STOREYS Custom Studio
Muskoka cabins are renowned for their impressive layouts, lavish interiors and breathtaking views. Those looking for a home away from home look to this area for their perfect spot, and it often doesn’t take them long to find it.
But even when it’s known there are gems to be discovered, buyers are justified in wanting to ensure the utmost confidence in a chalet before signing on the dotted line – luxury prices factored in. A car is taken for a pre-purchase, after all…shouldn’t properties get similar treatment?
Now through Halloran & Associates and Muskoka District Rentals Test the house of your dreams program, they do.
Through a close collaborative relationship, the Halloran & Associates team at Sotheby’s International Realty Canada works closely with independent full-service rental agency Muskoka District Rentals to provide an unparalleled offering: the ability for a buyer to rent the property they are interested in buying – to really try it out for size – and, if acquired, to buy back some of the rental fees paid and put it towards the security of their new property.
“What [Test Drive] it is to put on sale a property classified or not and to make it available for a short-term rental. . . so that qualified buyers can rent the property before making an offer to purchase,” explains Ross Halloran, founder of the Halloran & Associates team and broker, Senior Vice President, Sales at Sotheby’s International Realty Canada. “The way it works is quite unique. Let’s say a person is interested in selling the property, and they do so as one of our exclusive NON-MLS exclusive ICON listings, their property can still be rented out when not in use, [helping] generate rental income while exposing the property to an exclusive list of qualified buyers.
Already, we are considering a bonus for the seller, with the possibility of funds being paid out before a sale is made. But in this situation, the buyer also has the opportunity to enjoy the benefits.
“What happens is we bring in a buyer, and rather than [asking them to] make a $4 million decision in less than an hour[-long] showing, they can choose to rent the property and spend about a week enjoying an immersive trial experience in the property, before deciding whether to submit an acceptable offer to the owner. [If that offer is accepted,] a portion of the rental fee they paid for that week is credited as part of the down payment on the purchase. It’s fully integrated.
Halloran explains that through Road testbuyers can credit up to 50% of their rental costs on the deposit for their new chalet.
“[The offering] connects it and allows someone to wake up in the morning, to have a coffee on the quay; they won’t feel rushed to make a decision, as is often the case after an hour of pitching in the highly competitive, multi-offer world we live in today…it’s really great.
Test the house of your dreams pairs perfectly with another Halloran and Associates program: Unlock Equity – List it and rent it. This program identifies buyers interested in renting their property after purchase.
“Mary Rose [Coleman, Sales Representative & Senior Vice President, Sales, Halloran & Associates] and founded Muskoka District Rentals, which is one of the leading independent full-service rental agencies. We are therefore in a unique position to be able to match potential buyers with cottages, both as leading agents for Sotheby’s, but also having this knowledge of the rental market and [knowing] what something could fetch in the rental market,” says Halloran.
READ: For cabin owners wanting to unlock equity, now is the time
With Halloran & Associates’ unique position in viewing properties from both a resale and rental perspective, the team educates buyers on realistic rental income potential and can facilitate a connection between the buyer and seller who allows these sellers to rent the chalet after the sale. to the former owner, in certain cases.
This means that a seller doesn’t have to say a permanent goodbye to their waterfront property if they don’t want to, and they still enjoy the benefits of having unlocked equity from the sale of their property. Alternatively, sellers looking to explore new rentals will have what Halloran describes as a ‘war’ to buy or rent another chalet in the future – a real win-win for all parties.
Whether it’s picking up a spot for a spin or claiming land, Halloran & Associates and Muskoka District Rentals offer unique rent-to-own options. Test the house of your dreams approach puts waterfront cottage buyers in the driver’s seat.
Cover picture: 1044 Russells Lane, Gravenhurst (Halloran & Associates)
This article was produced in partnership with STOREYS Custom Studio.
STOREYS Custom Studio
STOREYS Custom Studio content is created in partnership with companies and brands looking to tell their own story.