How Real Estate Has Changed
Old VS. New Ways of The Real Estate World
Coming up on my 13th year as a real estate agent, (now broker) I wouldn’t exactly call myself a veteran. However, I have seen my share of chnges over time throughout the real estate industry. Let’s take a look at the changes I have experienced over time throughout my real estate career in London Ontario.
These little babies have seenn massive changes over the years. I am certain there will be more to come. Throughout my entire career within the London Ontario Association of Realtors has always been pretty secure when it comes to property key access (lockboxes). I know there are a great many real estate boards in Ontario that still use a coded lock box property access system. This is where keys are placed in a secure box that is opened with a code given from the listing agent or their brokerage to a buyer agent or their brokerage.
As long as I have been around London Ontario realtors have been cutting edge in their property access systems in term of security. Using various lock boxes that offer additional security and tracking. As well as a more secure form of access ability.
The first mechanical lock box that was in place when I started comprised of a blue digital box that was opened only by a licensed member who had a black key pad. This key pad would attach to the blue digital box and communicate opening up the box to reveal the key to the home for access. The code used was specifically assigned to a licensed realtor and tracked. A great system. As long as you remembered to charge your key pad before a long day of showings ( you realtors from 2007 know what I am talking about)
To continue with it’s sophistication shortly after LSTAR upgraded to a bluetooth system where your key box would “speak” to the lock box once the code was inputted.
Fast forward to today. Gone are the chargeable key pads welcoming the use of secure apps that communicate with the lock boxes wirelessly and all of the opens, appointments and data are stored in one place.
We as realtors in London Ontario now know to the minute who is or has opened our lockboxes, when they are closed and returned the key. As well, nobody is opening that baby without our permission!
Ultimate security and peace of mind for London Ontario home sellers.
I look back to the beginning of my career in real estate when offering on properties the process was very lengthy.
For example: I would show a home for sale to my excited buyers. They’d want to make an offer. I would then need to travel to my office to prepare the offer. Have my clients then meet me to discuss the terms of the contract and sign. I would then need to deliver this offer to the listing agent who would then need to deliver it to his /her sellers. Don’t even get me started on counter offers. Needless to say we would need to be immediately available until we had a deal done.
Based on this process you can see why there were a great many evenings and sometimes late nights spent in driveways and cars negotiating terms and signing real estate deals.
Although I have sincerely fond memories of those days, the implementation of esignatures in Ontario real estate has been and outstanding development in real estate negotiations.
Real estate markets nowadays for the most part are very fast paced. If I didn’t have the capabilities to write and then have an offer signed in minutes, someties actually in the property showing itslef, it’s very likely I would get left behind.
Esignatures are documents that are not signed by hand in the traditional way. Often created through software systems and signed remotely. They are secure, traceable and time stamped. Therefore making them legal, valid, safe and an absolute game changer in the real estate industry.
Multiple Offers and Competing
This is a recent trend for real estate, at least in London Ontario. Multiple or competing offers have become the almost norm in London Ontario real estate in the last few years.
The reason for this really comes down to low inventory. Not enough homes for the amount of buyers that are looking to buy them. When this happens more then one (often way more then one these days) buyer offers on the property competing to win.
When I first started in real estate in London I may have competed on a property twice per year. Now, multiple offers is the norm in London Ontario real estate. Almost weird if you aren’t. Which has then chaned the game even further with the introduction of Bully Offers
Training and Education
As I am sure you are aware, as registered real estate professionals in Ontario we must adhere to strict guidelines in order to protect the consumer (you)
This has never changed in real estate in Ontario.
With changes in the market that increase things like multiple and bully offers our real estate training must also change.
The real estate licensing courses have changed dramatically over time and are headed for even more change in the near future.
When I made the decision to become a real estate agent, the courses were broken in to 3 phases. The first phase was done by correspondance, the second phase was a mandatory two week in classroom session and the third phase was optional in class, split or all correspondance. Then after licensing you need to complete further courses in an articling phase.
The Ontario real estate licensing courses are a little different now. Presently there are 5 courses and there are no attendance requirements. The articling courses after original licensing still apply.
This year (2019) real estate licensing courses in Ontario will take their path in a whole new direction. There is little information to date yet, so stayed tuned for further posts on this in the coming weeks/months.
That is a quick look at some of the changes in real estate over my years as a realtor.
As real estate begins to change, I am confident there will be some pretty exciting further changes to come.
Are you in real estate?? How has real estate changed throughout your career?
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