Selling lakefront property might seem easy to manage, but there are some stumbling blocks that can stop you in your tracks if you’re not aware. Learn more here!
Are you preparing to sell your first lakefront property in Haliburton County, but you want the process to go as smoothly as possible? With the 2021 stress test with 5.25 cent rates, sellers are understandably worried that the pool of possible lakefront buyers will shrink.
However, if you avoid these top five mistakes that new sellers frequently make, you’ll be well on your way to a property that’s sold fast.
Read on to learn the five stumbling blocks sellers often come across when selling lakefront property and how you can come out ahead!
1. Choosing an Uninformed Agent
When it comes to selling your waterfront property, the first thing you need to do is make sure you hire the right real estate agent. The broker and agent you choose need to be experienced with waterfront property for sale. This is because they’ll familiar with everything the area and amenities (the lake) have to offer.
They’re also able to conduct more accurate comparative market analyses (CMA) because of their familiarity with the value of a lakefront property. This kind of analysis takes into account the size, construction, condition and more of your property in order to accurately estimate its value.
It also includes an analysis of the neighbourhood and the state of the waterfront. You can see how this analysis will naturally be more accurate if the realtor is familiar with homes there already.
2. Forgetting the Lakefront
When your attention is turned to preparing the house for staging, photos, and open houses, it’s easy to forget the lakefront. It’s important to keep in mind that the appeal of purchasing a lakefront property for sale includes the lake! For this reason, make sure that your dock is clean, safe, and has all the proper permits.
You may also want the dock to look more appealing by adding dock lights or staging furniture nearby. Make sure you’re familiar with the type of dock you have in order to give accurate information to buyers. Fortunately, those are details that an experienced realtor would be able to obtain.
Lastly, you want to make sure that the lakefront itself is pristine. Make sure that you clean up any litter you find on your property or near the shore. You’ll also want to clear away any large debris, such as branches or clumps of vegetation, that could be marring the shore.
If you have tall shrubs, make sure to trim them down so that there is always a clear view of the water.
3. Poor Marketing
Part of choosing an experienced real estate agent is the fact that they know how to market your lakefront home effectively. When it comes to staging and photos, one of the most important details is that they’re selling a lifestyle. Although the construction of your home and its layout are important, buyers are more forgiving if you’re selling them the lifestyle.
Buyers should be reminded of how their lifestyle could change with the purchase of your home through exterior and interior photographs. Twilight photography is a beautiful way to showcase the water and property with more emotion.
Boats and other recreation equipment for the water can also be staged in the photos. Drone photography should also be considered. Aerial imagery gives buyers a better sense of the property’s size and its distance from the water.
Once professional videos or photos are taken, your real estate agent needs to spread the word. Besides posting on Zillow and any local listing service, your realtor needs to utilize social media and their websites. The more interest they’re able to draw in a short time, the faster your home will be sold for the right price!
4. Neglecting the Interior
Some sellers focus so much on the lakefront aspect of their property that they forget to prepare the interior. Regardless of how beautiful the view is, you still need to do some work in presenting your home at its best. If it needs updating and modernizing, try removing wallpaper and painting instead.
Switching out cabinet hardware is an easy way to update kitchens or bathrooms without investing a lot of money. Cleaning balcony windows and staging any balconies, especially if they face the waterfront, is also paramount.
Most importantly, sellers need to tidy their space, clean out unnecessary furniture, and make sure it’s cleaned for professionals for buyers. The goal is to make the space feel as impersonal as possible so that buyer’s have an easier time imagining their lives on your lakefront property!
5. Not Knowing the Laws
Last but not least, it’s important that you and your real estate agent are familiar with any rules, laws, and regulations for your area. For instance, in many areas, it’s illegal to store oil and gas on your dock. You may also need a permit for your dock. Without one, your buyer will end up shouldering the fines.
There are also water rights that you need to be aware of. This means that while you have the ability to access the shore and the water, that doesn’t mean you own the water in front of your home as well. It’s also important to keep in mind that the lake may be protected by any environmental acts.
This means you need to be careful with how you treat the wildlife and what you dispose of in the water.
Selling Lakefront Property the Right Way
When it comes to selling lakefront property, your priority needs to be on finding an experienced agent. They also need to be highly familiar with selling lakefront properties. If they have familiarity with the neighborhood and the properties there, even better!
Next, you need to focus on good selling and marketing tactics. Make sure that both the exterior of your home as well as the interior are presented in a flattering way. You’ll also want to be aware of any rules and regulations for your dock and the lake itself.
Ready to sell your waterfront property in Halliburton County with ease? As Haliburton real estate experts, we specialize in waterfront properties. Contact us today to get started!