Video tours offer an alternative to open houses
David Hutchinson thought he had seen it all. As a Vancouver realtor for around 20 years, Hutchinson has witnessed many ups and downs in the housing market. With COVID-19 on the rampage, Hutchinson says things are totally different.
“Nothing has halted the market like this,” Hutchinson told the Georgia Straight in a phone interview, noting that open houses are being cancelled because of concerns over the novel coronavirus. “This is new territory for realtors,” he said.
The Real Estate Board of Greater Vancouver has strongly advised realtors to avoid open houses to curb transmission of the virus. The board suggested virtual tours, a tool that Hutchinson uses along with other means he employs in his trade.
“We’re going to have to be creative,” the realtor said.
For virtual tours, real-estate agents can turn to companies like Ivan Chan Photography and Videography. In addition to photos, the Vancouverbased creative company puts together video tours and 360-degree virtual walk-throughs. The company was founded by Ivan Chan, a UBC graduate who took his photography hobby to a professional level. Chan expects digital presentations to be in greater demand as realtors have to find alternative ways of showing a house without buyers being physically present.
“One way to realistically show the house just as if you’re there is through a video or virtual tour,” Chan told the Straight in a phone interview.
According to Chan, potential buyers can do a video or virtual tour in the comfort of their home. A video tour is like watching a movie. A 360-degree walk-through allows viewers to click on dots on the screen to move to the next scene, just like how Google Street View works, Chan explained.
“Virtual tours can show a seller’s home with enough realism that it can replace walking into open houses,” Chan said. He noted that people are already accustomed to viewing videos and photos when they shop online for various consumer products.
As for Hutchinson, the Vancouver realtor is concerned about how deep the current requirement of social distancing will affect the housing market. “At some point, you have to get onto the property, and do some kind of due diligence,” he said.
According to Hutchinson, it’s rare for a property to sell without the buyer seeing it in person. Buyers also need to see a notary for the conveyance of a property to complete the transaction. “I have a couple completions this week, and it’s very difficult to get hold of a lawyer,” Hutchinson said.
According to Hutchinson, delays in sale completions can have a “domino effect” on the market. If one sale doesn’t complete, it will affect the sellers’ ability to purchase another property, the realtor explained.
The B.C. Real Estate Association announced online that it is supporting recommendations by local real-estate boards to stop open houses. The BCREA also stated that it is working with the 11 realestate boards across the province as the market “slows as a result of g the pandemic”.