One Strategy Doesn’t Fit Every Listing
This week we took offers on a condo we listed in Roncesvalles, and it was a great reminder that every property needs its own marketing strategy.
When we listed our client’s suite at 36 Howard Park, there were already four other condos for sale in the building. None of them were new listings, and all had been sitting on the market for well over a month. In today’s condo market, that’s not unusual.
Our client wanted to move on quickly so they could purchase their next home, so we had one goal: make this suite stand out from the competition.
After looking at the market, we decided to price the suite well below the competing listings and set an offer date one week later. It was a calculated strategy, and fortunately, it paid off.
This is a highly sought-after building in Roncesvalles, just a hop, skip, and a jump from High Park, so we knew there was demand. We just needed to create urgency.
The results:
- 27 private showings
- 33 groups through the open house
- More than 2,200 MLS views
- 7 offers
- Listed at $699,000
- Sold for $821,000
- One very happy client
Of course, that strategy doesn’t work for every property.
A few weeks ago, we listed a luxury condo at 38 Avenue Road in Yorkville. It’s a completely different market. Most of the suites in the building are priced above $2.5 million, and luxury condos typically take much longer to sell.
So the question became: How do we generate more exposure?
Because the building doesn’t allow public open houses, we reached out to the other agents with listings in the building and proposed a joint REALTOR® open house.
The idea was simple. An agent may not make a special trip to see one suite, but if they can view three exceptional suites in one visit, it’s much more worthwhile. By partnering with agents from other brokerages, we also expanded our reach into their networks and databases.
In the end, seven agents attended.
That may not sound like a huge number, but several of those agents had previously sold units in the building. Getting our listing in front of experienced agents who already know the building is exactly the kind of targeted exposure that can lead to the right buyer.
The lesson?
There is no one-size-fits-all approach to selling real estate. Every property deserves its own marketing plan based on its price point, location, competition, and buyer profile.
The condo market today is still challenging for sellers. Some listings are attracting multiple offers, while others struggle to generate even a handful of showings.
That’s why I’ve been telling every condo buyer I speak with the same thing: this is one of the best buying opportunities we’ve seen in years.
There is an incredible amount of inventory, sellers are negotiating, and buyers have leverage that simply didn’t exist a few years ago.
If you’ve been waiting for the “right time” to buy a condo, this may very well be it.
If you know of someone who needs to buy or sell, please make sure they call Davelle.
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