There’s a lot going on out there. Most would say this is positive. Who’d have thought we’d have a 2016 market in the middle of a COVID crisis? Certainly not me. If anything, this market seems wilder than the last one with even lower levels of inventory and even more frenzied buyer interest. 

Now, I’m beginning to think anything could happen. And while “anything” can describe good and bad, easy and tough, we’re going to focus on some of the harsher aspects this market is producing, and offer solutions as to what to do about them.

With the good comes the tough. What’s good is rarely easy, so when the market is good, even frenzied, there are going to be members and their clients who don’t see it that way. 

It’s better when markets are balanced. When they’re not, as is the case now, one side is distinctly disadvantaged. If the situation continues for long enough, it isn’t long before the Board is asked to do something about it. A good clause, a suitable form or a new rule usually fixes things, right? Or do they? 

There are always unintended consequences to creating a rule or changing a policy, especially in the face of an unprecedented situation like today. Frankly, I don’t think there’s a clause, a form or a rule that can concurrently take on low inventory, a high virus count, and a market imbalance. What can be done to, at least, mitigate the worst of it?

Sometimes, balance makes everyone unhappy, as is the case now. I can’t think of another time when everything was so topsy-turvy. This isn’t the first time we’ve seen low inventory and high buyer interest. What we haven’t seen is extremely low inventory, record-high buyer interest and a pandemic, all rolled into one. We have sellers who only want their property shown enough to get the job done and buyers who, quite rightfully, think they should actually be able to see a place before they make an offer. The nerve of buyers these days. We also have Dr. Henry telling us to limit showings while maintaining physical distancing. And, we have Father Time telling us there’s only so much time during the winter daylight hours to get a bunch of buyers into the (in everything but name) open house.

What’s a person to do? If you’re a seller (or tenant), you don’t want a herd of potentially virus-infected buyers in your home. If you’re the seller’s agent, you want to show the property. But, with all the restrictions you have only a two-to-four-hour weekend window in which to do it. 

If appointment-only showings are scheduled 20 minutes apart and if everyone is on time (a big if) then, during a three-hour window at the property, you’d get nine buyers through. If there’s 20, or 30 or even 50 interested parties, what do you do? You could say, I suppose, “It’s not my problem. We’ve had enough buyers through to generate eight offers, so leave me alone.” 

If you’re one of the many buyers and agents who phoned for an appointment, only to find all the showing slots booked, you’re thinking, “WTH? The listing is on MLS®. My buyer is interested. I should be able to get them in there.” Except, the Board suspended the showing requirement last March in the face of Health BC edicts that sellers (and tenants) should be able to limit who gets into their home during the pandemic. If this rule were re-established, there’d be a posse of sellers banging on our door, including the inestimable Dr. Henry, claiming the Board and its members are thumbing their noses at COVID rules. If we leave it in place, there’s a posse of buyers and their agents banging on our door demanding to get better access.

This time, a magic rule/form/clause isn’t going to fix things, at least, as far as I can tell. The market is going to have to calm down before we see the situation get better on all sides. 

I have suggestions. Since I’m not out there with you, if I’ve missed something, let me know and I’ll add your suggestions to future columns.

1. Stay calm and encourage the use of common sense.
2. Educate your buyers and sellers on what to expect in this market.
3. Meet, to the letter, provincial COVID health and safety rules.
4. Walk a mile in your colleagues’ shoes, shoes that will be on your feet sometime soon.
5. Communicate early and often and tell the truth. Don’t sugar-coat which gives rise to unrealistic expectations.

1. As one long-time member says, “if you don’t have enough time to get all the buyers through the property during the showing window, hire colleagues to have the place available for showings when you can’t be there.”
2. Put that shoe on the other foot if you’re a buyer’s agent and you can’t be in four places at once, meaning if your buyers want to see a place when you can’t be there, consider asking a colleague in your office to help you by attending at buyer showings.
3. When you list a property, fill in every single field of information on the data input sheet, even the optional ones. Get a floor plan drawn up and have really good pictures taken. Post the title search and strata docs as associated documents right away.
4. If you have a listing, consider making it as easy as possible for a buyer who hasn’t yet seen it (or who may not ever be able to see it) to know what the place is all about. Use Matterport and YouTube video walkthroughs. Imagine being a buyer’s agent in this situation: you know who owns the place, what’s on title, (what the strata rules/regs and financials are all about if applicable). You know the floor plan and room sizes; you’ve read the R/Remark and you’ve seen the  pictures. And, you don’t have a lot of questions because everything known about the property is either shown or disclosed on the PDS form.
5. If you’re a seller’s agent, why not harness Rule 4.02’s Direction Regarding Presentation of Offers form while giving every interested buyer the opportunity to see the place virtually, with lots of time to write an offer for presentation a few days later? You could, I suppose with robust seller instructions noted on the listing’s Schedule A and the R/Remarks, ask your buyer agent colleagues to review the listing information, pictures, tours and documents first and then encourage them to write an offer subject to viewing. If you’re the buyer’s agent you’d have a shot at getting the place for your buyer after, of course, you educated them as to what to expect.

I wish you all the very best. We understand the frustration everyone is feeling. Hang in there, everything in life is temporary.