Pospischil Realty Group leads the way with new easy No-Touch Virtual Platform to sell your home
- Meet us online for market update and evaluation
- Drop your keys at our clean PRG Office Drop Box
- No-Touch Staging of your home (so it shows perfectly)
- Virtual Marketing (drone video, pro photos, virtual tour, dynamic modelling, social media build up)
- Live Stream Broadcast property
- Private Covid-safe no-touch showings/inspections (masks, gloves, one family/inspector at a time)
- Online multiple offer presentation while you relax at home
- Your home is sold!
Real estate services have been deemed an essential service by our provincial government. While we understand the world is working its way through a pandemic unlike anything we have seen before, we also understand that real estate services are essential for many people wishing to sell or buy a home. Our services are still required for many of you wishing to take advantage of our currently active market, or perhaps you have sold your home and wish to buy a home to live in, or you want to protect yourselves financially should this pandemic continue for longer than we expect. Whatever your reasons, we are here to help you through this in a safe and effective manner. Our team has been working tirelessly over the past 14 days to put together a platform that keeps you and your neighbours safe while delivering the same outstanding results. We are proud to launch this new platform and excited at the great results it is getting for our clients. So, in order to provide the same level of service and results to our clients in this new environment we have rolled the PRG Virtual Platform.
Step 1: Meet us online for market update and evaluation
We actually find people who have worked with us past and present are preferring this comfort of being in their own home while we walk step by step through all of the information and data pertaining to the value and sale of their property.
Step 2: Drop Keys at our Drop Box
Outside our office any time day or night, you can walk up to our drop box and leave your keys for us to gain access to your unit, it is a simple no contact method for us to have the access we need.
Step 3: No- Touch Staging
- Arrange for a time to come and view the home (when no one is home)
- Make a list of required home preparation and staging that is required to make the home show its best.? This includes items we will cover and some items that you will need to do prior to photos.
- Coordinate a schedule to complete?
- all preparation and staging tasks (interior and exterior)
- Measuremaster to visit for floor plans
- any on-site repairs, removal of items, rubbish removal
- professional photos with Listings Manager?
Step 4: Virtual Marketing
Our online virtual marketing plan is second to none in the industry and utilizes all the latest in technology to market your home to the absolute largest sample of buyers and Realtors possible in an efficient and effective manner.??
Even though this plan is predominantly virtual, there are still hard copy marketing pieces and marketing steps that we have kept due their effectiveness even in the new market we are working in.? I will break the marketing plan into four sections.? First the Hard Copy Marketing and secondly the Virtual Marketing, then Private Showings, then Backoffice Offers.
- Drone Flights
- Social Posts
- Online Advertisements
- 3D Models
- Animated ads
- Daily updates
- Print Media
- Direct Mail
Step 5: Live Stream Broadcast
This fantastic event is a highly promoted and anticipated live opening of the property to waiting buyers and Realtors.? It is scheduled for a specific day and time, usually 3-4 days post launch to allow sufficient time for the word to get out.? Either Marty or Adam will host this live event through Facebook.? The broadcast includes an exterior tour of street front and area and an interior walk through of the property from room to room pointing out the special features and upgrades done on the property.? At the same time viewers are given the opportunity to ask questions through the platform with team members standing by to answer them live.? We make the live tour fun, exciting, and eventful.? We have had great success with this resulting in hundreds of viewers logging in.
Step 6: Private Covid-19 Safe, No-Touch Showings and Inspections
Regardless of all the extensive online and virtual marketing provided on your home, there are still a large contingent of buyers that wish to walk through the property themselves before committing to making an offer.? To satisfy this fundamental need we have researched all the Covid-19 federal and provincial guidelines and developed a Covid-safe protocol “PRG Covid-19 Showings Protocol” (see attached).? This new protocol provides a safe and non-rushed private tour of your home using all the safeguards available to us today to keep the buyers and you safe.
Step 7: Online Multiple Offer Presentation
The DVOP is a pre-set date and time where we will link up with you live via Zoom to entertain offers.? We provide any offering parties the opportunity to either email their offer to us and be available for a phone call, or to present in person in our controlled Zoom environment.? As before, when we did our offer negotiations in-house at our PRG office, this virtual environment offers the same theatre to allow us to have offering parties compete against one another to yield the highest possible sale price for your home.? Depending on how many offers we generate on your home, the DVOP can run from 1-3 hours long.? The date and time are set and outlined in the Direction Regarding the Presentation of Offers (DRPO) form.? The DRPO is given to any interested parties asking when offers are being entertained.
Step 8: SOLD!!
We don’t stop here, we help you every step of the way once the offer is accepted from subject removal to closing and possession, we guide you through each step in the process from sale to moving out.
What is happening in Real Estate?
You have been calling and emailing for updates, we want to answer your questions on Vancouver Real Estate, the impact of Covid-19 and forecasts by the leading industry experts.
BCREA examined the impact of various recessions and have provided projections of what to expect over the next 24 months.
Did Vancouver listen to the restrictions on our movement?? Let’s compare 7 major cities.
When the BC economic forecast is negative this reduces spending, less economic activity can have a negative impact on our real estate market.? However, what is happening here is different than one might expect, due to our government response.
Vancouver cut its’ movement from over 80% to just over to 15% over the past five weeks.
What kind of impact does this have on our economy and most importantly our real estate market place.
BC Economic Forecast
GDP is down? to -4.1% the economy is shrinking. Experts anticipate this will quickly recover and we will experience a growth of 3.1%.
Lower interest rates are a common response to a recession in order to increase access to borrowing and this stimulates the real estate market by enabling more buyers to purchase a home.
Will government reduce interest rates to the promised amount?
What we can learn from previous recessions and the year that followed?
The demand for real estate builds behind the dam and our shutdown is building up inventory and buyers for post Covid-19.
A dramatic increase is expected for new listings.? See the chart below which shows a sharp increase in new listings predicted this summer.
MLS Unit Sales
The time to list is now.We are selling properties each week as we have done every week.
MLS Average Price
Covid-19 and the Real Estate Market
Firstly, me, Adam, Charley, Myrna, Creenagh, Shila, Jennifer, and Carmen hope you are well and coping under our current Covid-19 pandemic.
If any of you are in need of any support or assistance during this difficult time please reach out to us and we will do what we can to help.?
You can also visit our PRG Covid-19 Government Assistance page here.
Secondly, the entire PRG team and I want to thank you for the support you have shown us over the years.? I wanted to take this opportunity to tell you about the changes we have made at PRG Realty and what is happening in our market.
I am happy to announce that the team and our families are healthy and adapting to this new and changing world. Managing our way through the Covid-19 crisis is what it seems all of us are doing in everything we do. Day by day we find new ways to do things and turn things around to work better.? It’s been a fun and creative process for all of us.
Many of you are wondering what is going on in our real estate market while you too are busy adapting to this new way of life.? The kids are at home virtual learning, we go for walks/runs crossing the street to avoid oncoming people, and look for comedies on Netflix to offset the morbid nightly news.? Never in my lifetime have I experienced something that has affected everyone in the world so dramatically. The REW did an in-depth survey of how Covid-19 has impacted all of us and how long people think a recovery will take. It makes us aware that we are all truly in this together (sorry I know you have heard this too many times, but it’s true). Life will never be exactly the same when things return to ‘normalcy’. My guess is we will also see a dramatic shift in how we interact with each other, how we do business, and of course how appreciative we will be, just to be alive and healthy and visit friends and family.
Times like this allow us to reflect on what is really important to us. Yes, many will lose loved ones, many have lost their incomes, and many businesses will close their doors as a result of C-19 but there is another side to the story.?
The silver lining perhaps?
- Things are moving slower and at a pace where we can easily get accustomed to.
- People have more time to spend with family, to exercise, and do those jobs around the house you have been putting off.
- People in general seem less stressed and relaxed (apart from the odd person unable to cope under today’s environment for fear or uncertainty of what is to come.)?
- Emissions are down by 20-40% worldwide depending on which source you use and major cities like New York’s pollution levels are down by 50%.
- Our sense of community and appreciation for our health care workers, cooks, truckers, etc. is at an all time high.? When was the last time you saw all your neighbours out banging pots at 7pm every night?
- We have seen swift and strong action by our Prime Minister and provincial government officials to protect us and guide us through this.? An impressive feat when you consider the logistics involved.
Our family here at Pospischil Realty Group, instead of shutting down, have acknowledged the fact that we are an essential service.? Providing people with the opportunity to sell and buy is extremely important, especially in times of change.? So, immediately upon the onset of the Covid-19 Health Guidelines we spent many days rethinking how we have done business in the past and how best to provide these essential services in this changing environment.
After several weeks in the making, we are proud to have launched this new platform and excited at the great results it is getting for our clients. So, in order to provide the same level of service and results to our clients in this new environment we have rolled the PRG Virtual Platform.
Our new PRG Virtual Platform consists of four parts:
- Virtual Listing Presentation (VLP)
- Private in-house no-touch Listing Preparation/Staging Service
- Virtual Marketing Plan (VMP)
- Dynamic Virtual Offer Presentations (DVOP)
Each of the 4 components of our new PRG Virtual Platform allow our clients to do business in a safe and effective manner without the need for face-to-face interaction with anyone.? Each step is fully support online by various tools that we have tweaked and populated to be most effective and yield the very best results possible.
Since its inception, we have been averaging a sale or two a week.? The exciting news is we are not just selling properties but this new platform, in many ways, is outperforming our previous real estate model.? New tools in the Virtual Marketing Plan from our 3D Virtual Diagram and Walk Through to our Live Stream Broadcasting of new listings have exposed our clients’ properties to audiences much larger than we could have otherwise had using conventional methods. Open houses in the past were exceptional if we hit 100 visitors, now we are getting 600-1000+ viewings per listing. Accordingly, we have generated multiple offers in all our sales since we launched the new platform.? On one sale just over a week ago we generated 19 offers and sold 3655 Trafalgar $240,000 above list price.? An incredible accomplishment that many would have thought impossible in today’s changed market. And the best part was our clients enjoyed the process from their own home with a glass of wine on a Dynamic Virtual Offer Presentation allowing us to still negotiate on their behalf.
The safety of you and our community was our first priority in formulating our new way of doing business. Once this established then each area was expanded to ensure maximum impact to not just meet previous sales results but surpass them. Not only is our entire Virtual Platform no-contact, we have carried this protocol throughout the entire process from the day we list the property to signing the top offer. As 90% of the Virtual Marketing Program is online, the majority of your market exposure comes as zero risk to the community.? And for the 10% of the program that involves private showings, we have introduced our in-depth PRG Covid-19 Showings Protocol that incorporates all the latest health guidelines into showings procedures.? So rest assured we have taken every precaution to keep you, your family, and the public safe in our new Virtual Platform.
The trillion dollar question.? The best detailed forecast we have been able to find is that put out by our BC Real Estate Association which has a strong team of economists working on exactly this question.? Interestingly enough, BCREA put together a graph showing the impact of the real estate market over various recessions from 1981 to 2008 Savings and Loans Crisis and overlapped them to see what happened to monthly unit sales as a result.? Of course we can see each event caused a sharp drop in activity immediately, followed by a gradual market recovery.
In this forecast they are estimating that it will take approximately a year for our market to recover to today’s pricing.? As measures implemented to mitigate the spread of COVID-19 are gradually lifted, we expect that low interest rates and pent-up demand will translate to a significant recovery in home sales and prices. But this will only begin when measures are lifted and from that point it will take 9-12 months for a full recovery.
While we can only forecast where our market is going, we do know exactly what is happening right now in our market.? And at the moment it is moving along at a healthy pace.? But this to can change at any point in time, and when it does it will change quickly.
Is It a Good Time to Buy?
Check out this article in the Wall Street Journal about a savvy South American family that bought 8 prime units in Manhattan’s Upper West Side for $27M as a safe place to store money over C-19. Uncertain times yield some great buying opportunities when acted upon can give great returns.? Real estate is perceived by many locally and internationally as a safe haven for money in uncertain times.? When our stock markets are all over the place (see Bloomberg graph below) many now are turning to investment opportunities for a more stable and potentially far better returns. Vancouver like New York is a world class city where investments are considered very stable.
Interest rates are at an all-time low, there is tons of inventory on the market to choose from and buying opportunities will only get better over the next couple months.? But remember, they don’t toll a bell when the market hits bottom!? The time to buy an investment is before the bottom as we don’t really know exactly when that magical spot will be hit. If you are fortunate have still gainful employment and some down payment saved, it is a window you may wish to consider. So having a Virtual Buyer’s Information Meeting now is the best thing we can do to get things started and we will guide you from there.
The Covid-19 crisis is an unprecedented event in our lifetimes and is causing major disruptions to everyone, their employment?and businesses. We need to be strong and work together to support one another through this.? And this will pass like any other crisis.? The more we work together to adapt and flow with the changes the more able we will be to come out ready for th
e new environment that will unfold before us as the crisis passes us by.? And from a real estate prospective, the bottom line is there are many people ready, willing, and able to purchase property today that you may wish to sell to, and there are great opportunities about for those who wish to buy in this market. While many Realtors have closed their doors, we want all of you to know that we are open and have the tools on hand now to help you take advantage of what this market has to offer you.?
So whether you are selling or buying and want to explore our current market, we are happy to say we are open and here to help.
Contacting Us During Covid-19 Crisis
Since we are open for business you can contact us through all our normal channels:
Office Number:? 604-263-1000
Our main office number above is still operating 24 hours a day, 7 days a week. Our menu system will direct you to the team member you are looking for.? Call this number anytime and choose the person you wish to leave a message for.? The system will take a message and immediately alert them that you have called and direct them to your voicemail.
All our Emails are the same:
email@example.com for Creenagh (listings manager)
Follow us on Facebook
It is more important than every that we stay connected during this period, we are doing everything we can to keep our social interesting, with daily videos, updates, fun, helpful, we aim to make our channel a positive addition to your network.? Please follow us.
Its simple, just go to our page, and click like and follow.
Adam, Marty and their team did an amazing job helping me with the sale of my condo! From start to finish it was a professional experience the whole way! They worked diligently on the marketing, staging, and photos which made the open houses a pleasurable experience for interested buyers! I was very pleased with the final result and look forward to working with them on purchasing my next property! Thank you Team Pospischil for your amazing work!
Our local Vancouver market has started out with a bang as predicted! All we are lacking now is INVENTORY! The buyer demand is high and they are buying up whatever is hitting the market. The typical year-end low inventory point January 1st was expected but the demand is outpacing the rate in which properties are hitting the market. Accordingly, as predicted, the Sales Ratio is increasing pushing all market segments into a seller’s market. With our market not being able to keep up with the demand, prices will continue to increase.
Time to Upgrade: In an appreciating market, there is no better time to upgrade into your next home. Ideally from a timing perspective, we always recommend selling in early spring when demand is high and inventory low for the best sales results. Then buy in late spring when inventory levels catch up to the market and there is more selection to choose your new home. The upgrade window is now open, don’t miss it!
Condos: If you recall, our condo market jumped into a seller’s market this past August 2019 when the sale ratio passed 20%. So condos under $1M have been hot for the past 6 months and continue to do so. Furthermore, this activity is creeping above past $1M giving a much needed boost to the higher-end luxury condo/townhome market.
Houses: Where last year the detached market was dead slow in both Vancouver West and Vancouver East. The only exception being West Side houses under $2M, and East Side houses under $1M. Already this year the activity on the West Side is creeping well past the $2M mark, and the East Side past $1.5M. Again demand is outpacing supply.
So, my market recovery prediction last year seems to be coming into play as only the first month of 2020 unfolds. The ‘hot mark’ in the activity barometer is rising, sales ratios are climbing, and inventory is lagging behind. The perfect ingredients for a strong recovery in our Vancouver market I am happy to announce. Call us now to discuss in detail the best timing approach for your property.
by Paula Siemens 604.351.7438
The Bank of Canada (BofC) kept the overnight rate unchanged when they met on January 22nd. They sighted that the Canadian economy slowed in the 4th quarter of 2019 and they expect the 1st quarter of 2020 to also be slow. The GDP is expected to be 1.9% for 2020. They may cut the overnight rate at some point in 2020 for the following reasons:
? The Canadian economy may continue to show stunted growth
? The US is expected to have lackluster growth in 2020, lowering the overnight
rate should reduce the value of the loonie which is good for exports.
? Consumer spending is expected to slow in 2020
The one caveat to a cut is that real estate values have recovered in many areas so the BofC
may decide to leave rates unchanged for a longer period of time.
Long term, we don’t see any significant increases to the mortgage rates in 2020.
Every year we receive many calls regarding assessment values. Let’s review a few quick facts: BC Assessment sent home owners their 2020 assessment notices a couple weeks back, which reflect a mostly computer-generated figure “value” as of July 1. 2019 based on sales leading up to this date from the months/year leading up to this. In other words, by the time you can access the info online, or get it in the mail, it is 6 or more months old. Furthermore, this value from July 1st of 2019 is based on the property condition as of October 31, 2018, so as you can gather looking at these dates, these figures are just a “Ballpark” for tax purposes. This is in contrast to a formal market value appraisal done by a realtor or appraiser using recent sales (where willing buyers made a purchase of similar properties) considering current physical details of the property, buyer demand, sales ratios, market, etc.
Many people are concerned about their decrease, and some with the increase in assessed value. Many assume that just because your assessed value goes up so will your taxes. Rest assured this is not necessarily the case. The City of Vancouver calculates your annual taxes by dividing their annual budget by the total assessed value of all the properties in Vancouver (the mill rate) and multiplying this factor by your assessed value. So, if all the assessments are up (across the board) your taxes should not change. Your taxes will change, however, with City Hall’s new budget (that’s what you should be scrutinizing – not the assessments). Bear in mind City Council recently voted to approve a 7% tax increase (which is still less than the 8.2% originally suggested). To expect property taxes to go down because the assessed value has gone down isn’t necessarily going to happen. If the budget is up, and your assessed value is up, your taxes will likely go up. If the assessment is down but the budget is up a lot, taxes may still go up. Or if by chance, your assessment has jumped above your neighbours because of a renovation, then your taxes will go up accordingly.
Property owners who decide to appeal their property assessment should review information?on the Property Assessment Appeal Board website on how to prepare for an appeal and then complete a Notice of Complaint (Appeal) Form. The deadline to appeal your assessment is January 31, 2020. For more info visit www.bcassessment.ca
A few interesting facts:
? Each year less than 1% of BC property owners appeal their assessments.
? Note: you can’t appeal your taxes. You can only appeal your assessment.
? BCA is a provincial Crown corporation. Since 1974, it’s been responsible for
determining and reporting property value estimates.
? For 2020 BCA reported the number of properties assessed in the Lower
Mainland is 1,014,135 properties, an increase of 1% from last year.
? Total value of real estate in the Lower Mainland in 2020: $1.41 trillion,
down 5% from 2019.
? In BC, 88% of all properties are classified as residential (class 1)
Home Owner Grant Thresholds Drop
The Home Owner Grant a provincial grant which reduces the amount of property tax an owner-occupier pays. To qualify you must:
? Be the registered owner;
? Occupy the home as your principal residence;
? Be a Canadian citizen or permanent resident of Canada; and
? Live in BC.
The Home Owner Grant threshold exists across the province. The values are:
? $570 for the basic grant;
? $770 if the home is located in a northern or rural area;
? Up to $845 for home owners age 65 and more or a home owner with a disability; and
? Up to $1,045 for home owners age 65 and more or a home owner with a disability where the home is in a northern or rural area.
The grant is available to owners of property assessed at up to $1.525 million in 2020, down from $1.65 million in 2019 to reflect the decline in home prices.
The grant is cut back by $5 for each $1,000 of assessed value over $1,525,000. In other words this means properties assessed up to $1,639,000 ($1,679,000 in a northern and rural area) can receive a partial regular grant.
In northern and rural areas, the basic grant is gone at $1,804,000 and the higher grant at $1,859,000.
Another successful PRG event! 400 valued clients were the first in Vancouver to see Star Wars – the rise of Skywalker at the Dunbar theater on Thursday evening. In addition to all of our diehard Star Wars fans there were many happy costume prize winners, and door prize winners. Clients generally donated a dozen food bank boxes full of food, and hundreds of dollars for the BC Cancer foundation.
Thanks to all of you that attended this fun evening.
May the force be with you!
Marty promised us he would sell our place within 10 days. He not only sold it in 8 days, but also got us 10% higher than the list price. Hats off to Marty, Adam, and team for their clear cut strategy, marketing, negotiation, and perfect execution! This is our third transaction with Marty and Adam, and would recommend anyone, who is trying to buy or sell, to approach this amazing team.
-Sid & Watcharin R.