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3 Valuable Tips for Selling a Waterfront Property

Tips For Selling A Waterfront Property

When selling a home, a real estateagent and the seller must be on thesame page as one another. This iseven more critical for a seller andreal estate agent when selling awaterfront property, as it can bemore “tricky” than selling a threebedroom ranch in a suburbanneighborhood.

A real estate agent who says sellinga waterfront property is the same asa three bedroom ranch is not beinghonest or does not have anyexperience in selling waterfrontproperties. This can also be said forselling a luxury home, a condo, ortown home. Each type of property ismarketed and sold differently.

Now that you have decided to sellyour waterfront property, whatthings should you be aware of whenselling a waterfront property? Hereare several tips for selling awaterfront property, that if followed,will lead to a successful sale.

Price It Right, From The StartThe biggest factor of whether or nota home sells or does not sell, isprice. The price that a home entersthe market at will do the majority ofthe marketing of the home. Pricinga home right and it will sell. Price ahome wrong and it will sit. Thereare several real estate pricingmistakes that are commonly madeby sellers and real estate agentsalike.

When selling a waterfront property, pricing it right, from the start is extremely important. Pricing a waterfront piece ofproperty takes experience. There are several methods to determining the list price of a home that a great real estateagent will use. The most common method that real estate agents use to determine value is by completinga comparative market analysis, also known as a CMA. There are several factors a real estate agent should take intoconsideration when completing a comparative market analysis of a waterfront home.

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, thelocation 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 generalformula for determining price based on waterfront size, however, the size of the waterfront can impact thevalue 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 estateprofessional completes their CMA. Generally, the more the frontage, the higher the price. Is the frontagelevel or sloped? Is the water depth conducive to allowing boat access? Is the frontage able to be used forrecreational purposes?

Amenities – Many waterfront properties are part of a “community.” These communities often have severalamenities, such as clubhouses, pools, or fitness centers. These amenities come with a price tag, usually byway of a homeowners association fee (HOA). In addition to the community amenities, it’s important that a realestate 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, ismoney 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 EstateAgentWhen selling a waterfront property itis critical that a top producing realestate agent is hired. Selling awaterfront property cannot be donepurely by luck. Some real estateagents will put a sign in the frontyard of a home and put theinformation into the computer andhope that is sells. These real estateagents are known as a “post andpray Realtor.”

There is no crystal ball that can tellyou whether the real estate agentyou hire will sell your home. Thereare however several tips forinterviewing Realtors that should befollowed when selling your home.

What do top producing real estateagents do to sell waterfrontproperties? Here are just a fewthings that real estate agents withexperience in selling waterfront realestate will do.

Know The Competition –When selling waterfrontproperties, a real estate agentmust know the competition. Every waterfront property isunique but a top producing realestate agent should be able todetermine what the competitionis. By identifying thecompetition, a great real estateagent will know how to markettheir listing and get it sold!

Know How To Sell TheWaterfront Lifestyle – Sellinga waterfront property is morethan selling a piece of realproperty. When selling awaterfront property, a realestate agent needs to sell thewaterfront lifestyle as well. Real estate agents who haveexperience in selling waterfrontproperties will makesuggestions such as stagingthe shoreline with beach chairsand umbrellas or staging theoutdoor patio with furniture anda grill. A buyer who canenvision themselves having arelaxing day on their privatebeach or a BBQ on their patio ismore likely to make a solidoffer. Another creative lifestyleselling tip that real estateagents should suggest to theirclients who are sellingwaterfront properties are water“tours.” What better way to sell a potential buyer on a waterfront property than taking them out on the waterfor a “tour.”

Know How To Sell Your Home With Words – Real estate agents are limited to the number of charactersthey can use for their properties descriptions. There are some real estate agents who do not use any of thecharacters and others who use them all. A top producing real estate agent should know how to sell yourwaterfront property with the description. Since over 90% of home buyers are using the internet to shop forhomes, it’s critical to sell a waterfront property and lifestyle with the limited characters provided.

Know How To Sell Your Home With High Quality Pictures & Videos – The saying “a picture is worth a1,000 words” is very true when it comes to selling waterfront properties. High quality photos and videos areimperative to selling waterfront properties. Taking photos of waterfront properties is different than showcasingthat three bedroom ranch in the ‘burbs.’ The quality of the photos are very important but also are the angles inwhich the photos are taken.

Know The Waterfront Properties “Ins-and-Outs” – When selling waterfront properties, there are specificthings that a top producing agent will need to know about the property. A very important thing for a real estateagent to know is whether the waterfront property will require flood insurance or not. If so, this can drasticallychange a potential buyers monthly mortgage payment and should be disclosed to any potential purchaser toeliminate problems with financing at the last minute. A top producing real estate agent will also know to askabout the waterfront properties waste disposal system. Is the property on public sewers? Is the property on aseptic tank? Does it have a holding tank? If so, when was it last pumped?

Prepare The Waterfront Home For SaleWhen selling a home, it’s important that a home is prepared properly before listing it for sale. When selling awaterfront property, it is very important as well and there are some specific things that should be considered. Buyerswho are considering a purchase of a waterfront home will have very particular things they will be looking for in eachpotential property.

Waterfront Visibility – When buying a waterfront property, the view is one of the most important things to abuyer. Before listing your waterfront home for sale, triple check on the view of the water. Seems like a verysimple 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 thegorgeous waterfront view. Also, cleaning the interior and exterior of all the windows in the home is a easy wayto increase the visibility to the waterfront.

Dock Accessibility – There is no doubt that when selling a waterfront property, a potential buyer is going towant to see the dock. Before listing your waterfront property for sale, make sure it is relatively easy to accessyour 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 saleof your waterfront home is an unsafe dock.

Shoreline Cleanliness – This may seem cumbersome, but the cleanliness of your shoreline at yourwaterfront home is important to prepare before selling. For example, a seaweed infested shoreline can be amajor turnoff for a potential buyer and can be avoided. Take the time to evaluate your waterfront propertiesshoreline 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 apotential buyers first impression. It becomes even more important when selling a waterfront property. Whenselling 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 ridearound the lake. A great real estate agent should have a for-sale sign in front of the waterfront property butalso 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 byfollowing 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

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 waterfrontproperty on one of the finger lakes? Contact us as we’d love the opportunity to discuss with you how we will sellyour waterfront property for top dollar!

About the authors: The above article “Tips for Selling A Waterfront Property” was provided by the Keith HiscockSold 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.