Condo rating sites have become more popular with sellers fearful that they become a key purchasing factor. But how instrumental are rating sites in the decision making process and what can sellers do to alleviate the bad press?
Video transcript below:
Reporter: Consumers have never had so much power. From food to phones, we rank and rate everything online. Now there are condo rate websites. Will they force developers to make change? We find out in this week’s episode of Investor Insight on CREW TV.
So many condos, so much choice. New condo rating websites should provide a helping hand. But what can you really learn from such websites?
Davelle Morris, Sales Representative, Bosley Real Estate
Davelle Morris: Those sites have information that’s written by some people who live there or some other people who are just sort of critiquing the building, obviously some of that advice you do need to take with a grain of salt. It can’t be your end all only place to find out information about a particular condo. However, you could probably find out pretty quickly if maybe there is a special assessment coming, because the people who live in the building are complaining about repairs or roof leaks or things that need to be dealt in the building, so I think it’s something good to keep in mind to utilise those websites, just as another tool to find out more information when you are trying to invest in a particular condo, what are condos like.
Reporter: It’s a good research tool, but how can investors counteract any negative press about their condo developments?
Justin Kua, Platinum Estates Team, Re/Max Realtron
Justin Kua: I think that the Ray Condo sites would be very good for the industry as a whole and home owners, if they would take stock in investment and what the current state that their property is and so I mean definitely if you are getting a lot of negative feedback from either the tenants or the owners, it’s something that the active owners who do care about can turn the reputation of the building around. So generally every single year as an example, there is an annual general meeting and the condo board members are usually condo owners themselves, so they are the ones who are heralding the ship at the end of the day, because everybody who does own, who does own a unit near in the condo, they are invested in the property so it wouldn’t it be to their benefit, so beware of the ongoing issues, so that the reputation they have out there in the public is in the best possible light, attracting the best quality buyers and they pay you more or the highest prices.