For Patrick
Pichette, Vice President of REALTOR.ca, buying or selling a home in 2023 start
with data transparency. “As a consumer, you want as much information as
possible at your fingertips. As a REALTOR, you want to be the trusted advisor.”
The process
of ensuring there’s greater data transparency in the industry in Canada will
strengthen the trust exists among all parties, says Pichette.
By moving
forward with data transparency, CREA can keep pace with technological developments and potential
regulations while being mindful of any competitive advancements that might arise
in the real estate industry in Canada.
Data
transparency in real estate means having information available at every step of
the journey, beginning at research, then seeing what’s available in the market,
to the offer process and even post-transaction, says Pichette.
“The value
here is not being gatekeepers of information but rather for REALTORS to be
recognized as trusted advisors who can help with negotiations and contracts and
paperwork and the nuances of the process.”
New initiatives
advancing progress
There are
already “firsts” in making data transparency available underway on REALTOR.ca.
CREA
collaborated with the Nova Scotia Association of REALTORS to make sold price
history available on active listings on REALTOR.ca throughout the province. The
partnership has also resulted in home buyers and REALTORS being able to
identify conditionally sold tags on listings on REALTOR.ca in Nova Scotia, making
this part of the country the tip of the spear in data transparency.
The success of
making sold price history available on active listings in Nova Scotia led to
REALTOR.ca working with boards and associations to bring sold data to other
Atlantic provinces, including New Brunswick , Newfoundland and Labrador, and
Prince Edward Island. On the other side of the country, price history is now available
in most parts of British Columbia, including Vancouver.
Most
recently, NSAR has thrown its support behind the REALTOR.ca Data Centre, a cloud-based
data warehouse, through a multi-year sponsorship that will turn data into
business intelligence and tools for members and consumers researching Nova Scotia
real estate on REALTOR.ca
Another
REALTOR.ca project furthering data transparency is the pilot with Openn Offers,
which will make an offer management platform available for listings in select
markets on REALTOR.ca. The platform is a digital version of the current offer
and acceptance process used in Canada, giving buyers, sellers, and their
REALTORS a near real time glimpse into where the offer may stand on a property.
“It is not an
auctioneering platform; it’s just giving visibility in viewing the offer and
acceptance process,” says Pichette. “You still need a REALTOR on both sides of
the equation.”
While acknowledging
that each province and territory have its own regulations does present
challenges, REALTOR.ca is working with regulators across the country and aims
to collaborate with various associations and boards to make this feature a
reliable fit.
The result
will mean transparency added to the transaction process, especially in scenarios
where there are multiple offers.
“We have to
remember that, when we launched REALTOR.ca back in 1995, even the process of
making photos available and then addresses was met with some resistance by members,”
says Pichette. “It’s important for members to realize these days that when a listing
has more information on it, it’s 50% more likely to convert to a lead. Not only
does the consumer feel more engaged, but you’re also building trust.”
The
emergence of ‘proptech’ is spurring necessary digital innovations in real
estate spanning venture capital and technology. Some are trying to remove
friction from the mortgage process while others are finding new ways to
generate leads and, at the end of the day, proptech is good news for REALTORS. Says
Pichette.
Even 3D
house tours, which became more commonplace during the pandemic, were at one
time considered too difficult to even consider for some REALTORS because it
required a change in mindset. The pandemic has pushed so many technology
adaptions, such as digital signatures, into common use that the need to keep up
with the swiftly changing times can often spell failure or success. The
advancement of emerging technologies cannot be ignored and REALTOR.ca is
keeping pace.
“Really what
we’re trying to do is remain relevant with consumers,” says Pichette. “If we
lose that trust and that edge, then someone else will step in and collect
eyeballs and leads. Then we’ll just be trying to catch up.”
Source
By: CREA
CAFE