Are you trying to sell a waterfront property and you don't know how to lock in on a buyer as quickly as possible? Well, you've come to the right place.
As you probably have found out by now, waterfront properties are inherently different from other types of homes. Thanks to their strategic location, they are known to be priced much differently and attract a specific class of people. However, while there is an allure that these properties could have there is also cause to be cautious when working with them.
In this guide, you will get to understand some basic rules for making quick and effective sales, and while it is expected that you understand the basics of selling a home in the first place, these rules will be beneficial to both newbie sellers and veterans alike.
Be it a lake, a bay, or an ocean, the main reason why waterfront properties get bought is because of the water body close to them. Most of the people who make these purchases already have a notion of what they are looking for; the view, the private beach or the ability to just place their boats in the water and be one with nature.
As a seller, it is your job to figure out the significant selling points of your property and highlight those.
At the end of the day, the objective is to reach the buyers who you had in mind when you first picked the house as what you wanted to sell. A luxury property is usually difficult for many people to sell, but as long as you can have a deep understanding of the buyer persona, things get much easier.
It is also important for you to have a real estate agent who understands this rule. The agent will be the conduit between you and the buyers, so this person shouldn't be chosen lightly.
The longer a home sits without a buyer, the more it begins to develop a stigma around it. People begin to believe that there must be something wrong with it, and they prefer to just avoid it altogether. So, the home could be in perfect condition, but if it gets too high in its price, you still won't make a buck.
At the same time, some problems could arise if the price becomes just too low. You leave a lot of cash on the table, and no one wants that.
So, you need to price your home right. Use competitive market analysis and price your home in accordance with the other homes in that area and of course the resale values of waterfront properties are excellent. Of course, certain price differences are allowed, but they need to be per the selling points of the home (which others in the area don't have).
If your realtor just can't put a price on the home, then you might want to get the opinion of an appraiser. There are a lot of unique features with waterfront properties, and these lead to lesser comparable sales. So, don't rule out an appraiser for the house.
Also, keep in mind that you will need to include community amenities that the home enjoys. If there's a fitness centre or a special clubhouse nearby that the homeowners will immediately be a part of, get information on that as well. At the same time, keep in mind that these homes usually have special amenities as well (such as a boathouse, an actual boat, or a private beach), so you might want to find out about that as well.
Put all of these in a highlighted sheet, and you will be able to brag to buyers and make them see why you are asking for your price.
While you might know a lot about waterfront homes, it will be to your advantage if you get a professional home inspector to evaluate the property in its entirety. A home inspector will examine the home thoroughly, identifying any possible issues with the home.
A lot of the time, buyers have the problem of experiencing later issues with waterfront properties. When water begins to penetrate the home, you have a problem for sure. The problem is even much worse when there has been a water issue at some point in the past.
Buyers will also want to ensure that they won't get a house and start dealing with any mould issues. By having a home inspection, you will be able to treat any potential issues beforehand.
When selling any house, lousy photography is a sure-fire way to turn buyers away. Your waterfront property needs some awesome internal and external shots to be taken, and you could even use the ocean or lake to your advantage as well.
A professional video tour will also serve to be an advantage. Throw in a vice overlay to convey the awesome features of the house as well, and while this service can be pricey, it is definitely effective nonetheless.
So, there you have it. A lot of work will need to be done to ensure that your waterfront property is sold at a profitable price, but you will find that these tips will increase your selling prospects significantly.
As you probably have found out by now, waterfront properties are inherently different from other types of homes. Thanks to their strategic location, they are known to be priced much differently and attract a specific class of people. However, while there is an allure that these properties could have there is also cause to be cautious when working with them.
In this guide, you will get to understand some basic rules for making quick and effective sales, and while it is expected that you understand the basics of selling a home in the first place, these rules will be beneficial to both newbie sellers and veterans alike.
Focus on the strengths of the house
One of the most effective weapons in your arsenal when figuring out how to sell a waterfront property will be understanding the people you are selling to. Apart from their location or features, waterfront properties differ from non-waterfront homes and condos because, well, there's water.Be it a lake, a bay, or an ocean, the main reason why waterfront properties get bought is because of the water body close to them. Most of the people who make these purchases already have a notion of what they are looking for; the view, the private beach or the ability to just place their boats in the water and be one with nature.
As a seller, it is your job to figure out the significant selling points of your property and highlight those.
At the end of the day, the objective is to reach the buyers who you had in mind when you first picked the house as what you wanted to sell. A luxury property is usually difficult for many people to sell, but as long as you can have a deep understanding of the buyer persona, things get much easier.
It is also important for you to have a real estate agent who understands this rule. The agent will be the conduit between you and the buyers, so this person shouldn't be chosen lightly.
Price appropriately
A property is an item, and just like every other item ever sold, the price peg that you put in will go a long way in determining the level of success that you get from the sale. If you put a price too high, then you're in for a few months (or perhaps even years) of walking into a house without a ready buyer.The longer a home sits without a buyer, the more it begins to develop a stigma around it. People begin to believe that there must be something wrong with it, and they prefer to just avoid it altogether. So, the home could be in perfect condition, but if it gets too high in its price, you still won't make a buck.
At the same time, some problems could arise if the price becomes just too low. You leave a lot of cash on the table, and no one wants that.
So, you need to price your home right. Use competitive market analysis and price your home in accordance with the other homes in that area and of course the resale values of waterfront properties are excellent. Of course, certain price differences are allowed, but they need to be per the selling points of the home (which others in the area don't have).
If your realtor just can't put a price on the home, then you might want to get the opinion of an appraiser. There are a lot of unique features with waterfront properties, and these lead to lesser comparable sales. So, don't rule out an appraiser for the house.
Your knowledge base needs to be top-notch
If you will need to price the home effectively (especially when compared to the other homes in that area), you need to understand the home and everything about it. Understand the significance of the location to the price you're asking for, and you can even get measurements of the size of the waterfront. Whatever will factor into your price, you need to know about it.Also, keep in mind that you will need to include community amenities that the home enjoys. If there's a fitness centre or a special clubhouse nearby that the homeowners will immediately be a part of, get information on that as well. At the same time, keep in mind that these homes usually have special amenities as well (such as a boathouse, an actual boat, or a private beach), so you might want to find out about that as well.
Put all of these in a highlighted sheet, and you will be able to brag to buyers and make them see why you are asking for your price.
Organize a home inspection
Hey, home inspections work for just about every type of home. There is no reason why it shouldn't work here.While you might know a lot about waterfront homes, it will be to your advantage if you get a professional home inspector to evaluate the property in its entirety. A home inspector will examine the home thoroughly, identifying any possible issues with the home.
A lot of the time, buyers have the problem of experiencing later issues with waterfront properties. When water begins to penetrate the home, you have a problem for sure. The problem is even much worse when there has been a water issue at some point in the past.
Buyers will also want to ensure that they won't get a house and start dealing with any mould issues. By having a home inspection, you will be able to treat any potential issues beforehand.
Your marketing needs to be in high gear
It goes without saying, but it needs to be said anyways. If you want to sell a waterfront property, it needs to be marketed effectively. Photography and videography are essential to your prospects of selling a house, so employ those extensively.When selling any house, lousy photography is a sure-fire way to turn buyers away. Your waterfront property needs some awesome internal and external shots to be taken, and you could even use the ocean or lake to your advantage as well.
A professional video tour will also serve to be an advantage. Throw in a vice overlay to convey the awesome features of the house as well, and while this service can be pricey, it is definitely effective nonetheless.
So, there you have it. A lot of work will need to be done to ensure that your waterfront property is sold at a profitable price, but you will find that these tips will increase your selling prospects significantly.
