Our new normal: Is document review now the first step when buying a condo?

Are you looking to buy a condo?  We recommend obtaining an Eli Report here or through your realtor.

“Showings by appointment – serious buyers only”

For the new normal that we find ourselves in, going to one – or five – open houses on a Saturday afternoon is not as easy as it once was.  While open houses are beginning to open back up , it may be sometime before volume returns.  For a seller, hosting an open house or a private showing in the COVID-19 era adds a level of risk to their health and safety.  At the very least, it is uncomfortable.

On the buy side, the situation is similar.  Added to this is the inconvenient requirement to wait in long lines or book a private showing, which may only be entertained if you are a serious buyer.  And this is true – if you are looking to view real estate in-person, you should be more serious about the property in question.

So – what are agents doing to showcase their listing as best as possible in a virtual way?  Great listing photos are an obvious; while videos, virtual tours and 3D floor plans are becoming a must.

With strata document review being one of the most important things to do during the buying process, it makes sense now more than ever to get this done early in the process.  In the past, document review would often uncover facts or issues with a community that would cause a buyer concern – and this is still true today – so, “know before you go”.

Performing document review with your realtor before looking to schedule an in-person showing will allow the buying party to gain peace of mind, or know with certainty that the community is in good shape.  For the listing agent, encouraging document review or sharing an Eli Report with interested parties allows them to weed out less serious buyers, so unnecessary showings don’t occur.  This increases safety while respecting everyone’s time, and should be practiced in this new normal.

Eli Report is an artificial intelligence platform that assists real estate professionals in reviewing and uncovering potential issues contained in condo and strata documents.

Are you looking to buy a condo?  If so, be sure to talk to your realtor about obtaining an Eli Report!