Are you selling a luxury estate in the Toronto area and want an extra edge to help your listing stand out? The first step is understanding that a high-end transaction is unlike a regular listing, and the usual rules may not apply. For example, one little-known way to sell an upscale home is to enroll with a local real estate agent on an exclusive basis. What does this mean?
Most listings are made public on the MLS®, and anyone can show them. In fact, buyers will often stumble upon your home while browsing the Internet. A non-exclusive listing ensures maximum exposure to the highest number of people who might be thinking about buying a home. For starter and mid-level properties, this is often the way to go.
However, an exclusive listing works differently. In this case, only your listing agent can show your home. Prospective buyers will not be able to find your listing anywhere online. As you can imagine, this limits your exposure and means fewer people will ever know your home is for sale. Why would anyone go this route? Let’s take a closer look at both exclusive and non-exclusive listings.
Why Non-Exclusive Listings Work for Regular Homes
For lower-priced listings, you want the world to know that your home is available. Why? Generating maximum attention is more likely it is to result in multiple offers. When potential buyers have competition, they’re more inspired to offer above the asking price to purchase the home. Early attention is everything; the faster a house sells, the more earning potential you have. If the house sits on the market, it begins to lose perceived value. That’s why your Realtor® will bring your home to the attention of all of the buying agents in their network and advertise extensively online and offline.
A sound strategy is essential when selling a luxurious home in Toronto, especially in the current market. The following resources can help:
- Should You Sell Your Toronto Home In The Off-Season?
- How To Find The Right Realtor® For Your Luxury Listing
- 3 Tips For Selling Luxury In The Current Real Estate Market
Luxury Real Estate Works Differently
Selling a luxury home requires more finesse. In many cases, the opposite rules apply. Unlike a regular listing, you do not need to get maximum exposure. Instead, you want the “right exposure.” You’ll only target people who are actively looking for an upscale property and have the means to make the purchase.
And in the world of luxury real estate, time is less of the essence. Because there is a limited number of qualified buyers, the transaction may take longer. As a result, you don’t need to worry as much about selling your house quickly. When it comes to luxury listings, success is in the intricate details, and the highest level of concierge service is an absolute must.
Research Before Signing Any Listing Agreement
Signing an exclusive listing agreement can be an excellent way to get the highest level of service throughout your transaction. However, that is only the case if your agent is the right person for the job. If a Realtor® lacks the connections or experience to find a buyer, you may face unnecessary delays when selling your home. How can you evaluate an agent beforehand to ensure a mutually beneficial arrangement? The following questions will help:
- Does an agent seem overly eager to get you to sign an exclusive listing agreement without taking the time to answer your questions? If this happens, always proceed with caution.
- Is the real estate agent a local expert with enough connections to find a buyer for your home?
- Has your agent clearly explained how listing exclusively will benefit you and help you enjoy a more successful transaction?
- Does the agent have a positive reputation for providing a high level of client service that goes above and beyond?
How can you make your home look like a high-end listing? Here are some ideas to get you started:
- A Vision For Your Home: Our Staging Expertise
- Lighting Techniques That Give Your Home An Instant Facelift
- Top 5 Luxury Design Features In Modern Toronto Homes
How Do You Know if the Arrangement Benefits You?
Though public listings are often the better arrangement, there are specific situations that call for a real estate exclusive. Here are a few examples:
When selling a luxury home in Toronto, privacy is paramount.
This is especially true if you are a public figure or well-known in your community. You don’t want countless strangers barging into your space, “oohing” and “ahhing” over your stunning decor, but with no ability or intention to buy. An exclusive listing means fewer eyeballs on your home, but everyone will be vetted before stepping foot inside.
Your listing agent has experience selling high-end real estate and access to a pool of buyers.
How can you tell if they are up for the job? A little background research can indicate how knowledgeable they are on the luxury market. Check their website to see if they have any articles or blog posts on the topic. Or even better, talk to previous clients to see if their experience working with the agent was positive.
You want to test your price point before your listing reaches the masses.
The right price point is critical when selling real estate in Toronto. If you list too high, your home could sit on the market too long or even develop a stigma. An exclusive listing allows you to test a higher price to see if it will gain traction once available to the market at large.
Working with a trustworthy and professional Realtor® on an exclusive basis removes the hassles and headaches from the selling process. With the right expert by your side, you can enjoy optimum service and outstanding results from your luxury listing.
Do you have questions about real estate exclusives or selling a house in Toronto? We are happy to provide you with the honest answers you need with no obligation. Reach out to us right here or call 647.232.7317 to get started.