Victoria Real Estate Board Releases StrataDocs Online
This is probably the biggest news since WebForms™ was introduced a few years ago. Remember how that made your life so much easier?
First, the official news release from the Board:
New StrataDocs Online Service for REALTORS®
Helps Buyers of Strata Units
The Victoria Real Estate Board (VREB) has introduced a new online service for its REALTOR® members called StrataDocs Online that will make it much easier for buyers of strata units to obtain important documents.
Under the system, REALTORS® can obtain online all the required documentation buyers need when purchasing a strata unit, such as copies of the strata bylaws and minutes of meetings. REALTORS® can then email these documents directly to buyers, saving considerable time and effort. Previously, REALTORS® had to request the documents from the strata council, or property management company, and wait for photocopies to be made. The program also allows strata unit owners access to their documents at no charge.
VREB President, Bev McIvor, says StrataDocs Online is a first for British Columbia, “We are the first Board in the province to have introduced this program which was developed for us locally. We’ve launched the programme with three condominium buildings online and are now working closely with property management companies to get many more buildings included in the system.” McIvor added that the property management companies will be responsible for ensuring that all relevant documentation is available on the system and is kept up to date. “We invite property management firms and independently managed stratas to contact us to learn more about how they can participate in this new program.”
McIvor noted that other real estate boards in the province have expressed considerable interest in working with the VREB to implement a similar program in their respective areas.
Why is this such big news? Well, as the release says, once more buildings and property managers are on board, you won’t have to wait the sometimes agonizing wait for documents. With the exception of a Form B Information Certificate, you will be able to have everything ready for a potential buyer on a moment’s notice. You’ll have a permanent, electronic copy that you can keep for the next time you have a unit in the complex (think of marketing yourself as a “building expert”). You can forward them via e-mail to an out-of-town buyer. Or, forward them to your internet fax (see my earlier post) and away they go via fax, anywhere in the world, without you wasting any paper.
And the best part? It doesn’t cost you a cent more. You’re still paying for the documents from the strata management company, but no premium for the StrataDocs service. It’s a win-win for everyone involved.
This technology was developed in-house at the Victoria Real Estate Board and has been a couple of years in the making. You may remember having the opportunity to demo the system at the VREB Tech Fair last November. The implications of this being a proprietary software are huge, too. The Board could license the tech to other real estate boards in other markets in exchange for a license or subscription fee. It could be a great source of income for the board and could reduce our fees.
The Board is recognized industry-wide for being an innovator in the technological arena and it’s no surprise that they’ve developed a sure winner with StrataDocs Online.