Why does size matter?
Floor plans for real estate listing are now an essential part of a total marketing package. Potential buyers expect to see high quality photographs, but recently floor plans have become the second most requested marketing service item.
In todays climate of social distancing, the context of the property has never been more important, and with limited access to a property the buyer doesn’t always have a chance to fully immerse and understand the space. By providing a floor plan, you’re already one step ahead from a listing that does not have this included.
On March 1 2020, BC implemented a new rule that required a listing realtor to disclose where the listing measurements were obtained. Gone are the days where a realtor can simply copy the previous listings data, or rely on the cities numbers, as they must now take the extra step to ensure compliance with the new rules.
So what happens if you hire a floor plan provider and something goes wrong?
If your floor plan provider does not carry errors and omission insurance (known as E&O) then you may held liable for damages if the measurements are incorrect and the seller or buyer takes legal action. Inflating the size of a property to maximize the sale price is not only immoral, it is illegal, and many realtors have found themselves in court by fudging the numbers. This practice has paved the way for new rules and regulations being implemented through Canada in an effort to regulate the industry.
Unlike photos or videos, floor plans are not subjective and carry a risk when you are stating the property is a certain size. You should ensure you are using a reputable company with a proven track record with accuracy and reliability. Be careful of the company that have floor plans as an add on to their service if they are doing it themselves or sending it overseas to be created.
What about floor plans that are outsourced or provided by a 3rd party?
Some companies outsource their work to an overseas provider, and may have varied reasons for doing so. This may be to increase profits by paying a few dollars for their floor plans created, to provide a service they can not do themselves or to handle volume. Unfortunately, significant risks are associated with outsourcing, include business continuity, information security and data privacy, intellectual property theft, un-transferred litigation risks, lack of product specific knowledge and the typical “you get what you pay for” lack of quality. At the broadest level, lack of oversight and management controls create the majority of the risks associated with outsourcing. All of these risks implicate the broader topic of compliance, and when key functions are outsourced, it becomes increasingly difficult to manage risk and monitor compliance.
Drafting accurately and precicely requires substantial cost in training staff to learn the standard, and carrying E&O insurance is expensive with many companies cutting corners. If your floor plan is being provided by someone who lacks the knowledge of the drafting standard (e.g. your sweatshop overseas), uses sub standard equipment to take measurements (a simple 360 camera or smart phone), or does not carry the appropriate insurance to cover their work in the event of legal action, you are willingly putting yourself and your client at risk. Often these companies will appear to be doing the right thing, however upon closer inspection, they are not.
Why choose PixlWorks?
At PixlWorks, all of our drafters are located within Canada and have had the qualifications certified by our management, and we do not outsource our floor plans to an overseas company to save few bucks. We are fully E&O insured and have never had a claim in over 100,000 floor plans produced. We also draft for large corporations like Telus, ADT, CBRE, Canadian Tire and 7-eleven. Our track record speaks for itself.