3 major flaws of the real estate industry

If you carefully analyze the workings of the real estate industries, you will notice that there are 3 major flaws. We believe if these were to be fixed, this would highly revolutionize how the industry currently works.

  1. The procedure of receiving offers. Let’s say an agent receives 6 offers for a property they’re selling and at this point, each offer is confidential between the selling agent and the buyer’s agent. Although it is not legal to do so, the seller’s agent has the ability to hide offers from the owner of the property who is selling- they have no idea what each and all of the offers are until their agent shares it with them.Agents have been fined by the Real Estate Council of British Columbia in the past for mishandling offers. The council is only aware of an issue if it has been reported and most of time, things go by unnoticed.
  2. Lack of knowledge on how to market a property. Nowhere in the real estate agent’s education or training whether it be the books or the office they work with, equips them with skills on real estate marketing. They are only exposed to skills on legalities, lead generations and how to grow their business. Not having the skill on how to properly market a home directly impacts the selling price of your home.
  3. Industry driven on transactions than service. If you carefully analyze the steps in the real estate industry, you will notice that they are designed to speed up transactions and not really service.  Have a look at public listing websites and you will notice that over 90% of properties have poor photos usually taken by the real estate agent on their phone.  Professional photography would be a minimum requirement for even selling a lip balm, but not in real estate.  Their priority goes to is getting it listed over photographing a property.

Residencity has solutions for all of these problems. All offers are sent through the office before being dispatched to the agent responsible for your listing, so you will see all of the offers that are being made on your property. We are a team of marketing professionals where the transaction comes secondary to promotion. Our team ensures your listing gets professional photography, video tours, feature sheets, floor plans- all the tools that get a property sold. If you’re interested in listing with Residencity, call 604.288.9166 or email us to see what we’re all about.