Agents get creative in hot housing market

by Justin da Rosa10 Feb 2017

Lack of inventory is forcing agents to get creative in a bid to earn business.

Robert Annau, a broker with the Robert Annau Group, is handing out letters in Toronto condo buildings in the hopes owners will part with their sought-after units.

“We are reaching out today to let you know that we have buyer clients actively seeking 1+1 and 2 bedroom units (in your building),” the letter, which was obtained by REP, reads. “Recently, several 1+ den units were sold for record prices – this brings the value up for all units in the building! Not to mention the ‘never ending’ seller’s market.”

There’s no better time to sell your condo, the letter claims.

And that may be true, given the competitive market where homes more often than not sell for over the asking price.

“It’s a very tight market and there’s not much inventory of good units,” Annau told REP. “You just have to do whatever it takes to try to get that inventory on the market.”

The average selling price in Toronto is now $770,745 and that number is expected to grow.

With many prospective buyers looking to break into the market – and many owners content to sit on their homes and enjoy the appreciation – many agents are finding creative ways to entice owners to sell.

That includes offering free staging – a service Annau offers and something a recent CBC article claimed is a growing practice.

And it’s not just agents getting desperate for home sales in Toronto.

Instances of potential buyers knocking on front doors and asking if owners will part with their homes have been reported as well.

With prices expected to continue to climb, agents are likely at their drawing boards trying to find new ways to reach clients.

Related stories:
Insufficient information available to address Toronto affordability woes
GTA has record year

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