“Luxury” is perhaps the most oversaturated phrase in Toronto’s real estate industry. It seems like over the past few years this real estate buzzword has been popping up on every listing description, feature sheet, newsletter, and (worst of all) agent bio.
Unfortunately, the continued overuse of this marketing catchphrase means the true definition of ‘luxury’ in real estate has lost any specific meaning — nowadays, essentially anything can be labelled as such without any real consequences.
However, that doesn’t mean that true luxury doesn’t exist in real estate anymore. In fact, the difference between true luxury and everything else has never been more stark, it just takes a studied understanding of what to look for in order to find it. This post is all about that.
What Actually Is Luxury?
Perhaps the primary reason why ‘luxury’ has escaped meaning in today’s market is because the very idea of luxury is relative — what might seem like a luxury home to one buyer might seem average at best to another. What isn’t subjective, however, is the quality of a real estate experience.
The feeling of walking through an impeccably curated foyer tastefully staged by a seasoned professional will offer the same experience of luxury to a buyer of any budget, as quality speaks for itself.
In the same sense, a luxury real estate experience can also be identified in a Realtor’s® level of service. If a Realtor® has the ability to provide truly world-class assistance across each stage of a transaction, accounting for every detail from beginning to end, this is also objectively luxurious.
Both of these are perfect examples of the meaning of true luxury in real estate. Being able to provide ‘luxury’ in our industry requires the culmination of many years of experience, a willingness to constantly improve and maintain above-industry standards, and an innate ability to know exactly what will delight a client before they do themselves.
Above all else, luxury is centred around client experience, and it’s a Realtor’s® duty to ensure their services always maximize the potential for excellence in that department.
From our founder to our team to our brokerage, every member involved with The Armin Group stands for quality and excellence of service. To learn more about what differentiates us from the crowd, get to know us via our short biographies below.
Finding Luxury In Real Estate
As stated above, luxury in real estate is relative. In Toronto’s highly competitive market where both space and price come at a premium, luxury homes most commonly share a few traits: more square footage, manicured outdoor living spaces, high-quality finishings, and close proximity to desirable amenities.
However, this also depends on the requirements of the client. The natural real estate life cycle shows that, on average, a move-up buyer ready to purchase their ‘forever’ family home might value proximity to top-tier schools, recreational facilities, shopping districts, and major highways and roadways for easier travel to their cottage or second home.
A luxury buyer earlier on in their real estate life cycle might be looking to upgrade and upsize their downtown condo to find a bigger unit with more bedrooms or possibly even their first house. Space will be the first upgrade, though locational excellence can’t be sacrificed here either, nor the quality of build and finishings.
At the end of the day, what constitutes ‘luxury’ for you will differ from someone at a different stage of their real estate career. What’s important to remember is that luxury real estate really comes down to what your particular needs and wants are.
Identifying true luxury properties in today’s market can feel more challenging than it should be. That’s why we only feature the homes for sale that hit every mark. See which luxury homes we’re excited about now on Our Properties page here.
Finding Luxury In Service
Luxury in real estate can also be defined by the level of service a Realtor® is able to provide their clients with. While the purchase or sale of physical homes are ultimately what you think of when commencing a real estate transaction, those are, in actuality, more of a ‘final destination’ in the greater picture.
Between your initial client consultation to the moment you sign off on your Agreement of Purchase and Sale contract, everything is done with the guidance and assistance of your Realtor®. Seeing as this accounts for the bulk of your entire transaction, the palpable feeling of luxury simply must be present throughout these stages too.
For example, a Business Class plane ticket might mean you have a nicer seat, better food, and larger wine selection, however, if the in-flight service is on par (or worse, below par) with the Economy cabin, then you haven’t exactly enjoyed a luxurious flight despite arriving at your desired destination.
From the second you meet with your Realtor®, an atmosphere of luxury should be curated for you at all times. An environment where you’re able to clearly and comfortably articulate your needs and wants to your Realtor® is essential if you’re to allow them to optimize your home search or sale and tailor your experience to your luxury-driven goals.
One of the best methods to identify whether a Realtor® can provide you with a luxury experience is to consult their previous clients. Find out what ours have to say about working with us by reading our Client Testimonials here.