like this before in the way that it applies to everyone and every industry,” said Mavi. “What is unique about this situation is that it’s a unifying event, and one that we are all facing together. We shall come out of this together, when it is resolved.”
“I know these are uncertain times,” said Singh. “People are scared. Just hang in there.”
Disclaimer: These poll results are not scientific. They are the informal findings of a survey presented to the readers of The Mississauga News and the Brampton Guardian and reflect the opinions of those readers who have chosen to participate. The survey is available online to anyone who is interested in taking it.
