In short – no; at least according to this one expert.
“It is not easy to break into the luxury market; the main factors are hard-work (and having a) sincere attitude (and) creditable personality,” Anita Mui, an agent with Century 21, told REP. “And more importantly a high society personal connections is definitely an advantage and asset.”
“I feel that once you are doing well in the luxury market, you will have a good reputation and your position in the trade will be highly recognized.”
Mui has been working the high-end real estate market for five years and has gained a reputation for her quick turnaround times. She recently sold a Bridal Path property in a single day for a whopping $6.38 million.
The Canadian luxury market has earned quite a bit of media coverage lately, due to boom it is currently experiencing.
As REP previously reported, Sotheby’s International Realty Canada found 11,112 luxury homes – worth more than $1 million – were reported in the Greater Toronto Area last year. That represents an increase of 48% year-over-year.
And agents on the west coast fared just as well.
Vancouver saw 4,578 homes over $1 million changing hands in 2015 – a 46% increase over 2014’s mark.
Further, the study found that the greatest boom was for housing costing more than $4 million. Toronto saw an 71% increase in homes in that category, and Vancouver sales grew by 67%.
The reason for the boom, according to Mui, is due to a number of factors.
“The reason for the massive increase in the sales of luxury market last year were attributable the marked devaluation of the canadian dollar; low interest rate and stagnant stock market; political unrest and instability in many parts of the world; (and the fact that) Canada enjoys a vibrant and resilient country and (is) therefore a safe haven for the wealthy,” Mui said.
It’s a red-hot market – and one that is incredibly lucrative. Are there any secrets to success?