We've all seen them.
Properties that seem too good to be true. Whether it's a high acreage property with a low asking price or pictures that look straight out of a stock photo library.
You dig deeper only to find out there's something super undesirable about this property. Maybe it's all within a floodplain or it's next to a waste water treatment plant. Whatever the case you're 100% turned off by it.
As a Seller, it can be frustrating to own a property like this. Buyers will look at it only to provide feedback that cuts like a knife. You try and focus on the positives but you're constantly remind of the negatives.
The worst thing you can do is deny the negatives. I've sold countless properties that were undesirable. I consider it to be one of my specialities. I'm here to share with you ways to turn the undesirable into the desirable.
ACCEPTANCE
Let's start here because this is the toughest thing to do. You need to accept that your property has issues. Issues that will be brought up time and time again. It's the main reason you won't get offers to consider. Maybe you do get offers - they won't be where your expectations are. Types of issues include; odd shaped parcels/lot lines, dead or dying trees, poor access issues, neighbors, water/flooding/wetlands, location. Notice that these items are near impossible to easily fix. That's why you need to accept them as an issue Buyers will point out.
DISCLOSE
After you've accepted the property has issues, it's time to do what most owners neglect. Disclose, Disclose, Disclose. Don't hide from issues, embrace them. Being honest and having a great property information packet that includes aerial maps, tax records, recorded documents, and zoning information will build Buyer confidence. Increase Buyer confidence and you'll increase the chances of getting an offer.
PRICING
It's unlikely you'll find good comparable sales and properties that set your price. If you come up with a price that's based on superior properties, you're only setting yourself up for a huge disappointment. Instead, take the pricing and make adjustments to come up with a list price for your property. This can be challenging and requires experience and expertise. Sometimes the best way is to set a price and see how the open market reacts. You can always make adjustments after listing your property.
In my opinion, this is the only way you can sell an undesirable property. Don't believe me? Check your MLS every morning and you'll see the list of expired properties. Skip one of the steps above and soon your property will be on that list.
There's no shame in owning undesirable properties. ACCEPT IT. EMBRACE IT. SELL IT.
Ready? Send me an email at: [email protected], subject line: UNDESIRABLE.
Let's go!
Al
