This post is for current owners of luxury properties and for buyers who plan to purchase a high-end home in Toronto. I will talk with you today about what questions to ask, and what to look for when selecting a real estate agent to buy or sell a property in a high price range. You might find some parts of the discussion a bit surprising, but this information is necessary to choose the right agent who will deal with your assets.
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.
Read our post “7 Questions to Ask Your Luxury Real Estate Agent” next and see what you need to know when hiring a luxury real estate agent in Toronto.
To be absolutely clear, any licensed real estate agent can list a luxury property. In the same way, any agent can be hired to help buyers to purchase a home in a high price range. So what seems to be an issue? The issue is that not every realtor has the relevant mindset, skills, tools, vision, experience, knowledge, and understanding of what is required to make a successful transaction in a luxury segment.
Here are 7 key points for evaluating realtors to work with.
How Do they Present Themselves?
Watch how agents present their brand, and how they market themselves, visit their website, look at their business cards, and see how they dress at events.
You might think these may not be important, but luxury real estate agents have honed every aspect of their craft, from the way they dress to how they organize their websites.
Are they Experts in their Niche?
Luxury real estate agents work with high-end clients that have extensive portfolios. Clients like yourself need to be sure that their assets are getting the attention they deserve.
Consequently, a luxury realtor needs to be well informed on every aspect of a property and to be well-versed on:
- The number of active and expired listings, sales, and private sales in your area
- Information about the neighborhood
- Details about similar properties for sale in the area
Your agent should know what features people are looking for in a luxury segment. What streets and pockets are more exclusive than the others, and so on?
Do they Know About Your Community?
Your agent should know the community you live in or you are interested in and should be able to recite from memory information about schools, clubs, fitness centers, golf courses, and so on.
How Do they Act and React to Things?
Pay attention to how your agent acts and reacts. Before start working with a realtor, you must get a feeling that you are on the same page with this person. To get that comfortable feeling, you might want to choose an agent who lives, in the same or similar neighbourhood, has the same lifestyle and interests, appears in the same circle, and has appropriate speech and behavior patterns.
Do they Have Impressive Marketing Materials?
Take a close look at the marketing of the agent you consider hiring. It should be extraordinary, of great detail, and of excellent quality. There are several points to specifically look at:
- First. Find out the highest price point homes your agent sold or helped buy
- Second. A professional headshot
- Third. High-quality business cards
- Fourth. Online marketing. How solid it is.
- Fifth. Marketing package for similar properties your agent sold.
Are they Well-Connected?
Networking is an essential component for growing any business, especially in real estate. Your agent is connected to certain people and surrounded by professionals of different types. Through networking, you can find out about your agent’s reputation and past results. Also, check your agent’s company and find out more about its values and sustainability.
Do they Live/Work in Your Area?
Geographical location. If you are buying or selling a luxury piece of property in Toronto, make sure you hire an agent who lives and keeps the business in the city. Do not hire an agent who operates 30-40 kilometers outside of Toronto. Even if this is your close friend or a family member, do hire an agent who knows the local market fluently.
There are a few more things to add and to explain. For example, a list of services your agent is going to provide, time commitment, level of commitment, responsiveness, and so on. If you would like to continue this discussion and hear more, please contact me or leave a comment below.
Also, do not hesitate to get in touch if you feel that I can help you in the process of selling or buying a luxury home in Toronto. Please call, text, or email me, I will be glad to hear your goals and to suggest the right strategy.