The Art of Luxury Real Estate Marketing in Toronto

| Selling

Top-tier luxury homes tend to remain in demand even when economic worries are impacting the traditional buying pool. That said, sales rely on targeted marketing strategies tailored to appeal to high-net-worth buyers.

Here we look at the art of luxury real estate marketing in Toronto and how we craft our strategy differently to sell the city’s $3M+ gems.

Who’s Buying Toronto’s Luxury Properties?

Luxury properties attract a distinct group of buyers from both local and international markets, who are largely unconcerned with financial limitations or the potential impacts of economic uncertainty. This segment is considered a micro niche, as the luxury market does not operate in the same way as the broader real estate market. In fact, the luxury sector remains reasonably unaffected by the financial considerations that typically influence the average buyer, resulting in a steady demand.

How Long Do Luxury Homes Take to Sell?

Fewer buyers mean luxury homes sit on the market longer than the current average home. It really depends on the desirability and emotional appeal of the home and how that property fits in with the lifestyle of the high-net-worth buyer. For example, the highest priced homes selling above $10 million in chic, desirable areas like Forest Hill or the Bridle Path seemed untouched by the slowing market, high inventory, and iffy economy, with a notable increase in transactions. Average days on market can range from three to six weeks when the marketing strategy and pricing are on point, but take months to sell for homes with irregular features or poorly estimated pricing.

Factors impacting the number of days on the market include:

  • Pricing: Homes hitting the sweet spot price-wise will avoid sitting on the market for months compared to overpriced listings
  • Home type: Luxury condos take much longer to sell than houses
  • Location: Houses in neighbourhoods with extremely tight supply, like Rosedale, Forest Hill, or micro-pockets of  The Annex, tend to get snatched up quickly
  • Presentation: Well-staged, move-in ready homes sell faster than homes that show poorly
  • Timing: Homes listed in spring and fall tend to see fewer days on market than those listed in the winter and summer

Learn more about the factors that influence the success of your sale with these posts next:

Why Custom Marketing Strategy is the Biggest Differentiator

The above factors illustrate the importance of having a strong pricing strategy. The right price goes hand in hand with tailored marketing. It isn’t enough to rely on standard MLS exposure, generalized local marketing targets, and ho-hum staging and photography. Instead, we take a different approach for our luxury clients, ensuring everything reflects the distinctive nature of the property.

We understand that a custom marketing plan is the only way to reach the distinctive luxury home buyer profile. The luxury market is all about more exposure, more precise targeting, and more refined pricing. Every detail must be timed right with impactful outreach and strategic rollout that includes next-level media, such as:

  • Stunning visuals: We’re talking Architectural Digest-level photo shoots and near Oscar-worthy cinematic video that sets a mood of elegance designed for elevated lifestyle storytelling.
  • Targeting: Digital campaigns aimed at affluent buyers using highly qualified leads promote an elitist exclusivity to the sale. International exposure is often required to expand reach in such a niche market using globally accessible yet exclusive platforms to appeal to global high-net-worth audiences.
  • Cross-border marketing: U.S. marketing opportunities through exclusive channels also expand reach.

Why Pricing Strategy Matters More at the Top End

The right price leverages a feeling of property exclusivity, drives emotions, and sets the tone through high-end lifestyle story-telling. Although overpricing a luxury property can lead to extended days on the market, underpricing undermines the elitist quality of the home. That’s why pricing is far more sensitive in the luxury market. Prices do not rely on comparable price bands driven by basics like square footage, number of bedrooms and bathrooms. These details mean little in a market driven by positioning above all else.

Learn more about the intricacies of selling your home with these posts next:

What to Ask Before Hiring a Luxury Real Estate Team

When meeting with real estate agents to sell your luxury home, ask the following questions to ensure they understand how to meet the demand of this elusive niche market:

  • Where will my home be advertised?
  • Which global platforms are included?
  • How does your marketing plan differ from general marketing plans?

Who you hire matters, not just for the sale of your home, but for every other aspect of the transaction. Your Realtor will be your touchpoint for so many other recommendations from movers and decorators to contractors, and beyond. Read Your A Team’s A Team: Why it Pays to Work with the Best Real Estate Agents in Toronto to learn more.

The Bottom Line

Selling a luxury home is all about creating a marketing strategy designed to appeal to a targeted high-net-worth audience, with a focus on positioning using the right channels and hitting the right price to optimize returns.

Selling a $3M+ home in Toronto? The Christine Cowern Team offers comprehensive home selling strategies specifically crafted for luxury homes. Learn more about our process and expertise by calling us or emailing us directly today.