There are a variety of options to market a property – and the recommendations that we give will really vary on a case-by-case basis.  I often find that the most commonly understood type of listing is the MLS listing.  These are the listings that you will see popup on the MLS listing history.  If you are setup to receive notices by your Realtor, you will receive a notice whenever something that matches your criteria pops up.

Another option that Realtors have at their disposal is the exclusive listing – oftentimes called many other names such as a pocket listing, or off-market listing.  Essentially, it means that a Realtor has been given permission to market a property for a seller – and only they have the right to sell the property (as in, they have exclusive listing rights). Now this does not mean that this particular Realtor is unwilling to cooperate with other Realtors.  We have sold a number of exclusive listings in which we would market to our fellow realtors, as well as offer a cooperating commission for anyone bringing a buyer.  The goal (at least in my opinion), is to still ultimately get the house sold for the most amount of money with the least hassle to the seller.

An exclusive listing does tend to have less exposure.  By not being put into the MLS system, which is the number one resource that buyers and their Realtors search, you are definitely limiting the number of eyes that might land on said listing.  However, there are certainly times when using an exclusive listing agreement is appropriate.  Here are some situations in which we have found there to be good reason to list a home with an exclusive listing contract versus an MLS listing agreement:

• Personal situation of the vendors (oftentimes the desire for a discreet sale)
• Wanting to test price without having an MLS history of price reductions
• Concerns about the home itself and not wanting to have too many days-on-market
• Having greater control and oversight over the buyers coming through
• Luxury listings in which marketing to the general public isn’t always the best use of resources
• Privacy concerns in the case of higher-profile individuals

The majority of our clients do end up going with a full MLS listing and it is often more advisable to do so.  However, every sale is different, every seller is different, and thus selecting the alternative that is best has to be reviewed on a case-by-case basis.

There is no right or wrong option for listing your house in Winnipeg – there really is just a “right for you”.  Please feel free to call us anytime to consult on whether or not listing exclusively (or as a pocket listing) is right for you, or if we would advise utilizing the MLS listing system. OR, sometimes we even do a hybrid variety of both, so that you are able to take full advantage of both strategies.  Again, feel free to reach out for more information.  We are always happy to talk strategy for your specific situation.

If you would like to be added to our exclusive listing list to that you are notified anytime we have a new listing available (that isn't on the MLS), please email us at Jennifer@JenniferQueen.com.  We have a number of waterfront Linden Woods properties set to hit the market soon!

#AgentJen

Jennifer Queen

Phone: (204) 797-7945
Email: Jennifer@JenniferQueen.com

The strategy of listing or purchasing a luxury property in Winnipeg can vary from that of the traditional home purchase or sale route. Associating yourself with a Realtor that specializes in this market, is paramount to your success.

First, we should really begin by discussing what is considered a luxury property in Winnipeg.  At the time of writing this blog, the average home price in Winnipeg was hovering around $375,000 – and oftentimes a luxury home in any Canadian market is considered double that amount (so around $750,000).  To be honest, I wouldn’t personally classify homes in Winnipeg priced for under $1,000,000 as luxury homes – but you can still purchase VERY nice homes from that $750,000 - $1,000,000 range.  For instance, you can purchase a new construction, custom-built home in some of the newer developments such as Sage Creek, Bridgwater, East St Paul, Headingley, Ridgewood West, for under $1,000,000 and you might even have some lakefront options at that!  The square footage for these homes would typically be around 2000 square feet.  The majority of these homes are often listed on the MLS system and are easily discoverable.

Where I find the market changes is once you start to get over that $1 million dollar mark.  The market in Manitoba for homes in the price point is much more exclusive and becomes even more exclusive as you travel upwards on price.  I can tell you that of all the listings or buyers that I represented within the last year that transacted in home purchases over $1.5 million, every single one of them was never listed on the MLS system.  And there is a reason for this!

When you are transacting in this luxury price point, you are often dealing with many high-profile clients.  Oftentimes, these clients appreciate absolute discretion and value their privacy. Exclusive listings allow a listing agent to shop the property out to fellow agents with known clients, it also allows them greater control over who tours the property.  I have had a number of extremely private sellers that just did not want everybody able to view their home online, or to try and book showings if they weren’t qualified.  And I can absolutely appreciate that!

In theory, the overall process for selling a luxury property doesn’t vary greatly from a typical home, what often changes is the type of marketing, ad copy, and digital assets that are developed for the luxury property.  Oftentimes, the timeline for preparing the marketing also needs to be extended.  However, there are still some key factors that cannot be overlooked:

• Pricing is still paramount – and oftentimes the comparable property sales are not in abundance.  Having an agent that has toured the competition, is willing to call their fellow agents to get details, and spend hours upon hours of massaging the data is a key to pricing properly.  So be certain your agent is well connected in the luxury home market.
• Staging is of utmost importance.  A lot of people seem to think that if they are listing their home exclusively, it saves them from the prospect of staging, etc.  However, it is just the opposite in our opinion.  Proper preparation of your home allows you to show the home in its best light, minimize its flaws, improve upon overall flow of the property, and sell the actual lifestyle that owning your home would bring.
• Marketing is so vital.  If you are planning on listing the exclusive route, you still need to reach the right people.  Having a strategic marketing that includes solid ad copy, pictures in a variety of lights and stages through the day, as well as virtual tours is a top priority.
• Timing is important too!  There are a variety of factors impacting any market, and having a strategy that will take advantage of seasonality for your home is another key consideration.

We have developed a strategy that involves a two-phased approach to maximizing dollar for our seller clients.  It first begins with an exclusive listing strategy in which we send targeted ad-copy to our peers and client database, we often invite them to a Broker’s Open House, and then allow for private showings. There is obviously a lot more that goes into this strategy, but in essence we keep a small, yet qualified, group of individuals in the know about the property.  These individuals are able to submit their offers prior to the listing ever going into the MLS system.  Should no offers be forthcoming that the seller finds acceptable, then the next phase is to enter the listing into the MLS system and offer the property to the more general public and holding an offer date. 

We have sold a number of waterfront homes this past year, and as a result are often being contacted by buyers to see if we have anything else coming up.  This buyer pool is able to act quickly, and also understands the scarcity that exists in our luxury market.  Oftentimes they are quite willing and comfortable in bidding on property even if that means adding $100,000’s of thousands of dollars to their offer.

I’ll tell you this though: In 2021, we had a number of luxury listings that never hit the market.  ALL sold prior to ever hitting the MLS system.  ALL sold at or above list price, too.  There is something to be said for an exclusive listing strategy when used properly.

Here is a video from one of our more recent luxury realtor open houses. This house ended up receiving 4 offers after this Broker’s Open House and a price $150,000 over the list price. 

For our luxury home buyers, rest assured – there will be a number of options “popping up” in 2022.  And by “popping up” I don’t mean the MLS system.  In fact, the majority of luxury homes selling over a certain price point in Winnipeg sell off the MLS.  So be certain that you are getting a Luxury Realtor that is well connected, has experience dealing in luxury listings in Winnipeg, and is happy to educate and advise throughout the process.  There are also additional qualifications to investigate.  Are they a member of the Luxury Home Institute?  This qualification requires them to have established a track record of selling a certain number of luxury homes every year, and has also put them through rigorous testing process.  The RE/MAX Collection set of Agents is another association in which membership is only granted if you have enough listings over a certain price point within your market.  I happen to be a member Realtor in both of these associations and would be happy to help in your journey should you need representation.  Reach out and we can have a quick consult.  If you are looking for a Luxury Realtor in another market, please reach out as I likely know someone that can be trusted and can make that connection for you!

And finally, if you are buying or selling a luxury home in Winnipeg, congrats to you and best wishes for your continued success!

#AgentJen

Jennifer Queen

Phone: (204) 797-7945
Email: Jennifer@JenniferQueen.com

Relocating: When Your Loved Ones Need You Closer

There are many steps you can take to try to ensure your senior loved ones are being taken care of when you don't live locally. However, there may come a time when you may find yourself wondering if it's time to move closer to them. If that time is closing in, check out these tips from the real estate experts at The Jennifer Queen Team.

Moving a Senior Loved One

Staying in their own home may be important to seniors. Uprooting a senior may be difficult because they've become accustomed to their surroundings and the community they've built. You'd need to plan on packing or selling many of the things they've accumulated and build new social relationships. 

When You Decide to Move Closer

Consequently, it may be easier for you to move closer than to try and move your elderly parent or loved one. You might want to move them in with you or simply be closer to make things easier and allow them to keep their independence.

In this case, you'll want to look at options for buying a new home. Your mortgage lenders will look at your debt-to-income ratio to figure out what an affordable home for you might cost. Once you crunch the numbers, be mindful in your home search.

Your real estate agent will guide you along the way, but with a competitive market, it’s easy to be lured in by a great deal with a fixer-upper. However, an as-is property can bring a fair share of problems that you don’t need with this type of transition. Carefully explore properties that will match up with the lifestyle you’ll be managing.

Monitoring Your Loved One

Once you've decided to move closer, you can look for homes or upgrades that let your loved one visit you safely or make their move with you easier. It could be as simple as adding nightlights around their room and walkways to make it easier for them to see. You'll also need to consider grab bars, putting down non-slip mats, and removing potential hazards. Think about the impact any pets might have as well, whether yours or theirs, and make adjustments accordingly. 

You'll want to consider not just their physical well-being but their emotional and mental health too. Having children and grandchildren closer and a bigger part of their lives may help your loved one's emotional well-being. You'll also want to make sure their daily living requirements, such as bathing and feeding, are being met.

Hiring Help or Becoming a Caregiver

When planning your move, you may be thinking about whether your loved one will stay home, move in with you, or move to an assisted living facility. You'll also need to decide whether you will do most of the caregiving or hire someone else so that you can avoid caregiver burnout and offer the most support.  Finding caregivers and services locally may be easier when you're close by.

The Best Options Can Be Easy

If your loved one doesn't want to move to be closer to you and moving them could be more difficult, you may decide to move closer to them. This keeps their schedule and community intact while allowing you to still be part of their life in their later years. And if you need help selling your home in the Winnipeg area or buying a new one to do so, contact The Jennifer Queen Team to help with the process.

Written by: Claire Wentz

claire@caringfromafar.com

http://caringfromafar.com/