Friday, February 8, 2019

Sales slump could signal tough times ahead for B.C. realtors

Agents could be forced to be more like "consultants than auctioneers" as they help to connect buyers and sellers.

The days when all a Vancouver realtor needed was a sign and pen to make a sale may be behind us.
The softening housing market could lead to tough times for some realtors, especially those who have recently entered the profession, said the president of the Fraser Valley real estate board.
“I think it’s going to be tougher for the more-inexperienced realtors, those who are three or four years in,” said John Barbisan. “What they’re used to is not what real estate is typically like.”
The 35-year veteran said agents will be forced to be more like “consultants than auctioneers” as they help to connect buyers and sellers.
While the Real Estate Council of B.C. hasn’t seen a significant drop in the number of realtors across the province, there are signs uncertain market conditions are impacting local agents.
According to the council, there were 25,987 licensed real estate professionals in B.C. as of Dec. 31 — a 36-person drop from Sept. 30, although still slightly higher than June 30. The dramatic increase in the number of licensees — from about 21,000 in 2012 to 26,000 in 2018 — seems to be slowing.
The president of the Real Estate Board of Greater Vancouver said agents must be able to manage sellers’ expectations in a challenging market.
“Communication is going to be important,” said Phil Moore. “It’s not like it was two years ago. Properties are sitting longer on the market.”

LISTEN: Housing Matters host Stuart McNish speaks with B.C. Minister of Housing Selina Robinson, opposition critic Sam Sullivan, and Vancouver Sun columnist Dan Fumano about how different levels of government can find solutions to Metro Vancouver’s housing affordability crisis.
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