Selling a waterfront property is not the same as selling a three bedroom ranch in the 'burbs.' There are specific actions that need to be taken by both a seller and a real estate agent.
Any real estate agent who says selling a waterfront property is the same is not being honest or doesn't have a lot of experience. It's important like any sale that a top producing real estate agent is hired and that the property is prepared properly for the sale.
These are just two tips of many that need to be considered when selling a waterfront property. Check out several other must-read tips at http://rochesterrealestateblog.com/tips-for-selling-a-waterfront-property/.
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How to Sell a Waterfront Property | Read These Killer Tips for Selling a Waterfront Property
1. rochesterrealestateblog.com http://rochesterrealestateblog.com/tips-for-selling-a-waterfront-property/
3 Valuable Tips for Selling a Waterfront Property
Tips For Selling A Waterfront Property
When selling a home, a real estate
agent and the seller must be on the
same page as one another. This is
even more critical for a seller and
real estate agent when selling a
waterfront property, as it can be
more “tricky” than selling a three
bedroom ranch in a suburban
neighborhood.
A real estate agent who says selling
a waterfront property is the same as
a three bedroom ranch is not being
honest or does not have any
experience in selling waterfront
properties. This can also be said for
selling a luxury home, a condo, or
town home. Each type of property is
marketed and sold differently.
Now that you have decided to sell
your waterfront property, what
things should you be aware of when
selling a waterfront property? Here
are several tips for selling a
waterfront property, that if followed,
will lead to a successful sale.
Price It Right, From The Start
The biggest factor of whether or not
a home sells or does not sell, is
price. The price that a home enters
the market at will do the majority of
the marketing of the home. Pricing
a home right and it will sell. Price a
home wrong and it will sit. There
are several real estate pricing
mistakes that are commonly made
by sellers and real estate agents
alike.
When selling a waterfront property, pricing it right, from the start is extremely important. Pricing a waterfront piece of
property takes experience. There are several methods to determining the list price of a home that a great real estate
agent will use. The most common method that real estate agents use to determine value is by completing
a comparative market analysis, also known as a CMA. There are several factors a real estate agent should take into
consideration when completing a comparative market analysis of a waterfront home.
2. Hire a Top Producing Agent when selling a waterfront property…Not a Wannabe!
Location – This is a very cliche real estate term. Location is important when selling any home, however, the
location of a waterfront property is even more magnified.
Waterfront Size – The body of water that a property is located on is very important. There is no general
formula for determining price based on waterfront size, however, the size of the waterfront can impact the
value of a waterfront home, both positively and negatively.
Frontage – This is a very important factor that needs to be taken into consideration when a real estate
professional completes their CMA. Generally, the more the frontage, the higher the price. Is the frontage
level or sloped? Is the water depth conducive to allowing boat access? Is the frontage able to be used for
recreational purposes?
Amenities – Many waterfront properties are part of a “community.” These communities often have several
amenities, such as clubhouses, pools, or fitness centers. These amenities come with a price tag, usually by
way of a homeowners association fee (HOA). In addition to the community amenities, it’s important that a real
estate agent knows what amenities the waterfront property has, such as private docks or beaches.
When selling a waterfront home, the most fail-proof method to determining the price is by obtaining an appraisal.
When selling a waterfront home, the cost to obtain an appraisal, which generally costs between $300-$500, is
money very well spent. Waterfront properties are normally worth hundreds of thousands or even millions of dollars,
so several hundred dollars can mean a return of several thousands of dollars.
Hire A Top Producing Real Estate
Agent
When selling a waterfront property it
is critical that a top producing real
estate agent is hired. Selling a
waterfront property cannot be done
purely by luck. Some real estate
agents will put a sign in the front
yard of a home and put the
information into the computer and
hope that is sells. These real estate
agents are known as a “post and
pray Realtor.”
There is no crystal ball that can tell
you whether the real estate agent
you hire will sell your home. There
are however several tips for
interviewing Realtors that should be
followed when selling your home.
What do top producing real estate
agents do to sell waterfront
properties? Here are just a few
things that real estate agents with
experience in selling waterfront real
estate will do.
3. Know The Competition –
When selling waterfront
properties, a real estate agent
must know the competition.
Every waterfront property is
unique but a top producing real
estate agent should be able to
determine what the competition
is. By identifying the
competition, a great real estate
agent will know how to market
their listing and get it sold!
Know How To Sell The
Waterfront Lifestyle – Selling
a waterfront property is more
than selling a piece of real
property. When selling a
waterfront property, a real
estate agent needs to sell the
waterfront lifestyle as well.
Real estate agents who have
experience in selling waterfront
properties will make
suggestions such as staging
the shoreline with beach chairs
and umbrellas or staging the
outdoor patio with furniture and
a grill. A buyer who can
envision themselves having a
relaxing day on their private
beach or a BBQ on their patio is
more likely to make a solid
offer. Another creative lifestyle
selling tip that real estate
agents should suggest to their
clients who are selling
waterfront properties are water
“tours.” What better way to sell a potential buyer on a waterfront property than taking them out on the water
for a “tour.”
Know How To Sell Your Home With Words – Real estate agents are limited to the number of characters
they can use for their properties descriptions. There are some real estate agents who do not use any of the
characters and others who use them all. A top producing real estate agent should know how to sell your
waterfront property with the description. Since over 90% of home buyers are using the internet to shop for
homes, it’s critical to sell a waterfront property and lifestyle with the limited characters provided.
4. Know How To Sell Your Home With High Quality Pictures & Videos – The saying “a picture is worth a
1,000 words” is very true when it comes to selling waterfront properties. High quality photos and videos are
imperative to selling waterfront properties. Taking photos of waterfront properties is different than showcasing
that three bedroom ranch in the ‘burbs.’ The quality of the photos are very important but also are the angles in
which the photos are taken.
Know The Waterfront Properties “Ins-and-Outs” – When selling waterfront properties, there are specific
things that a top producing agent will need to know about the property. A very important thing for a real estate
agent to know is whether the waterfront property will require flood insurance or not. If so, this can drastically
change a potential buyers monthly mortgage payment and should be disclosed to any potential purchaser to
eliminate problems with financing at the last minute. A top producing real estate agent will also know to ask
about the waterfront properties waste disposal system. Is the property on public sewers? Is the property on a
septic tank? Does it have a holding tank? If so, when was it last pumped?
Prepare The Waterfront Home For Sale
When selling a home, it’s important that a home is prepared properly before listing it for sale. When selling a
waterfront property, it is very important as well and there are some specific things that should be considered. Buyers
who are considering a purchase of a waterfront home will have very particular things they will be looking for in each
potential property.
Waterfront Visibility – When buying a waterfront property, the view is one of the most important things to a
buyer. Before listing your waterfront home for sale, triple check on the view of the water. Seems like a very
simple and obvious thing, but it is common to see waterfront property with an obstructed view of the water.
Take the time to ensure all trees, bushes, and shrubs are trimmed nicely and they are not left obstructing the
gorgeous waterfront view. Also, cleaning the interior and exterior of all the windows in the home is a easy way
to increase the visibility to the waterfront.
Dock Accessibility – There is no doubt that when selling a waterfront property, a potential buyer is going to
want to see the dock. Before listing your waterfront property for sale, make sure it is relatively easy to access
your dock. If it is difficult for a potential buyer to access the dock, it is possible they may pass on your home.
It’s a good idea to also ensure the stability of the dock is of high quality. The last thing you want to kill the sale
of your waterfront home is an unsafe dock.
Shoreline Cleanliness – This may seem cumbersome, but the cleanliness of your shoreline at your
waterfront home is important to prepare before selling. For example, a seaweed infested shoreline can be a
major turnoff for a potential buyer and can be avoided. Take the time to evaluate your waterfront properties
shoreline and if there is something that can be corrected, it is worth correcting!
Curb (“Water”) Appeal – When selling a home, the homes curb appeal is extremely important, as it is often a
potential buyers first impression. It becomes even more important when selling a waterfront property. When
selling a waterfront property a seller must now also be aware of how their home looks from the water.
Waterfront properties that are being sold are often inquired about from a boater who maybe taking a ride
around the lake. A great real estate agent should have a for-sale sign in front of the waterfront property but
also on the shoreline. If a waterfront property looks run-down from the water, it can turn-off a buyer right away.
Selling a waterfront property does not have to be rocket science. With the proper preparation, execution, and by
following the above tips for selling a waterfront property, you can be assured the process will seem relatively stress-
free and successful.
Other Home Selling Resources
What Should I Expect From My Realtor When Selling My Home?
10 Tips for Selling Your Vacant Home
5. Prepare The Waterfront For The Sale!
What Do Holiday Baking & Home Selling Have in Common by Lynn Pineda
What is the Secret to Selling Your Home for Top Dollar by Anita Clark
Are you thinking of selling your waterfront property in the Greater Rochester, NY area or your waterfront
property on one of the finger lakes? Contact us as we’d love the opportunity to discuss with you how we will sell
your waterfront property for top dollar!
6. About the authors: The above article “Tips for Selling A Waterfront Property” was provided by the Keith Hiscock
Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying,
we’d love to share our knowledge and expertise.
We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton,
Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush,
Honeoye Falls, Chili, and Victor NY.
Visit our website at www.HiscockHomes.com.