How can I effectively sell my vacation property?

By
Real Estate Agent with RE/MAX Professionals.

How can I effectively sell my vacation property?

©2010 Paul S. Henderson

Price it right!

  • Remember what year it is. This is 2010 and many people have their properties at 2006 prices! The market has made a correction.
  • Make sure you're not being sentimental when setting your price.
  • Most people must finance! You can ask any price, but will it appraise for that price? Some Sellers are now paying a professional appraiser to find the true value of their property.
  • Never use the tax appraisal for your pricing.

Get the word out!

  • Advertise, find an agent who can advertise! If you think a "For Sale" sign will sell your property in a gated community, think again!
  • Make sure your agent is using the internet. Not just posting your property on the multiple listing services!

Know when to sell!

  • Know what the selling season is for the area. This isn't when everything is up for sale, it's when things sell!
  • Some people want to use their vacation property all summer long and then put the house on the market in the fall. This is backwards and usually backfires...
  • Don't let your listing go stale! Leaving a house on the market for 300 days straight is only going to warn buyers that something is wrong!

Do you really want to sell?

  • When you decide to sell, sit down and make sure that everyone concerned wants to sell the vacation property.
  • Make sure, when you leave the property after spending the weekend that the property is show ready.
  • Let your agent know when you'll be spending time at the property. Communication is everything !

Use a trusted professional!

  • Selling your house or property isn't easy. Work with a professional and get weekly updates!
  • Interview more than one agent.
  • Make sure the agent you choose has knowledge of the area or developement
  • Get it everything in writing! I put my services in writing. Most agents will and have no problem doing so...

It's not easy selling property when you are absent. Make sure you choose the right person to represent your interests.

I sell what I know and appreciate...

http://www.youtube.com/watch?v=o9SEdYBVxq4

 

©2010 Paul S. Henderson, How can I effectively sell my vacation property? All Rights Reserved

Authored

Posted by

and courtesy of 

Paul Henderson, Residential Real Estate Broker

Realtor ® ABR, BPOR, CRS, GRI, CDPE

RE/MAX Professionals

As a Residential Broker and Relocation Specialist, I sell homes in or around JBLM, DuPont, Tacoma, Gig Harbor and Hartstene Pointe in Washington State.
Please visit my website at http://www.phenderson.net to search for homes and information 

(all information is believed to be accurate but is not guaranteed or warranted in any way)


Referrals are always welcomed and appreciated, Thank-you!

(As a member of the NWMLS, this blog post is intended to comply with NWMLS rules as pertaining to blogging.)

 

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Show All Comments
Rainmaker
215,381
Ellie Shorb
Coldwell Banker, Ellie@CBmove.com - Chevy Chase, MD
CRS, Realtor DC, MD & VA Luxury Home Expert

I really like your tips and the way you stated them. I work in an area where about 1/2 of the homes are vacation homes, and the other 1/2 is full-time residents. It is correct when you say that one must remove some of the emotions they have about the property and also to price it correctly and time the sale as well as possible. I agree.....

Feb 02, 2010 06:47 AM #1
Rainmaker
749,583
Gabrielle Kamahele Rhind
KGC Properties LLC, Tucson Property Management & Real Estate - Tucson, AZ
Broker/Owner

GOOD MORNING PAUL!  I like the point about "do you really want to sell?"  -- many people think they want to sell and want to try - but when it comes right down to it - they are emotionally attached to vacation homes making it harder to let go! -- Gabrielle

Feb 02, 2010 07:31 AM #2
Ambassador
1,197,417
Paul Henderson
RE/MAX Professionals. - Tacoma, WA
I always put my clients first in any transaction!

An interesting example of pricing it right was when my family was about to build a cabin at Hartstene Pointe. We went out to compare prices of what to build. My wife and I found a nice cabin with a view and decided to make an offer. We had done our homework and decided on a price. Since this was before I was a real estate agent, we contacted a real estate office and got the floor agent who answered the phone that day. We told her that we wanted to make a cash offer on xxx Chesapeake. After explaining where the property was we asked her to meet us at the property so we could write up the offer.
Using the comps that we had researched ourselves, we came up with a price that was $20k less than the asking price. Our agent prepared the offer and submitted it to the seller's agent.
Three days later we received a counter offer for $20k over the asking price. We called our agent for an explanation and she said we should have offered the listing price. I said she owed us an explanation so she said she'd call us back.
Our agent called us back and told me that when the seller figured out the numbers she decided she needed $20k more to buy a condo in Seattle than she had thought before. The seller needed a quick sale to buy this condo. You can't figure the price of a property in rural Mason County by the price of a condo in downtown Seattle!
We went our separate ways. Eight months later the seller sold her house at Hartstene Pointe for $60,000 less than our offer...
Selling Hartstene Pointe properties since 1999,
Paul Henderson

Feb 02, 2010 10:10 AM #3
Rainmaker
622,668
Sandy Shores Broker, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County FL Real Estate

Hi Paul, Great tips on pricing that vacation home to sell. So important.

Feb 02, 2010 10:25 AM #4
Rainmaker
250,199
Debi Boucher
Real Estate Showcase Photography - Woodland Park, CO
"Realtor Showcase" - Real Estate Photography/Virtual Tours

Excellent post, Paul. One thing I've heard over and over is that part of the family wants to sell, and the other part doesn't. It's important to come together on that....

Debi

Feb 02, 2010 11:56 AM #5
Ambassador
850,537
Suzanne McLaughlin
Sabinske & Associates, Inc. (Albertville, St. Michael) - Saint Michael, MN
Sabinske & Associates, Realtor

This post was great...no matter where you live.  And, it got even better with your story in the comments section.  Nice work, Paul. 

Feb 04, 2010 06:58 AM #6
Show All Comments
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Paul Henderson

I always put my clients first in any transaction!
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