The Covid-19 pandemic has had a dramatic impact on cities around the world, including Toronto. With many people being chased out of their homes and into overpriced boomers homes in the suburbs, it’s clear that Tory has done some serious damage to the city.
However, it looks like this could be just the beginning of changes to come for cities worldwide. The technology behind virtual reality is advancing rapidly, and it’s likely that in 10 years time most work will be done remotely. This could lead to populations dispersing away from cities altogether and remote working becoming more commonplace. Unfortunately this means that condo values are likely to be decimated as a result - something buyers should bear in mind when making an investment.
Real estate agents have also been affected by these changes - with companies such as Purplebricks and Desjardins shutting down operations due to a real estate slowdown caused by rising interest rates. One founder of an internet listing site even ended up hiring a real estate agent himself when selling his $2 million condo!
It’s no wonder then that new business models are emerging which look at changing how agents are paid for their services - one example being Robin Hood who charges clients $35 plus taxes per showing as opposed to commissions on closing day. But there are still some issues with this model which need resolving before buyers would feel comfortable enough using them – mainly people not wanting to pay upfront even if it means saving money down the line. There’s also potential for agents taking buyers on multiple showings so they can make extra bank – something buyers won’t appreciate either!
Ultimately what needs to happen is a revolution in how real estate agents operate if they want clients coming back time after time – whether that’s setting standard commissions or introducing flat fees depending on services provided instead of charging commission per transaction or adding incentives so customers get more bang for their buck than just someone unlocking a lock box (as one person put it). It will take more than graphic layouts and marketing campaigns though – what customers really need is reassurance that they are getting value for money no matter what type of agent they choose (or don’t choose!) in order for them to keep coming back again and again!
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Author Eliza Ng