Sellers Lead The Market

As the year draws to a close, it is a good habit for one and all to reflect on what time was spent productively and how to maximize on the unproductive allocation of time in 2006 and make it productive in 2007.

For me, I know it is easy to get too indulged in work and look back at this time of year to realize that not enough of those sunny days in the Okanagan were spent on the beach with friends and family and perhaps not enough time was spent with family on those gloriously white powder days at one of our local ski hills. However, 2006 from a realtors point of view was a very productive one.

We witnessed a transition in the market place with a major shift in appetite for high quality offerings. Sellers lead the market somewhat this year with prices being pushed to levels that are starting to compare with other fine resort destinations and we have not witnessed a radical slow down in the appetite for our Okanagan real estate.

As our shift in market dynamics continues, so must our approach to marketing as a professional body and our customer service practices become all that more important as buyers realize they are paying a pretty dollar for real estate here Sellers also realize that they are expecting us to market an upscale piece of property effectively to a large audience.

Take the internet as a medium for marketing for example. It is now and has been for some time one of the most important tools a prospective buyer or seller uses to do their own research. Many years ago, we were hearing messages of “don’t trust the internet” or “you cannot rely on that information” and yet more and more, we are seeing credible sites being born that are offering credible information to consumers who in the process become very informed about the local market place before they even pick up the phone to talk to a realtor.

How many of you have been to the Doctors in the past year or so and told the Doctor not what symptoms you have, but what ailment you have because you researched the symptoms on line. I certainly don’t endorse that approach, particularly when it comes to medical concerns, however, the truth is we are more prepared to make decisions based on the knowledge we have available to us and the internet is one of the most significant sources.

Along those lines, a new service for sellers and buyers will be coming to the Okanagan soon. A website designed to offer a “partnership brokerage” service for discerning buyers looking at high quality product offerings in the Okanagan. Owner Match International has been in genesis for three or four years, and President and CEO, Wayne Wilkins knows he is onto a good thing.

If the truth be told, the Owner Match International focus is on more than just luxury homes. They provide services for high net worth clients to partner up in ownership structures for luxury aircraft, yachts and homes. In Wayne’s word’s, “It is where the smart money is going”.

Sounds like fractional real estate… of course. With some advantages. Owner Match specializes in previewing the desire of prospective individuals who would like to make their money go farther and have desired intents with their property in terms of use etc. Once two compatible people (or groups) are identified, (think of it like a dating service!) arrangements are made to draft paperwork that protects the individuals or corporations and to proceed with an agreement for purchase based on two people purchasing the asset rather than one. Some people call it “private fractional”, I think it just makes sense.

In recent months, we have seen some transactions in the resort property markets at over $1,100 per square foot. In that type of market place, this concept of shared ownership makes total sense. It may be early days for Owner Match International (www.ownermatch.com) but I believe they are worth watching as they expand their territories internationally and create a network of high net worth clients with discerning tastes.

In the local urban market, if you are considering your selling options and are a potential client of a realtor, one thing to consider is the fact that the listing inventories are down in the Okanagan currently, giving you a prime opportunity to expose your property in a less competitive environment. Our office is fielding calls from new clients daily, both local and international, who are making plans to visit the area and look at properties. Don’t feel you need to wait for spring. Call a realtor today and ask realistically about the benefits of listing this time of year.

We should have the opportunity to share with you, one more time before the end of the year, and as usual our office is open to talk to you or answer your questions, 250-859-4893.

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.