Fancy a free trip to see Mickey and Minnie? Or how about a lease-free vehicle for a year?
As Toronto’s red hot real estate market continues to sizzle, the bidding wars aren’t just for homes and condos but also for your business.
“Some agents are gifting trips to Disney World, while others are offering to take care of a car lease for up to two years,” said agent Paul Raposo with Keller Williams Reality, who says it’s all about the fight for listings.
“Have you ever watched an MMA match? It’s almost as competitive as that but not quite as violent.”
Raposo says he targets millennial movers and shakers.
“We’re offering them a night out as a thank you, a night out with all their friends at one of Toronto’s hot spots. We’ll also pick you up in a limo or SUV. Or a membership for a year at a local gym or fitness club.”
Creativity can go a long way when you’re competing with tens of thousands. In 2005, there were 48,000 agents in Ontario. Today there’s nearly 80,000. Since 2014, 9,000 new agents have received their licence in the GTA alone, which is now home to 52,000 relators.
“It’s reflective of the market,” said Kelvin Kucey of The Real Estate Council of Ontario.
“With a market that continues to be very hot in the GTA, people want a piece of that. We’re getting higher and higher educational standards when it comes to new recruits and the registrants.”
Agents tell CityNews another method happening with more frequency is realtors slashing their commission, but Paul King, also with Keller Williams Reality, says that’s where he draws the line.
“When I come in and do a presentation, when I do the listing, you know I’m taking care of all aspects of the listing so I’m actually investing a lot of money to get the maximum price for their sale.”
Complimentary staging, according to both King and Raposo, is par for the course and it can cost thousands. Other expenses can range from complimentary ice cream trucks outside an open house, to the use of a drone, even actors for a video to list the home.
When it comes right down to it, Raposo says, potential clients need to break down who will work the hardest and get you the most money for your property.
“I can provide you with a trip to Disney World but what’s more important? A trip to Disney World or I sell your home for a lot of money? Then you can take that money and go to Disney World with your family.”