If you're a seller trying to sell a property in a bad location, you are most likely lacking the confidence required to get it sold. Location, location, location remains a matter that concerns buyers, and you probably have a challenge on hand when you want to move on and leave the woes of the challenging location behind.
Here are 8 tips to help help you increase your chances of getting your property in a challenging location sold:
Work with an experienced real estate agent:
An experienced estate agent has strong connections in the industry and has access to investors and buyers who buy properties for other reasons. While you may buy a home for personal and emotional reasons, other people may have other sound reasons for buying property, even when it is situated in a challenging location. A well-connected agent may be able to find you a willing and able buyer foin no time!
Improve your property's curb appeal by painting, gardening, and landscaping.
First impressions are crucial! Sure, we all know that, but you will be amazed how many homes in less desirable locations pay no attention to this fact. Even if you want to get rid of a home in a challenging location, you must ensure that your property looks as attractive as possible from the outside.
Be upfront about any issues with the property.
Allow your realtor to guide you on this one, as it is critical to get this right. South African law expects sellers to complete an "Immovable Property Conditions Report" before listing their homes on the market. This document forms an integral part of the transaction and is legally binding as all parties involved sign and agree to the information stated in the document. Therefore, hiding the problems and issues of your property to hopefully get it sold only creates suspicion and could hurt your chances of making a sale. In worst-case scenarios, it may even cost you thousands of Rands when a matter is settled in court.
Host regular open houses.
Request your estate agent to host as many open houses and private showings of your home as possible to increase your property's exposure to potential buyers. Open houses are still an effective way to keep your property top of mind in the market, even if it takes a little longer to sell than you expected.
Stage the house to help buyers imagine themselves living there.
Even an ugly duckling of a home requires some staging to generate interest in the property. Again, it is general knowledge that a staged home sells way faster than unstaged homes, and still, many homes in challenging locations are left unstaged! Talk to your agent about staging your home. It will make a big difference in generating interest and ultimately selling your home.
Offer incentives to smooth out the transaction process.
Sometimes it makes sense to sweeten the deal a bit to move interested buyers to get all in and purchase the property. Consider offering flexible relocation dates or offer a free gardening service for 6 months or throw in the bar fridge and curtains. Do whatever you can to add value to the buyer who is willing to buy your home situated in a challenging location.
If your property isn't generating interest, consider lowering the price.
Talk to your estate agent to guide you and align your asking price with the current market conditions. Get clear on your reason for selling and let the property go at a price the market would be willing to pay for a house in a less desirable location. The market is always fair, and you will get what they are willing to pay IF you price your property correctly from the start.
Reinvest the proceeds into a better-located property or other assets.
To help you maximize your return on investment in the future and to avoid getting stuck in a challenging location again, consider reinvesting your proceeds into a property in a better area where prices remain more or less stable or show a tendency for growth. Your agent can advise you on this matter, so do not be too afraid to ask the burning questions.
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