Greater Toronto Area agents are not laying back to be hindered by lack of new homes in the market. From paying moving and staging costs to marketing blitzes, they are going all out.
Last year, home prices in Toronto were the major challenges faced by agents but this year there is added stress. The lack of new home listings is taking a toll on Toronto real estate agents with many finding alternative ways to meet up to the demand end of the market.
With the average home price at $770,000, home experts are warning of a double digit increase by the end of the year. This has led many sellers to hold on to their properties to wait for home prices to decline. Hence agents are left with no other option but to get to an understanding with sellers to list their properties.
According to Sai Tirulokan a real estate agent explained “his team is well equipped at making high home prices.”
With many sellers holding on to their properties, agents have to make record high prices to convince sellers to list their properties.
On strategy Tirulokan uses most especially on old properties is to make a “joint venture” between a homeowner and a real estate designer. This means after the home is renovated and sold, the homeowner and designer share the profits.
This creates a middle ground for both parties and also makes available more homes on the market for buyers to choose from. With many homes in need of a renovation, this is a very favorable condition for real estate agents such as Tirulokan.
However, some agents also have different approaches and one of such is Frank Leo who makes use of highly exhibiting methods including TV and radio adverts, fliers, and outdoor billboards.
The more people get to see a property the most likely they might get enticed to consider buying. But although this method is not cheap, it is worth it at the end of the day. Some agents also provide free services to help list properties.