I am talking today to the owners of luxury properties who consider selling. In this post, I will guide you through the questions you need to ask your agent before listing your high-end home.
Just to remind you that I’m a real estate broker here in Toronto. I live and work in Midtown and I truly think that it is the best place in the city to settle down.
If you are selling a property that belongs to a luxury segment you would certainly want to work with an agent who qualifies for a job. The truth is that any licensed realtor can take your multimillion-dollar listing and put a for-sale sign on your lawn.
Another truth is that when you invite an agent to an interview he or she knows in advance all the questions you will be asking as a seller. There are 3 of the most often questions. What’s the Price, what’s the Timeline, And what are the commissions? Will you believe that all the sellers are asking the same questions? Realtors who come to the interview are prepared to answer them and they are even prepared to address your objections based on the data and their own experience.
Are you looking for more information on the Toronto real estate market? Read these posts next:
- Frequently Asked Questions About Toronto’s Real Estate Market
- Pros and Cons of Living in Toronto’s Most Prestigious Neighbourhoods
- Does Your Home Have What Buyers are Looking For?
So the question is how to determine if a realtor has the skills, knowledge, mindset, and relevant strategy to sell a luxury home.
I have been a client and a seller myself. And I think these 3 questions are not enough to understand the qualification of an agent and to trust your assets. So I recommend the sellers add more questions to the interview.
1. Where Do You Live and Where Do You Work?
Number one. Ask your agent what area he or she lives in and where mostly his or her business is happening. To achieve the highest results your agent should know the area and understand its special traits. It is impossible if an agent is out of town and comes to Toronto occasionally.
2. Who Would Be Interested in Buying my Property?
Number Two. Ask your candidate to describe a potential buyer for your property and ask where that buyer might come from. For example, if you are selling a luxury penthouse in Yorkville, your potential buyers may be successful executives or sustainable downsizers. So the marketing of your property should target them and also, it should target the geographical locations where this demographic currently resides.
3. What is the Highest Priced Property You Have Sold, and Where was It?
Number three. Ask your agent what is the highest-priced property he or she sold and where. You must make sure that the agent knows the approach of how to deal with luxury real estate.
4. What Type of Strategy Will Work for My Home?
Number four. Ask your agent to guide you through a selling strategy and marketing plan. Luxury properties do not sell by themselves. They require a detailed description, professional cleaning, staging, photography, videos, special marketing and advertising efforts to demonstrate their value to buyers. For example, it would be advisable to showcase your luxury listing in the “Globe and Mail” newspaper and also, on the biggest international real estate websites like Leading Real estate Companies of the World, Luxury Portfolio International, and more.
5. How Does Your Business Operate?
It is important to know how your agent operates – like a solo agent or a team. While there are many successful agents and teams, you need to know the difference and decide what to choose. If you work with a solo realtor, then make sure this agent has enough capacity to answer the calls regarding the listing, be present at showings, and so on. And if you decide to work with a team, your listing can be delegated to a beginner or assistant, which, of course, is not what you are paying your money for. So make an informed decision.
6. How Will We Communicate?
How will your agent keep in contact with you during the selling process, and how often?
It is better to set a comfortable schedule of communication from the very beginning. Your agent will suggest how he or she will stay in touch with you and how often. You may prefer emails, texts, or calls. You also may want to be updated frequently or on contrary, you might want to be notified about a new offer only. Asking this question can help you to match your needs with your agent’s systems.
7. Are You a Full-Time Realtor®?
Question number seven. But I think it should come as the number one question to ask. Are you a full-time or part-time realtor? This will determine how much a realtor is involved in the business. You would like to deal with an agent who is serious about their career and is in this business every day, all day no exception.
These are some of the important questions to ask at the first consultation. You may also want to pay attention to how the agent speaks, reacts, and how he or she is dressed and presents. While it might seem not so important, but luxury real estate agents have honed every aspect of their craft, from the way they dress to how they organize their websites.
Also, as a full-time realtor operating in the high-end Toronto neigbourhoods, I would like to offer my services if you are thinking of selling your luxury home. I would be happy to share with you my professional experience and personal knowledge of the Toronto luxury market. You can reach me by calling, texting, or emailing.