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 item from a potential buyer.
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 or understand the space. By providing a floor plan, you’re already one step ahead from a listing that does not.
On March 1 2020, BC implemented a new rule that required a listing realtor to disclose where their measurements were obtained. Gone are the days where a realtor can simply copy the previous listings data, or rely on the cities numbers, they must now take the extra step to ensure they comply with these 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 any damages that may arise if the measurements are drastically wrong 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 legal strife 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 carry a risk when you are stating the property is a certain size, and you should ensure you are using a reputable company with a proven track record with accuracy and reliability.
What about floor plans that are outsourced or provided by a 3rd party?
You may be tempted when you see cheap floor plans or packages for your listing, but the old adage of “you get what you pay for” rings true. There are substantial cost in training staff to learn the drafting standard, and carrying E&O insurance is expensive. If your floor plan is being provided by someone who lacks the knowledge of the drafting standard or insurance to cover their work in the event of legal action, you are willingly putting yourself and your client at risk.