In the broad sense, selling a high-end property is the same as any other real estate transaction. The similarities include cleaning, decluttering, making minor updates, and staging the home for maximum impact in the market.
However, when it comes to the finer details, selling a luxury home is as different as night and day. It requires more savvy and far more attention to detail than you would need for a standard Toronto house. In this post, we’ll talk about the ins and outs of selling a luxurious property so you can get the best possible terms and results. Here’s what you need to know.
Toronto: A Housing Market Like No Other
It’s hard to imagine a vast real estate landscape with more diverse housing options than Toronto. The high-end market includes everything from sleek penthouses overlooking the skyline to stunning heritage homes and elegant waterfront mansions, all against the backdrop of the bright city lights.
In Toronto, upscale clientele can enjoy an elevated lifestyle, with some of the finest restaurants in the world and endless boutique shopping opportunities. As a seller, the key to your success is to showcase your magnificent property to the highest calibre of Buyers actively searching for a home like yours.
Why buy or sell in Toronto? It is one of the most dynamic real estate markets in the world! Find out more in the posts below:
- Top Ten Luxury Neighbourhoods In Toronto
- How Toronto Compares To International Cities
- 5 Up-And-Coming Neighbourhoods For Investment In Toronto
Luxury Buyers Are More Discerning
One of the most significant differences between selling a standard home and a high-end estate is the level of sophistication of the market itself. A person searching for an upscale property is likely an experienced and savvy real estate Buyer.
Unlike first-time Buyers, they’re not bursting with unbridled enthusiasm as they browse through available listings. Instead, they view every property with a high level of scrutiny. They will take their time to wait for the right opportunity and are unlikely to let their emotions take over when placing offers.
Real Estate Professionals Need More Experience
Rarely will you encounter a new or inexperienced real estate agent representing multi-million dollar listings or their Buyers. Upscale clients have exceptionally high expectations, and rightly so. With higher prices and more complex transactions, negotiations are delicate and nuanced.
Real estate professionals in the luxury markets must have a wealth of experience and knowledge to be able to secure favourable outcomes for their clients. They handle each interaction with professionalism, grace and discretion to ensure clients feel reassured and delighted with their experience from start to finish.
The Luxury Market Has Less Competition
As the population in Toronto grows, the demand for entry to mid-level housing becomes intense, with many listings attracting multiple offers and all-out bidding wars as Buyers compete with one another. This frantic activity is less common in the high-end market, where the pool of qualified Buyers is much smaller.
If these sophisticated Buyers feel any urgency for a particular home, it’s not likely due to competition from others. They act for their own reasons and on their own timelines. Either they have fallen in love with the home or see it as a worthy investment opportunity. What does this mean for you as the seller?
You must go to great lengths to make your home appeal to discerning Buyers. This means a thorough understanding of your demographics so you know who and where to market your listing. Above all, it means being patient while searching for the right Buyer. With fewer listings and fewer people actively searching, high-end real estate tends to move slower than the regular market.
Looking for even more ideas to prepare for a luxury sale? Here are some resources you will find invaluable:
- Luxury Design Trends For 2023
- Top Luxury Kitchen Features For Your Home
- How To Prepare Your Home Like A Luxury Listing
Home Preparations Can Be More Meticulous
Since high-end real estate Buyers tend to be more sophisticated, you can’t just slap a coat of paint on the walls and call it a day. Fresh paint will help, but you must go far above and beyond minor cosmetic improvements.
Meticulous attention to the finest detail is necessary to appeal to savvy, even critical, Buyers who will inspect your home thoroughly. It stands to reason that someone considering investing several million dollars has high expectations. As such, if you hope to earn $2 million from your sale, prepare your home like a $5 million listing.
Here are some ideas to help you showcase the distinctive features of your home:
- Conduct a thorough inspection: Identifying and addressing underlying issues ensures transparency and instills confidence in potential Buyers.
- Enhance curb appeal: There’s no better way to set the stage than with a grand entrance that is majestic and awe-inspiring. Meticulous landscaping, a well-manicured lawn, colourful gardens, and attractive outdoor spaces combine to create an inviting and irresistible ambiance.
- Upgrade essential systems: HVAC, plumbing, electrical, and security systems should be up-to-date and functioning optimally.
- Create a spa-like atmosphere: Incorporate high-end fixtures such as spacious showers, soaking tubs, or heated floors to transform bathrooms into luxurious retreats.
- Showcase high-end materials and finishes: Marble countertops, hardwood floors, custom cabinetry and designer lighting can emphasize the opulence and stunning features of your beautiful home.
- Home automation and security: A sophisticated security system is essential on a high-end property that is worth protecting. Putting this in place adds to the perceived value of the home. It’s a subtle, but unmistakable effect that builds Buyer confidence even more.
- Illuminate with custom lighting: Optimize lighting to accentuate architectural features, create ambiance, and highlight focal points. Chandeliers, recessed lighting, and accent fixtures can create a warm and inviting atmosphere throughout the property.
- Stage with luxury in mind: Luxury homes should be adorned with bespoke décor and furnishings, not in a generic style of home staging. Strategically arranged furniture, artwork, and decor can highlight the grandeur of each room and help Buyers envision the home as their own.
Preparing your home to meet these impeccably high standards is just one more reason to work with a real estate agent with experience in the luxury market.
A Carefully Crafted Marketing System is Essential
Once your home looks stunning, the next step is to formulate your marketing plan. Unlike other listings, you don’t want to attract anyone and everyone. Very few people will have the means to purchase your home, but many would love to visit your open house for a free tour.
An effective marketing system will target the most likely Buyers while maintaining your privacy. Here is an overview of what that strategy might look like:
Defining your target audience
Identifying your market allows you to get your listing in front of high-net-worth individuals, executives, and affluent families who might be interested in your home while excluding unqualified Buyers.
With an exclusive listing, your real estate agent is the only one with the right to show your home for a specific amount of time. Your estate will be featured on reputable platforms and high-end publications targeting the most affluent potential Buyers.
Each visitor will be vetted to ensure they are a serious and qualified Buyer. Showings by appointment only help to maintain your privacy while providing a personalized experience for those who do visit.
Have the listing agent present during the showing
Having the listing agent present during a Buyer showing allows an opportunity for the agent to highlight key details and features of a home for a prospective Buyer and their agent, as well as answer any questions that they have by someone who knows all of the distinct details of the home.
Develop your home’s unique story
Luxury Buyers are at a whole different level financially. However, they are still human beings buying a home where they want to feel loved and cherished and create years worth of memories. The story of your home will emphasize the prestigious lifestyle it offers while highlighting the unique features that make it so valuable. By the time a Buyer schedules an in-person viewing, they will often have already fallen in love with your home.
Professional photography and cinematic lifestyle videography
Highly skilled photographers and videographers can capture the essence of your home’s grandeur and gain the attention of potential Buyers all over the world. A cinematic lifestyle video will capture a Buyer’s attention and highlight all of the remarkable details of the home in a captivating way. The video should also showcase what makes the neighbourhood special, to evoke an emotion in the Buyer to have them not only fall in love with the home, but also the location.
Dedicated property website
Leverage technology to allow prospective Buyers to explore the property remotely with your own dedicated property webpage which would include all of the marketing assets in addition to expertly crafted and fully detailed information about the home, school rankings report, neighbourhood amenities, digital brochure, floor plan and more.
Agents in the luxury realm understand that it is important to showcase a home to their network of esteemed colleagues in other world class cities across the US and internationally, as well as in esteemed luxury publications such as the Wall Street Journal, Mansion Global and other highly recognized platforms.
These are just a few high-level marketing tactics you can incorporate to attract attention from discerning Buyers. However, every home is unique and will require an individualized approach to make the listing stand out in the vast Toronto market.
The Keller Williams Luxury Advantage
A real estate professional who partners with Keller Williams Luxury brings an extra competitive advantage to clients in the high-end markets. As a boutique division of the largest real estate brokerage in the world, Keller Williams Luxury agents receive specialized training that enables them to achieve results even in the most challenging conditions and circumstances.
Partnering with Keller Williams Luxury means you can expect exemplary service at every stage of your transaction. In addition, you’ll enjoy the benefits that go along with a built in marketing system that automatically provides exposure for your listing to high-end Buyers and their agents.
Are you ready to list your prestigious home in Toronto? We’d love to help you get started by formulating a unique strategy just for you. Reach out to us at email@example.com or call 647-293-3785 for a complimentary consultation.