Looking to find a way to catch up with Toronto inflationary housing market? Collab, The Only Tool You Need For Your Home Search.

If you are looking to invest in a property in any fashion, buying a house or condo as a place for your habitat in GTA you’ll probably notice that the housing and condo market is booming like no other time and sometimes it is a matter of a chance to win a deal in bidding wars!

Bidding war is correct,

The Condo market is so hot as the market demand is high and surprisingly condo market creates its unique bidding process. In a nutshell, this process is so fierce that some buyers skip the inspections as one of the necessary steps prior closing the deals.

Starting January 2017, this process has become more and more popular as the demand is tremendously rising. You can easily see an increase of 28% in selling prices of condo units in April this year compared to the same time frame in 2016.

Selling price aside, Days on Market is another factor that causes more pressure on buyers on the other hand. It occurred to me couple times calling a real estate agent to get some information about the condo unit that just came to market a day ago and got sold immediately after. Not an easy environment for the buyers to react in a peace of mind. All the potential buyers shall act quickly to win the condo bidding battle.

Now the question is, how to get real-time information from the real estate agent as what’s available in the market and what not? Is there any simple and efficient method of communications in places to connect the realtor and a buyer in a real time?

Traditionally the broker sends the potential buyer an Email with MLS listings as a call to action to the potential purchaser; the buyer then gets to review the specifications of the condo unit and show his interest via a phone call or a response in the form of an Email.

Clearly, this process is time-consuming and increase the chances of losing the opportunity for the buyer as days on the market is decreasing day by day.

Collab, is a revolutionary tool that got rolled out recently in some databases used by realtor agents, offers tools for better communication between clients and Members. Customers can share ‘Likes,’ ‘Favourites,’ and ‘Dislikes’ with Members. Members can suggest listings to clients. Clients and members can post messages and comments for each other. All users can search for listings, save searches which continuously look for and report matches, and much more.

The collab is like many existing social media tools helps buyers and sellers to achieve their goals more efficiently in the fast-paced market environment.

Lessons for Others

Social Media has an increasing impact on our day to day life, some of the demands are causing by the use of social media due to creating a meme in the society for instance, popularity of Facebook, Tweeter, and Instagram amongst people across the world creates a need for businesses to catch up with this new trend, in other cases the need formed  due to the dynamic change in our lifestyles.In both cases social media plays a significant role in boosting collaboration and enhancing the quality of communication, undoubtedly the social media is one of the most important media of communicating between friends, people, trades and even businesses in recent years.

If you have concerns as to the accuracy of anything posted on this site, please send your concerns to Peter Carr, Program Director, Social Media for Business Performance.

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