Selling a luxury condo is more than just putting a property up for sale. It is more like selling a lifestyle. After all, the high-rise Toronto condo life is one of the most exclusive and sought-after experiences among many elite homebuyers.
That is why taking a slightly different approach to listing these luxurious condos for sale is so critical. Here is a a closer look at some of the main differences you need to consider when preparing your luxury Toronto condo for sale.
The Buyer Pool is Smaller
Many real estate companies will purport to get your listing in front of the highest number of buyers. While this sounds great on the surface, when selling a luxury condo, the key is to ensure your condo appeals to those select few who you are trying to attract. Selling a luxury condo is less about casting a wide net and hoping for a catch, and more like deep-sea fishing where more emphasis is placed on the equipment and bait you are using.
Look for Quality, Not Quantity in Your Staging
For example, in a typical condo or home listing, an agent might recommend staging using generic furniture and decor that creates a neutral space. Luxury condo buyers, on the other hand, would appreciate more attention to detail with high-end, unique furniture that truly suits the space and aesthetic of the home.
As a result, when staging a luxury condo, we adhere to the highest standards of design to produce a truly breathtaking room.
Should You Renovate?
Luxury condo buyers are known for their discerning taste. Their opinions are strong. While we do recommend updating and replacing any old and outdated items in the condo, it is sometimes better to leave any major aesthetic renovations up to the new owner.
With that being said, there are many other upgrades you can make to the condo that would increase its value and provide a high ROI. For example, minor kitchen and bathroom upgrades, fresh paint, and repairing anything that is broken or worn out can all increase the value of your condo and result in a faster and more profitable sale.
Your agent knows what these buyers are looking for and can make recommendations on exactly which renovations are worth the hassle when preparing your condo for sale.
Thinking about selling a luxury home in the near future? If so, when is the best time? Read our blog here to find out.
When it Comes to Photos, More is More
Luxury condos are a significant investment for any buyer. And as you know, when making any type of large purchase, you want to ensure that you have every last detail covered. When selling a high-end condo, it is important to have an abundance of materials that buyers can reference.
This means extensive photography, video, and even 3D floorplans and tours. In some cases, we may even take twilight photography to showcase the home at a different time in the day and really elevate the wow factor of your property.
Going above and beyond when it comes to images and marketing means your home will stand out among the competition and buyers will have more data to base their decision on. Providing more photos and details also provides an air of transparency, which is appreciated by all during a large transaction like this.
The luxury real estate market in Toronto is not what it used to be. Read some of our blogs looking at the current state of the market here:
- How the Luxury Real Estate Market Has Changed in the Last 20 Years
- The New State of Luxury Real Estate in Toronto
You Might Be Overlooking Some Details
When we live in a space for any period of time, we become somewhat accustomed to a certain level of living. What might seem commonplace to you could be an incredible feature to others.
Part of your agent’s duty in listing your condo for sale is to consider these features and play them up as much as possible. Perhaps you never had much use for your terrace, but the view is stunning and it becomes a major selling feature of the home. Maybe you are not inspired in the kitchen so the restaurant-grade appliances do not appeal to you, but they could to someone else.
Preparing your home for sale is the perfect time to take a step back from your condo and take stock of all the things that made you fall in love with it in the first place.
You May Want to Take a Vacation
If the idea of taking a vacation during the sale of your condo sounds stressful, hear us out. During the process of selling your condo, your agent will be in and out of your home perhaps multiple times per day for showings.
While your agent will always be respectful of your time and confirm showings with you beforehand, wouldn’t it be better to just take it all off your plate? When you work with a stellar agent you can truly trust, you can feel confident going to one of your vacation properties or cottages while the condo is in showings.
And, with any luck, when you return, you will be coming home to a sold condo.
Are you planning on selling your luxury Toronto condo this year? At Armin Group, we focus on providing exceptional selling experiences catered to the high-end Toronto market. We are always happy to discuss your real estate goals and provide you with our advice. Reach out today.