Luxury Real Estate Toronto
Putting a home on the market in the Toronto luxury real estate sector is a major undertaking. It requires pricing expertise, marketing savvy and negotiation know-how, among other skills. While the selling process should always be handled with care, there are a few unique challenges involved when your home is a luxury property. Being aware of them—and making informed decisions accordingly—can help you achieve a higher return.
Here are just a few things that make selling a high-end home different…
Finding the right buyers really matters
Most sellers want their agent to use marketing to expand their pool of purchasers as much as possible. If you have a luxury property, and want to put it on the Toronto luxury real estate market, your priorities are different. You want to be sure that the buyer can actually afford to purchase your home.
All too often, buyers who show interest in high-end homes don’t meet the financial requirements to purchase them. In some cases, they aren’t serious about buying—which can lead to wasted time.
It’s also important to remember that luxury buyers often have more diverse needs and preferences than we tend to think. While some may be looking for a modern loft, others are dreaming of a Tudor mansion. Some are drawn to the downtown core, while others want a spacious lot near the water.
Fortunately, an agent with luxury market expertise can help you find a well-qualified buyer—one who will look at your property and see their dream home.
Traditional marketing may not be effective
When it comes to most homes that go on the market, Facebook posts and front-yard signage are great ways to spread the word. Having said that, most luxury buyers have a different approach to the home hunt; reaching them may require a bit more strategic thought.
Where does your most likely buyer spend time online? Which magazines and other publications do they read? Answering these essential questions can help you position your home appropriately in the market.
While marketing in the right places can help you get the right eyes on your home, it may ultimately come down to who you know. An agent with luxury expertise will have a solid network of qualified luxury buyers to tap into.
Make sure your realtor has an extensive number of global affiliates to promote your home. Many buyers of luxury homes are international clients.
Pricing is a different ball game
Pricing a home is almost always more involved than sellers believe. Typically, agents will pull together a comparative market analysis. This document looks at homes that are very similar (in terms of size, features, location, and other factors) to the one going on the market.
While comparables can be helpful when you’re pricing a luxury property, they’re often just one piece of a larger strategy since these homes often have unique qualities, beyond compare.
The truth is, selling a luxury home can take a little longer, since the pool of purchasers is smaller. That said, allowing a property to languish on the market is never a good idea—no matter the price. Ensuring your home is priced correctly is imperative, no matter the price range.
High-end photography is a must
Believe it or not, quality images can make or break a home sale. Beautiful photographs have the power to draw buyers in, encouraging them to pick up the phone and set up a viewing.
Since those in the luxury market expect the best, the photos you use in your listing should be top-of-the-line. They should also be aspirational, painting a picture of the lifestyle your ideal buyers are looking for.
A professional photographer with the right experience will know how to show off your home to its best advantage. From equipment and lighting to angles and perspective, every factor that goes into a photo counts. And don’t count out the power of drone photography to highlight an expansive lot.
The details matter
Luxury buyers know what they’re looking for—and what they aren’t. That’s why it’s so important to showcase the finer details of your home.
From perfectly-preserved period details to high-end finishes, your property’s selling points should be highlighted as much as possible through your staging and marketing efforts.
While selling a luxury home can feel overwhelming, it doesn’t have to be. An agent with the right connections and experience (along with an eye for detail) can set you on the path to a seamless sale—and a truly impressive return.
Are you ready to put your luxury home on the market? We’re here to help. Take the first step today by finding the right agent!